Factors influencing customers buying behavior – A study on RFL-Best Buy Ltd.

Abstract

Customer buying behavior is the decision process and acts of people involved in buying and using products. This report explores how different variables impact on customer buying behavior. Demographic variables including perceived economic situation and age; Extrinsic Cue including brand (Advertisement, WOM, and Perceived Price) and Intrinsic Cue that includes perceived quality, perceived value and perceived risk are the important factors that influence customer buying behavior. Present study includes the most important variables including price, brand concentration, brand recognition, that impact the customer buying intension. Using a structured questionnaire this study analyzed data from fifty respondents. Through several descriptive statistics, this study explore some interesting areas including how customers are being influenced, how they react towards a product, how they became familiar with a product, why they ignore or not buying product, how to build a strong customer relationship. Based on the data collected from the customers buying different plastic products from RFL-Best Buy most important variables were identified which include brand equity, perceived value, price, attitude, quality and knowledge. On the basis of the results several important recommendations were forwarded for the practitioners.