Susceptibility of Interpersonal Influences on Status Consumption

DOES THE SUSCEPTIBILITY OF INTERPERSONAL INFLUENCES AFFECT STATUS CONSUMPTION?

MANAGEMENT PROJECT

BY

SHIVANK SHARMA

ID NO. 14A1HP061

INSTITUTE OF MANAGEMENT TECHNOLOGY

HYDERABAD

DOES THE SUSCEPTIBILITY OF INTERPERSONAL INFLUENCES AFFECT STATUS CONSUMPTION?

Management Project- Final Report

BY

SHIVANK SHARMA

ID NO. 14A1HP061

Submitted by                                                                Submitted To

Shivank Sharma                                                      Dr. Nitin Gupta

A Report submitted in the Fulfilment

of the Management Project in

Institute of Management Technology

Hyderabad

   [pic 1]                        [pic 2]

                        Interpersonal Influence affecting status

  Consumption

 [pic 3][pic 4]

Forwarding Letter

This report talks about how consumers get influenced by interpersonal talks among other people be it their friends or relatives and change or modify their buying behaviors getting influenced or moved by other factors like to seek conformity, conspicuous consumption, impulsive buying, people portraying their collectivist mode of framing their purchase decisions in India vs Individualistic approach followed in Western developed countries where people don’t need to cater to the above mentioned factors like to seek conformity, conspicuous consumption, impulsive buying, etc. To come out with the various behavioral patterns of different people in this case, a questionnaire is designed and floated by me to get a certain idea to what most of the people think about their respective behavioral patterns if it comes to interpersonal influences and status consumption.

The information has been majorly gathered from students of IMT-Hyderabad, Friends, Relatives, etc. and gives a fairer idea of the interpersonal influences and status consumption collected from the people mentioned above. The survey has 14 different questions to analyze from.

Executive Summary

This report is aimed at bringing out the answers to the objective of this project i.e. Does the susceptibility of Interpersonal influences affect status consumption with findings and conclusion that will be obtained by the deep and thorough analysis of the questions floated and data collected from them. After reading this report, one must be able to know the reasons why one changes his decision getting influenced by others, why one ends up buying things that is not required by him but still he buys it not taking into consideration the price, need and affordability, how Indians exhibit collectivist culture, why one buys a very well-known brand, is it just for the offerings of that brand but other things like Seeking Conformity and Conspicuous Consumption, how one ends up buying more things when given a larger choice set (Impulsive Buying). This entire report will help the readers get to know the factors on which one can increase the sales or create hype for particular brands, directly catering to the various psychological beliefs and actions taken by consumers on the basis of Interpersonal influences and how one can bring upon cosmetic changes to their promotional activities to lure the customers to buy the products and services offered by different brands. Brand owners or entrepreneurs always keep an eye on these patterns so that they can target their Customers and do well in revenue generation. As concerned people will see different influencing factors and how consumers can be manipulated well in their future courses of action.