Consumer behaviour

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CONSUMERDONE.docx

Assignment Type Mid Term Yuliia Fenchenko Date 12.03.2022

BCO225 Consumer Behavior

Assignment

Course Code: BCO225

Student Name: Yuliia Fenchenko

Course Name: Consumer Behavior

Professor Name: Eliza Paz

EU Business School (@EU_group) | Twitter

Table of Contents Introduction 3 Segmentation 3 Buyer persona 4 Personal elements: Young achievers 5 Social elements 6 Cultural elements 7 Conclusion 7 Reference 9

Goodreads

Introduction

Goodreads is a subsidiary of Amazon and an American social cataloging website that helps users search through its collection of books, annotations, quotes, and reviews to locate what they need. By joining up and registering their books with the system, users may construct library catalogs and reading lists. Sharing their book recommendations, surveys and discussions is also an option on the website. Goodreads is headquartered in San Francisco, California (Walsh & Antoniak, 2021). The website includes author interviews, giveaways, and author bios, allowing customers to connect with their favorite authors. Most social media platforms, like Facebook and Twitter, have a Goodreads option. Goodreads users may integrate their Facebook friends' contact information into their Goodreads account and grow their "Friends" list on the social networking site. Facebook friends, for example, can be notified of what a user is reading or how they rated a book by configuring Goodreads to publish straight to a user's social networking account.

On the Goodreads website, a user's library is built (Duvall, 2017). As a bonus, users may rate and review books, discover what their friends and favorite writers are reading, join discussion boards and groups, and get book suggestions based on their evaluations of books they've read. Those users who have a friend list will be able to browse and comment on their friends' shelves and reviews. Each book on Goodreads is assigned a star rating out of one to five stars, with the opportunity to write a brief review in addition to the star rating. A Goodreads customer may listen to or read a sample chapter from a book they are interested in right there on the site. Additionally, Goodreads includes quizzes and trivia for its users, as well as quotations, book lists, and freebies for those who sign up. Members can subscribe to the monthly newsletter to stay up to date on the latest book releases, book ideas, author interviews, and new poems. If a person created the work, it might be linked to their author profile page, including a link to their blog. Goodreads also organizes physical events such as book swaps and "literary pub crawls" in addition to online choices.

Segmentation

All the available customers in Goodreads have different reasons to use the website. However, the young people are more than the middle-aged and the elderly customers. Most concerned parents relying on the website have children in school and college. The financially mature group comprises mostly people who want to learn more and increase their knowledge and skills about their careers (Kousha et al., 2017). Due to lack of commitments, the Hon Hun group tends to rely on the Goodreads website to attain articles that help them feel occupied at any time. Most of the solo content customers are after finding information to compare with their research methodologies and publish their findings on a certain topic.

Young achievers

Concerned mothers

Financially mature

Ho Hum

Solo content

Demographics

Young

Young, middle age, mostly female

Mature’ Skews male

Middle age, mostly female

Mature, male and female

Attitudes

Driven, risk-taker

Price sensitive, don’t know where to begin

Confident about financial matters, least price-sensitive

Late adopters, Not primarily risk-takers

Use social media,

Geographic

College

Most live in towns, professionals

City

Town

Town

Buyer persona

Name: Customer Accounts Manager Grace

Roles: Book Enthusiast, Technology Whizz

Goals: Ensuring customers are satisfied with the offered services and products.

Challenges: Cost reductions in the company, and Grace is searching for methods to streamline the process

Age: 30-40

Story;

Customer Service Manager Grace oversees anything from 300 to 400 accounts, and she is situated in the North-East of England. She enjoys socializing with her loved ones and friends. She travels from her home in the northeast of England to Leeds City Center to get to work. She is a mother of two. Grace's company now employs 64 employees, although it has undergone reorganization and implemented a cost-cutting strategy in recent months. It's Grace's job to handle all the customer accounts throughout the United Kingdom and Ireland for a staff of eight. Grace's responsibilities are handled by the Financial Director, who she reports directly to. Now, the company is making a significant marketing push to grow its current business. This firm relies mostly on word of mouth and referrals to sustain its current operations.

She has seen a significant increase in the volume of bills she is generating even though the company's growth has been steady over the previous two years. Credit management has seen significant savings in the last six months, and payments are now being missed more frequently than before. Grace has received several complaints from customers who claim that their bank accounts have been debited more than what they expected or that no money has been taken from their accounts at all. Angry with the current scenario, Grace is now researching payment processing companies to present her results to the finance director. There are many ways to enhance the company's payment processes because of Grace's regular social media sites like Facebook.

Personal elements: Young achievers

A person's purchasing decisions are heavily influenced by their place of employment. When it comes to reading, young people’s occupation directly influences what they purchase. A young person's purchasing selections are influenced by the sort of employment and position they have (Maity et al., 2018). It is difficult for low-level students to purchase professional books for themselves. In contrast to working professionals, college and university students prefer studying online materials, mostly the summarized ones, to make it easy for them to understand.

Additional characteristics that influence customer purchasing decisions include age and lifetime. According to the research, teenagers are more likely to be interested in reading materials as they investigate and compare with different studies than middle-aged or older people, who are not mostly involved in academic work. One would expect a bachelor to spend a lot of time in libraries, searching research articles on the internet, buying books, and exchanging ideas in important for young people. People with families are more likely to buy books that will benefit their loved ones in the long run and help them build a better future for themselves and their children.

