HOW PEOPLE MAKE BUYING DECISIONS 4
There are a number of environmental factors within the consumer behavior model that may affect consumers of Wells Fargo Consumer Banking Service. The banking service offered by Wells Fargo will be received and chosen by the clients after the customers make some considerations. The environmental factors that the clients are likely to consider include but are not limited to economic issues, technological issues and the marketing stimuli. The marketing stimuli constitute the product or service offering, price, distribution and communication (The Saylor Foundation, 2015). The price of the consumer banking service will influence the decision of whether the clients will purchase the service or not. This will mainly be in comparison with other prices of similar services from other banks. This may include ATM charges and savings accounts rates. Accessibility of technology such as online banking technology and how well the bank has done marketing will influence the clients decisions.
There are various consumer factors that will influence the decision that the clients will make with regard to the purchase of the consumer banking service from Wells Fargo. Aspects such as the reason for purchasing the service will influence the decision of the client (Gaumer & Leif, 2005). It is also evident that consumer factors such as gender and the age of the client will have an effect. It is useful to note that old people who are poorly versed with technology may not go for services such as online banking. The motivation of the client and the perception may be from friends or family may influence the decision that the client makes (The Saylor Foundation, 2015). Having a wrong perception about the consumer banking service will definitely drive the client away. Another factor is societal in nature is the social class of the client. The service that the client seeks to purchase must go hand in hand with his or her social class. This will definitely have an effect on the decision that the client makes.
Consumers of Wells Fargo consumer banking service will be involved in a high level involvement while deciding on whether to purchase the service or not. It is evident that banking services are risky since they involve money which is scarce. Other aspects such as fraud in this era of online marketing and credit cards are extremely common (Gaumer & Leif, 2005). It is therefore vital for the client to be highly involved in determining the value of the service and its shortcomings. It is essential to compare and contrast the features of the service with those of similar services from other banks (The Saylor Foundation, 2015). In this instance, the bank has the role of guiding the client in deciding whether to by the service or not. The Extensive Decision Making buying behavior is consistent with this type of involvement. This is where the client is keen and seeks immense information regarding the service or the product he or she wants to purchase. Banking services are risky and pose an economic risk hence this type of buying behavior.
The second stage of consumer decision making process where the client is searching for information about a service or a product is where marketing can play a vital role in influencing the decision of the client. Many clients at this stage will look out for advertisements, brochures or company websites to find the product or service they are searching for (The Saylor Foundation, 2015). For marketing to target clients at this stage, it is essential to carry out research in order to find out when the needs of the client. Having known the needs of the client, it is extremely easy to target such clients through the various marketing strategies such as advertisements and website information, as well as the social media. The company, in this case Wells Fargo, must ensure that it presents the best brand of service to the client. This will ensure that the client will narrow down the search of the service to only the highest brands. This will definitely influence the client decision making process and create a good relationship with the service.
TheSaylor Foundation. (2015). Consumer Behavior: How People MakeBuying Decisions.
Gaumer,C. J., & Leif, W. C. (2005). Social facilitation: Affect andapplication in consumer buying situations. Journal of FoodProducts Marketing, 11(1), 75–82.