Factors Affecting Buying Behavior and Evaluation of Information Needed for Organization’s Buying Decision Making: The Case of Vamino Milk
Introduction
Buyer buying behavior may be turned to the factors like internal and external and also the social or political factors the buyer must buy the product because it has already been mentioned that quality is the great issue. The buying behavior of the household and the international buyer behavior are concentrated to the Users attitudes. Factors Affecting Buying Behavior are intended to internal factors, external factors, situational factors for household buyer and cultural factors, social factors, legal factors, financial factors are for the international buyer. The study will be conducted on the Factors Affecting Buying Behavior in Buying the Product Vamino Milk for the household buyers and international buyers.
Background of the Organization
The producer of the Vamino Milk is the renowned organization named Green Spot Co. Ltd. The business of Green Spot Company is to produce and distribute soymilk products like Vamino Milk for children which is good for their health, even for vegetarians which worked as the substitute tastes for them, and for health-conscious individuals who are regularly taking care of their body to be fit for getting work load. This distribution channel of Green Spot Company is very much expanded whereas it offers its products in different countries. As a result Green Spot Company does their expansion of business as well as products through distributors in Europe, America, Australia and Africa. Since 1954 the company is running its business worldwide and the product Vamino milk is more popular worldwide for the individuals who are especially loyal to this product of the organization from the foundation of 1954. And Green Spot Company is based in Bangkok, Thailand where they are origin to operate its business successfully.
Background of the product Vamino Milk
Vamino Soy Drink (Soy Milk) is a product of Thailand and the producer of this Milk is Thailand based organization Green Spot Company. The feature specification of this vamino milk is that it is fully labeled with Glass Bottled in a very good shape. It contains a very good source of Protein which is very much good for health and Vamino Milk for children which is good for their health, even for vegetarians which worked as the substitute tastes for them, and for health-conscious individuals who are regularly taking care of their body to be fit for getting work load. More importantly, this Vamino Milk is fully HALAL and the marketing tag line is that this drink is Halal and pure. Moreover, it contains 1% Milk Powder that milk poweder work as the source of calorie and protein that helps to keep fit body and it contains 8 grams of soy protein. And the issue is that there is no preservative. This is to be noted that it is no substitute or even the supplement for infant formula. It also contains Pure Milk and Soy Bean. The ingredients of this milk are Water, Soybeans, Sugar, Palm oil, Whole milk powder, Palm oil, Sugar and E471, and E407.
Factors Affecting Buying Behavior for Household Buyer Behavior in Buying the Product Vamino Milk
Internal Factors
The fact of motivation, perception, selection, categorization and expectation all things are worked as the factor of internal factor for Vamino Milk because as the benefit of Vamino Milk for children which is good for their health, even for vegetarians which worked as the substitute tastes for them, and for health-conscious individuals who are regularly taking care of their body to be fit for getting work load. Thus it will be the great factor for the household buyer behavior to buy this healthy drink.
External Factors
Family contribution as well as the family dimension and along with this the purchasing power could play an external factor of a consumer to consider as the factor of buyer buying behavior and obviously it plays an important role which leads to influence the consumer behavior because purchasing capacity depends on the earning and it directs to make decision to buy or not. Buyers purchasing ability defines the segmenting consumers needs based on the ability or their buying capacity to consume the products. So, product of Vamino Milk is not too much expensive. It has different size and different price feature. As a result, the purchasing capacity remains positive to get this drink.
Situational Factors
The fact of past experiences leads to the use of the product in different situation and that is the fact is the loyalty of the product branding. In case of Vamino Milk, the past experience is always positive thus the market recommendation is good in response to its quality, pricing strategy, branding strategy. Here, the main fact is that the loyalty of the product branding and this may happen to take place to the factor of buyer behavior especially for the household buyer behavior. Along with this the brand loyalty of past experiences it could be added the law of primacy as a product like Vamino Milk have been globally leading to the market and take the best place in the supermarket. In addition to the perception of product quality, price, brand name and retailer name all these factors are the situational demanding factor that works in the buyer mind where as the positive relationships between price and quality in most consumers expectation as well as perceptions, and brand name and quality along the price even the branding name of the retailer significant to express the situational factors.
Factors Affecting Buying Behavior for International Buyer Behavior in Buying the Product Vamino Milk
Cultural
Culture is the most important factor especially for the international buyer because across the national if considering the international border, then culture become the most vital factor to the exchange of goods and commodity that influences behavior of those customer. As far as it is defined that culture is attitudes and beliefs that represent the behavior and attitude of a nation. While the attitudes and beliefs are developed through the accommodation of a culture it becomes the matter of influential to decide what is wrong or right. Culture as a factor help to develop these opinions, attitudes and beliefs towards the customer mind for the international customer and the product like Vamino Milk is globally sold by considering the fact of different culture. And it has already been mentioned that the product Vamino Milk is fully Halal product or drinks. Cultural factors influence purchase behavior of the international buyer, so in response to groups of friends, or people who are connected to different culture those who influence their choices of purchasing a particular product or service just because of the cultural issues. For the buyer behavior like international customer the Reference groups are particular groups of people some people who actually play a vital role to make the impact on consumer behavior.