Young people's purchasing tendency in Goodreads is directly proportional to the quantity of money they make each month. Young people spend what they have because of what they earn and spend it on. Young people with higher salaries from their part-time jobs are more likely to buy expensive, high-end reading materials than those with lower incomes, who are more likely to buy cheap articles (Duvall, 2017). What may seem important is the knowledge from the reading materials. A person with a modest income may find it difficult to spend their money on expensive articles. This affects the number of people who use the highly ranked research articles from Goodreads.

The term "lifestyle" is used to describe how an individual interacts with the rest of society. Using highly detailed research materials is for the readers to understand the methodology used in the study and the outcomes. Moreover, the use of several articles is important for readers to compare the similarity or differences of the results (Murray, 2021). It is the obligation of those who reside in affluent areas to preserve their social position and image by accessing books that increase their knowledge. Many factors contribute to a person's lifestyle, including their sense of style, attitude, perception, social ties, and immediate environment. People have different attitudes on further studies when it comes to academic work. Therefore, not all young people are interested in reading affecting the level of customers at Goodreads.

Social elements

Demographics is one of the elements that determine consumer behavior in Goodreads. Each of the young customers has a distinct set of buying habits that should not be ignored. An individual’s level of education is an essential determinant of the books that require too much knowledge. Most of the Goodreads users and university students since the website helps them carry out secondary research. For obvious reasons, this is one of the most often discussed variables. Teenagers and retirees have quite distinct interests and preferences in reading articles and books from different authors. Women are more likely than men to search annotations and quotes that aren't associated with their gender. Higher earners use their wealth differently than lower earners in having access to registered books, which is a buying benefit to Goodreads. As a result of young people’s upbringing, culture is viewed as the expectations and obligations people impose on generations.

Social considerations such as religion affect the articles the available customers specialize in. For example, books that contain Christian information are highly used by Christians. This makes it important for Goodreads to consider including the availability of articles that contain information about all religions on their website (Thelwall, 2019). The customers' expectations from using the website directly impact the brand. The young customers come from different backgrounds, and hence the language they are comfortable with varies. It is a challenge for Goodreads to make it possible for the customers to translate the articles they need to the language of their interest.

Before digging deeper into the specifics on a certain topic, Goodreads customers must examine the required components to understand the research work. When the reading articles are designed so that it is easy for the young people to locate the books they want, this will attract more customers to the website. Once a course of action has been agreed upon, this factor determines how tough it will be to research a given topic (Wang et al., 2019). During a pandemic such as COVID-19, Goodreads is likely to have many customers since the lockdown rules limit the ability for people to interact in libraries and other learning centers. The availability of access to the Goodreads website on several social media platforms is advantageous for increasing purchasing power.

Cultural elements

Cultural factors have a huge impact on young people’s behavior. Culture, subculture, the family, the duties assigned to them, and socioeconomic status are all considered cultural influences on an individual's purchasing behavior in Goodreads. In addition to other factors, socioeconomic class impacts consumers' purchasing habits (Maity et al., 2018). Whether a person is aware of it or not, their socioeconomic class affects the brands and values of the products they seek to acquire. According to the current study, human beings are increasingly receptive to social stratification as a part of everyday life. The purchase behaviors of those in the same social group can impact the purchasing decisions of those who are not socially isolated. In certain societies, this influence and state of being influenced might take the shape of social approval (Thelwall & Kousha, 2017). If a customer in Goodreads is a member of the same socioeconomic class, they are likely to like books and review articles from the Goodreads website.

Conclusion

In conclusion, as a sociological fact, all groups from the most primitive tribes to the most homogeneous human society have class differences, regardless of their degree of development. It has been shown that cultural notions such as social classes may positively impact people's lives (Walsh & Antoniak, 2021). Everyone is bound by the cultural norms that define their life, including everything from their daily routine to the preferred articles to read. More search on Goodreads is done on interesting subjects and life-connected topics. In industrialized nations, cultural characteristics have a considerable impact on people's purchasing habits. Each person's preferences and needs are unique, and meeting these needs is the basis for purchasing decisions. People must read and add on knowledge only about topics they find interesting in their lifestyle and career. Several elements might impact customers' purchasing decisions, including their attitude and level of education. As a result of the Goodreads customers' socioeconomic status, consumers' purchase habits are impacted by their income level. If socioeconomic stratification persists, Goodreads' website must adapt its marketing strategies to account for this.

Reference

Duvall, M.D., 2017. The impact of virtual literacy communities in an English language arts classroom: a case study using Goodreads. Drexel University.

Kousha, K., Thelwall, M. and Abdoli, M., 2017. Goodreads reviews to assess the wider impacts of books. Journal of the Association for Information Science and Technology68(8), pp.2004-2016.

Maity, S. K., Kumar, A., Mullick, A., Choudhary, V., & Mukherjee, A. (2018, January). Understanding Book Popularity on Goodreads. In Proceedings of the 2018 ACM Conference on Supporting Groupwork (pp. 117-121).

Murray, S., 2021. Secret agents: Algorithmic culture, Goodreads and datafication of the contemporary book world. European Journal of Cultural Studies24(4), pp.970-989.

Thelwall, M., 2019. Reader and author gender and genre in Goodreads. Journal of Librarianship and Information Science51(2), pp.403-430.

Thelwall, M. and Kousha, K., 2017. Goodreads: A social network site for book readers. Journal of the Association for Information Science and Technology68(4), pp.972-983.

Walsh, M. and Antoniak, M., 2021. The Goodreads ‘Classics’: A Computational Study of Readers, Amazon, and Crowdsourced Amateur Criticism. Journal of Cultural Analytics4, pp.243-287.

Wang, K., Liu, X. and Han, Y., 2019. Exploring Goodreads reviews for book impact assessment. Journal of Informetrics13(3), pp.874-886.

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