Sunday, March 10, 2013

Chapter 6. Consumer Decision Making

As the world's premier jeweler and socially responsible  company, Tiffany sets a great example for its peer industries. Nowadays, consumers become more concerned about the background of a company where they purchase products from. Recent studies confirmed that most of the customers would rather buy the same product at the higher price from a socially and environmentally  responsible company that supports a cause the customers care about. This is the reason why Tiffany & Co. has so many loyal customers who despite high prices devotedly come back to shop.

Talking about the types of consumer buying decisions, to buy Tiffany's product most likely will involve extensive decision making since it is an expensive purchase. Making a purchase for the first time a customer would like to get some information of the quality of gems and metals that the company sells and what is the resource. Plus, shopping in Tiffany often associates with some significant event in life such as an engagement or an anniversary. And, it requires a responsible and right decision to make. 

However, a regular customer, who has all the necessary information about the company's product, probably will use a limited decision making. Having trust and experience, a customer will spend less time on making a choice. 

Tiffany is a symbol of prestige and elegance and this image influences customers' perception significantly. Leaving a certain lifestyle, some customers will shop in Tiffany to obtain a certain image and social class recognition.

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