Buyer behavior refers to the actions a person performs to make a purchase decision and buy a particular product. The behavior of Sony’s customers is influenced by several factors, including the price, sales promotion, brand equity, and product availability. The first factor is the selling price; according to Hadi and Hafnidar, it is the benchmark that helps the company to segment its target market (665). Hadi and Hafnidar investigated customers’ intentions to purchase Sony’s home theater products and found that the sales of these items fell between 2012 and 2015 because competitors’ prices on similar goods were lower (663). These findings mean that for some buyers of electronics, price is a significant determinant of their purchase intention.Let our writers help you! They will create your custom paper for $12.01 $10.21/page 322 academic experts online
Sales promotion is another factor influencing the behavior of Sony’s customers. Uddin et al. found that effective advertising had a significant positive impact on consumers’ intention to buy LED television (80). Hadi and Hafnidar obtained similar findings regarding the sales promotion of home theater products (673). Advertising influences buyer behavior because it raises brand awareness and gives customers the necessary information about goods.
Brand equity refers to the value that customers attach to a particular brand in their minds. According to Chakraborty and Bhat, all brand equity dimensions, which include brand awareness, brand personality, perceived value and quality, and organization associations, significantly increased customers’ purchasing intention (73). All these aspects are affected by credible online reviews published on high-quality websites (Chakraborty and Bhat 73). Thus, consumers of electronics often consult online reviews to form their opinion on different products and make a purchase decision.
Finally, the availability of goods has a considerable influence on buyer behavior. Devi et al. found there was a positive association between brand availability and sales volumes (702). Further, they discovered that 75% of consumers of electronics prefer to buy products at electronic appliances stores, and the rest of them purchased goods at traditional outlets (Devi et al. 702). Hence, customers tend to buy electronic products that are readily available and located at special stores.
A price point refers to the prices at which the given products are in relatively high demand among customers. Sony Electronics has established its price points at higher levels compared to its competitors. As Steinhardt points out, Sony “tries to be the most expensive offering in the category and thus attempts to create a class association” (25). This is an example of the signaling pricing strategy, the objective of which is to convey a particular idea to customers (Steinhardt 24). By charging high prices, Sony Electronics positions itself as a premium brand, which helps it target high-income consumers and those willing to emphasize their status.
As was mentioned earlier, price is an important factor influencing the behavior of consumers of electronics. Generally, individuals prefer cheaper electronic products over more expensive ones (Ho et al. 302). However, Sony successfully competes in the electronics market despite charging premium prices. Ho et al. found that customers’ perception of Sony was influenced by the fact that it was a Japanese manufacturer (302). For example, Americans and Koreans preferred Sony over Chinese brands such as Lenovo (Ho et al. 302). Finally, companies can charge premium prices if the perceived quality of their products is high (Chakraborty and Bhat 66). Since Sony Electronics aims to exceed customers’ expectations regarding the quality of its products, its premium prices seem to be justified.Order now, and your customized paper without ANY plagiarism will be ready in merely 3 hours!
Chakraborty, Uttam, and Savita Bhat. “The Effects of Credible Online Reviews on Brand Equity Dimensions and Its Consequence on Consumer Behavior.” Journal of Promotion Management, vol. 24, no. 1, 2017, pp. 57–82.
Devi, Kabirdoss, et al. “A Contemporaneous Sample on the Consumer Brand Preferences for Air Conditioners in West Chennai.” International Journal of Innovative Technology and Exploring Engineering, vol. 8, no. 11S, 2019, pp. 698–702.
Hadi, Lukamn, and Siti Hafnidar. “The Effect of Selling Price and Sales Promotion on Decision to Purchase of Sony Brand Home Theater Products.” KnE Social Sciences, vol. 3, no. 26, 2019, pp. 662–675.
Ho, Foo Nin, et al. “How Much More (or Less) Is a Brand Worth When Made in a Low Labor-Cost Country? It Depends Upon Who and Where You Ask.” Journal of Promotion Management, vol. 24, no. 3, 2018, pp. 295–311.
Steinhardt, Gabriel. Market-Value Pricing: Definitions, Concepts, and Processes for Market-Value Centric Pricing. Springer International Publishing, 2019.
Uddin, Jamal, et al. “Advertising Effectiveness and Influence of Consumer Buying Decision of LED Television.” Asian Business Review, vol. 9, no. 3, 2019, pp. 77–82.We'll complete your 1st custom-written order tailored to your instructions with 15% OFF!