Categorizing Consumers' Buying Behavior: A Factor Analysis in Consumer Durable Market
Consumers' buying behavior is divergent and situational. For durable products, such behavior got different dimensions again. To make the study simple and informative, color television is used to represent the consumer durable markets. Television, as a product, is getting the status of essential commodity all over the world. The potential of TV market is indeed quite enormous. The Indian consumers were indifferent in choosing the brand since a lot of close substitutes were available in the market. However, they have changed ever since the India liberalized its economy. Choosing the right brand of television is difficult enough when there were half a dozen brands and all of these claimed to give excellent picture quality. Marketing managers are interested not only in the product but also the behavior of the consumers because it gives them the right orientations for product development and positioning. The level of consumer's satisfaction provides the scope for repeated purchases and brand loyalty that lead to optimum profitability. This research finds that consumers' perception on buying color television is mostly affected by the factors, such as, structural add-ons, words of mouth, technical features, durability, ground reality etc.