Credit Crunch and Financial Crisis effect on Consumer Buying Behaviour
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Consumer buying behaviour is a complex phenomenon, which is comprised of a bundle of decision-making processes, economic determinants and market stimuli. Consumerpurchasing behaviour has been attracting the interest of a great number of academic and commercial parties for many years. The complexity of the processes with which consumer purchasing can be associated has made the phenomenon considerably difficult to be predicted and controlled. However, as consumers are the most essential source of revenue for business organisations, therefore their behaviouris of significant importance for achieving market survival and financial prosperity.
This is the reason why the present dissertation is focused on researching and analysing the phenomenon in the present financial crisis. As the current crisis is already recognised to be having a major effect on many economic and social aspects of the United Kingdom, the researcher concentrates specifically onrevealing the effects the present economic downturn has on the buying behaviour of consumers.
The author is highly interested in revealing the disturbances that can be identified to occur and thus provide valuable insight to commercial and academic parties in the context of predicting and controlling consumer purchasing patterns. The dissertation is specifically focused on analysing the buyerbehaviour changes from a marketing perspective. The author provides a number of suggestions, which were extracted from the conducted secondary and primary investigation. The developed propositions outline the various considerations companies should integrate in their marketing campaigns in order to perform successfully, despite the financial crisis and economic downturn.
CHAPTER 1: INTRODUCTIONBuying behaviour can be described as the set of attitudes that characterise the patterns of consumers' choices. Buying behaviour is a phenomenon that varies depending on a wide range of factors, such as: demographics, income, social and cultural factors. Apart from the essential internal factors, which can be recognised as influential to buying behaviour, there are a number of situational contextsthat can be suggested to affect consumer choices. In this respect it can be proposed that consumer behaviour is a combination of customers' buying consciousness and external incentives which are likely to result in behaviour remodelling (Dawson et al., 2006). This is why researchers in the field of consumer buying patterns conclude that it is derivative of function that encompasses economicprinciples and marketing stimuli (Hansen, 2006).
As buying behaviour is a key factor for companies' profitability, it is a phenomenon that has been attracting the attention of researchers for many years. One of the fields most significantly interested in consumer choice, is the field of marketing (Kotler, 2000).
Marketing is the discipline focused on extracting knowledge on consumers'characteristics to enable companies to respond to customers' expectations and facilitate organisations in providing high quality customer service (Groucutt et al., 2004). This is why it can be suggested that the context of the present dissertation could be of significant importance for marketing researchers and professionals.
As the present project aims to analyse the financial crisis effects on consumer...
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