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Consumer buying behaviour towards the OnePlus and iPhone Mobile phone users
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Consumer buying behaviour towards the OnePlus and iPhone Mobile phone users (MBA Marketing)
Introduction
Consumer behaviour is the study of individuals, groups, or organisations and all the activities associated with the purchase, use and disposal of goods and services. Consumer behaviour consists of how the consumer's emotions, attitudes, and preferences affect buying behaviour. Understanding consumer behavior is essential for a company to succeed in its current products and new product launches. Consumers have different thought processes and attitudes toward buying a particular product. If a company fails to understand the reaction of a consumer towards a product, there are high chances of product failure. Due to the changing fashion, technology, trends, living style, disposable income, and similar other factors, consumer behavior also changes. A marketer has to understand the factors that are changing so that marketing efforts can be aligned accordingly.
India is worlds largest mobile phone consumers. Revenue in the Smartphones market amounts to US$41.7bn in 2023. The market is expected to grow annually by 7.20% (CAGR 2023-2028). Xiaomi leads the monthly market share of smartphone shipments in India with 21.99%. It is followed by Vivo with 17.56% and Samsung with 14.29%. Realme, OPPO, OnePlus, and Apple follow the top three, with 13.37%, 12.06%, 4.18%, and 3.88% market penetration rates, respectively. There is a significant difference in consumer demand between India’s top five smartphone vendors from the rest. The top 5 vendors dominate and take more than 70% of the market share, while the other vendors take less than 5% market share each in the August 2023.
Mobile phone industry is very competitive market and there are many brands competes various segments. Mobile phone users are very price sensitive and loved their brands, Mobile phone company has very tough time to maintain brand loyalty for existing consumers as well as attract new consumers. iPhone has loyal high-end customers they wants quality products and they are not price sensitive, however, to attract create new consumer base or switch consumers from other brand iPhone maker needs to offer attractive offering. Oneplus has unique customer base they wants quality phone with little more price then existing brands. OnePlus having tough competition from other products with same segments. OnePlus users are very price segments. Consumer buying behavior is a critical aspect of marketing and business strategy for mobile phone maker. It refers to the processes and factors that influence consumers' decisions and actions when purchasing particular mobile phone model over others. Understanding consumer buying behavior is of paramount importance for several reasons:
- Knowing consumer preferences, needs, and desires helps phone maker create mobile phone that align with market demands. This information can guide companies in designing innovative and relevant offerings that cater to consumers' changing tastes and requirements
- Consumer buying behavior insights contribute to the development of a strong brand identity. By understanding what values, emotions, and associations consumers attach to a brand, businesses can create branding that aligns with these perceptions and resonates with their target audience.
- Indian customers are very price sensitive, understanding how consumers perceive value and make price-related decisions informs pricing strategies. Businesses can adjust their pricing models based on consumer willingness to pay, perceived product quality, and competitive pricing in the market with other phone makers
- Different consumers have different buying behaviors. Understanding these variations helps businesses create effective market segments and tailor their offerings to cater to the unique needs of each segment.
Cconsumer buying behavior is a cornerstone of effective marketing and business success. It provides valuable insights that drive product development, marketing strategies, customer engagement, and overall business decision-making. Companies that invest in understanding and analyzing consumer behavior are better equipped to meet consumer needs and thrive in a dynamic and competitive marketplace. Consumer buying behavior studies various situations such as what do consumers buy, why do they buy, when do they buy, how often do consumers buy, for what reason do they buy, and much more.
Objective of Study
- To know theories of consumer buying behaviours
- To know importance of consumer buying behavious in marketing
- To know mobile phone makers and Indian mobile phone industry
- To know about marketing strategies of OnePlus and iPhone
- To study consumer buying behaviours of OnePlus and iPhone users
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