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Buyers make their purchasing decisions based on many factors, including prices, brands, customer service and product characteristics. For consumers, learning more about personal buying strategies can make it easier for them to reach and maintain their budgets and financial goals. Understanding different types of buyers can also help entrepreneurs design better marketing strategies and maximize their profits.
Economic buyers
Economic buyers focus mainly on the price of the items to determine which products to buy. This group includes people with a tight budget or fixed income, as well as consumers who have a larger budget but choose to focus on low prices. For some, this means choosing branded items from a store or any item with the lowest price. For others it means trying to maximize value, that is, choosing products from reputable and high-quality brands that offer a lower cost in the long run. Economic buyers tend to look for stores with a wide variety, such as large retailers that make it easy to compare prices within a large selection of products.
Custom buyers
Personalized buyers value personal relationships above low prices. These clients focus on building relationships with store personnel and often shop close to home. They look for great customer service, which is usually found in smaller stores or premises compared to large retailers. This type of buyer is willing to pay a premium for the better service and the better shopping experience.
Ethical buyers
Ethical buyers base their purchasing decisions on factors other than price and their own personal experience in the store. Buyers within this category feel morally obliged to support their own beliefs when shopping and are willing to pay a premium to retailers that conform to these beliefs. This may include supporting local merchants instead of buying from large retail chains. It can also be extended to support retailers who support environmental or religious beliefs.
Apathetic buyers
Apathetic buyers have no interest in purchases and only make them out of necessity. They try to minimize the time of purchase trying to enter and leave a store as soon as possible. According to the Association for Consumer Affairs (ACA), these types of consumers can be divided into two distinct categories, convenience buyers, who are really pressed for time and must make their purchases quickly, and buyers on the other hand apathetic to those who simply do not like to go shopping.
Other types
Although extensive research in this field supports these four basic types of buyers, some analysts have also introduced new types beyond these four categories. These include dedicated marginal buyers, who always strive to have the best and latest products. These consumers seek innovation and thoroughly investigate their purchase options before acquiring them. The need to find the latest products means a lot to these buyers who shop online or through catalogues, rather than in stores.
Another type of consumer is the transition buyer, which includes young families who have yet to find their commercial niche. They may be influenced by retailers or by other factors when choosing one of these types of purchases.