Social
Whether a customer will buy a product or not this buying behavior is also influenced by social factors that means to the facto of customer belongs and social status. In each and every society there are different cultured people and they having sub culture. According to this sub culture along with the culture it has different values within different group of peoples because sub culture share values share values including its cultural nationalities, religions groups, racial groups and other groups of people. Social factor is such a factor of buying behavior which help sharing the substantial and distinctive market segment of its own towards the international boundaries. For example, social factor demands the Halal Vamino milk product or drinks. Thus the social factors influence purchase behavior of the international buyer, so in response to groups of friends, or people who are connected to different cultured societies those who influence their choices of purchasing a particular product or service just because of the social issues. For the buyer behavior like international customer the different groups in societies with the groups are particular groups of people some people who actually play a vital role to make the impact on consumer behavior.
Legal/Political
The legal or political factors influence purchase behavior of the international buyer, so in response to environment of politics for the country as well as the legal issues of that country which influence their choices of purchasing a particular product or service just because of the political and financial issues. For the buyer behavior like international customer the legal and political factor must actually play a vital role to make the impact on consumer behavior.
Financial/Economic
The financial or economic factor play a vital role in considering the Consumer behavior which is influenced by the factor like Savings, Personal Income, Income expectations, Family income, Consumer credit, Liquid assets of the customer or consumer and also there are other economic factors. The personal income of an individual entails ability to buy or not in response to determinant of his buying behavior. Disposable income and discretionary income are the main area of personal income and both the income effect the buying behavior of a customer. An increase in the personal income leads to an increase consumption of various items. A fall in the personal income leads to the fall in the consumption expenditure on various items. Thus the economic or financial factors influence purchase behavior of the international buyer, so in response to personal income which influence their choices of purchasing a particular product or service just because of the fiancial issues. For the buyer behavior like international customer the personal income must actually play a vital role to make the impact on consumer behavior. Along with the personal income, Family income influences the buying behavior of the family to decide upon whether to buy or not the Vamino Milk. Moreover, an income expectation is the determinants of the buying behavior of an individual in response to the Vamino Milk. If the expectation is high then spend more by a customer, and if expectation is less then spend less to by an international consumer. Savings and liquid assets are also affecting the behavior of consumer to spend for the product or not. A change in the amount of savings and liquid assets occurs or happens to leads a change in the consumption expenditure of an individual. If the decision is like that he will save more then it became to spend less on luxurious goods for better comforts and luxuries.
Buying Centre Factors affecting buying behavior in buying raw materials to produce the product by the organization
User
The buying behavior of the household and the international buyer behavior are concentrated to the Users attitudes. How the user will but the product and for which purpose the product like Vamino Milk will be used by the user. Like the internal or external factors and also the social or political factors the user must use the product because it has already been mentioned that quality is the great issue. If the user found that the quality is not up to the mark then it become the fact for buying raw material to produce and raw material for Vamino milk is the collection of real milk to be the better producer in the state.
Gatekeeper
Gatekeeper allows to entry or limits the access of raw material and as a result the buying behavior of the household and the international buyer behavior are concentrated to the gatekeeper activities. How the gatekeeper will give the raw material access for the product and for which purpose the product like Vamino Milk will have accessed.
Influencer
Influencer is influenced to the buying centre behavior to make the happen of influencer to buy the product for the purpose of consumption.
Decider
Like the internal or external factors and also the social or political factors the decider must decide about the product because it has already been mentioned that quality is the great issue. If the decider found that the quality is not up to the mark then it become the question fact for buying raw material to produce and raw material for Vamino milk is the collection of real milk to be the better producer in the state.
Buyer
Buyer buying behavior may be turned to the factors like internal and external and also the social or political factors the buyer must buy the product because it has already been mentioned that quality is the great issue.
Evaluation of Primary and Secondary Data/Information needed Organization’s decision making by the Organizations in buying raw material raw materials to produce the product Vamino Milk
Relevance
Relevant data from the reliable sources helps to take decision about the branding image of Vamino Milk to buy the product positively.
Timeliness
Time to time data update as well as data up gradation may help to read the customer mind along with their preferential buying activities.
Currency
For the international market, the currency plays a vital role to buy of raw material for the consumer buying behavior.
Accuracy
Accuracy in the field of Vimano Milk should be started if the clarity is gone for the purchase raw material and of course accuracy will be maintained.
Cost Effectiveness
If the raw material is cost effective then the further process to minimize the cost will attract more customers.
Conclusion
So, the factors Affecting Buying Behavior are evaluated by internal factors, external factors, situational factors for household buyer and cultural factors, social factors, legal factors, financial factors are for the international buyer. It is finally concluded that Vimano is the product of Thailand and it is good for health and it has Halal tagline that must create or build an impression to the customer mind. And there are some buyer behavior factors that actually affect the customer buying behavior.
References
Bhasin, H. (2016, 12 01). Factors Affecting Buying Behavior.
Chad, S. (2011). 5 Factors Influencing Consumer Behaviour.
Hardison. (2017). Factors Influencing Consumer Buying Behaviour.
Kalpesh. (2013, 02 28). Methods for evaluating secondary data sources.
Marston, A. (2014, 03 21). Describe and Evaluate the Use of Primary and Secondary data in Research.
Siam. (2017). Vamino Soy Milk Drink 300ml.
Yip, W. (2017). Vamino Soy Milk 300ml.
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