It is needless to indicate the importance of buying motives in modern day marketing. It is necessarily an inner feeling of the potential buyer. Once known, buying motives become a significant tool to finalise the product, pricing, distribution and promotional policies of an organisation.
Therefore, the importance of buying motives can be examined on the basis of the following:
1. Product Planning and Development:
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The manufacture’s product decision with regard to size, colour, weight, dimension, design, packaging, taste, etc. depends a lot on the consumer psychology which is chiefly based on the buying motives.
Thus, once the buying motives are known, the product planning and development can be done in accordance with the consumer likings, tastes and preferences. Therefore, a thorough knowledge of the buying motives makes the product planning and development of an organisation considerably easy.
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2. Pricing Policies:
Pricing of products and services is extremely significant because survival, growth and the profitability of an organisation depends on the same, to a great extent. In case a large section of the consumers are influenced by rational buying motives, the pricing policies of the firm have to be competitive.
On the other hand, a comparatively high pricing strategy can be adopted if a majority of the consumers are guided by emotional buying motives. Therefore, it is essential that sellers should examine the nature of buying motives closely, and pricing decisions can be made accordingly.
3. Distribution Channel:
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Once the buying motives of the consumers are known to the seller, the distribution channel of an organisation can be planned effectively. In other words, if the consumers are primarily guided by the service facilities offered by the dealers, the manufacturer can plan the distribution pattern accordingly so as to make services available at different distribution points.
If door-to-door service is the motivational factor for a majority of buyers, then such provisions have to be built up by the seller. Similarly, if consumers prefer a particular type of store, the distribution channel has to be modified accordingly.
4. Promotional Policies:
All promotional efforts usually aim at winning the confidence of the potential buyers in favour of products or services. Once the influencing factors or the buying motives of the consumers are known, the advertisement and sales promotion programmes can be directed towards appealing to those specific buying motives.
Accordingly, a large section of the buyers can easily be influenced and motivated for making a purchase. Therefore, in order to build an effective sales promotional policy, studying and understanding buying motives of consumers are essential.
Thus, it is clear that an effective and successful marketing mix depends to a great extent on proper understanding of the buying motives of the potential consumers. Once the motives of the buyers are known, it becomes quite easy to develop an effective marketing programme. In other words, the marketing programmes and strategies of an organisation is simply a reflection of the buying motives of the potential consumers.