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Marketing Strategies Dpeneding On Customer

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Question:

Discuss about the Marketing Strategies Dpeneding On Customer Analysis.
 
 

Answer:

Introduction:

The marketing analysis are mainly focused on the consumer behaviour and preferences in the market. The purchasing attitude and choices of the customer determines the product requirement in the market. Purchasing power is determined by few factors like price, affordability and choice of the customers. Purchase of an individual customer can be high involvement or low involvement(Abd-El-Salam, Shawky & El-Nahas, 2013). However, this is also dependent on the factors like customers income, customer’s tendency to spend, requirement and production in the market. This discussion will hi-light the reason for purchasing a product and the factors that affect the purchasing intention of a customer. It will the comparison and contrast between two types of purchasing, high involvement and low-involvement purchasing. It will include the decision time, calculations, effort and customers preference for the product. It will show a typical contrast between the high involvement and low-involvement purchase, the reason for the purchase, the reason for not selecting any alternate product, the features of the product, time taken to purchase. The study will show a clear understanding of effective and efficient market analysis and demand in the market. it will also recommend and hi-light the consumer desire type that will help any brand to recognize the  customer demand and create their branding strategy and product will that respective.

Description of the consumer: Demographics

Age

37

Gender

Male

Marital status

Married

Family

Lives with spouse and two children

Education level

Holds Master degree. Currently working at a MNC in high post.

Income

$110,270.00

Occupation

Marketing head in a MNC

Generational cohort

Generation Y

Value segment

Socially Aware & Optimism (Levine & Benjamin, 1997)

 
 

Psychographics

  • The consumer:
  • Highly busy with work pressure and has very less to spare for shopping
  • Spends his free time with his family
  • Concerned about children’s health care and education
  • Saves for the children’s education
  • Likes to go for family trips
  • Most of his shopping’s are done by his wife and not him
  • He is interested in movies and reading books
  • He is interested in food and often goes out with family for lunch or dinner
  • Likes to buy gifts for his children and wife
  • Prefers to save and thus does not believe in buying high price products.
  • Product quality matters to him
  • He is interested in trips and outing however, he has a calculated expenditure about that.

Personality traits

The big five test was applied on the consumer and the result are as follows:

The big five test was applied on the consumer and the result are as follows:

“Big Five” trait

Outofservice.com

Truity.com

Openness

63.00%

100.00%

Conscientiousness

54.00%

85.00%

Extraversion

6.00%

53.00%

Agreeableness

37.00%

63.00%

Neuroticism

78.00%

55.00%

 

The above test was done on the customer to recognize his choice and thinking pattern. This test reveals how the customer is purchasing his product with what type of thought pint and view. The study is showing that the consumer is a reflective and imaginative person who has a medium high score in openness. He has an average score on conscientiousness that shows that he does very less study and detailed analysis while purchasing a product. He has a high score on Neuroticism which shows that he is very easily irritated and disturbed. The study shoes that this type of consumers prefers to directly buy a product if there are meeting their need(Hill & Brierley, 2017). They do not prefer to scrutinise about the product before purchasing it. The consumer is highly dependent on the brand popularity and fame and does not prefer to judge a product with his own risk. It will be easy for a brand to create their image for such clients and they will remain loyal to their customers.

 

Analysis of overall purchase behaviour

The monthly and weekly expenditure of the consumer are as follows:

The customer spends an amount of $250 and $360 for the schooling of his children. He also spends an amount of $100 each week for the children that includes their traveling fees and school tiffins. He spends $200 for his elder son’s long tennis class. The grocery and fruits that are brought for the family incurs and expenditure of $500. The electric bills, internet bills includes an expenditure of $350.

The extra income that he did this month was, he bought a watch for his wife that costs

$500. He decided to gift this to his wife for her birthday that was on the next week. It was an extra expenditure for him this month. He is a very family oriented person and most of his expenditures are family related. He decided to buy a branded watch to his wife. It was a reputed brand that was suggested to him by his colleagues and friends(Lemon & Verhoef  2016). He had also heard the brand name from his wife who wanted to buy that brand. The primary reasons for him to buy the product were:

  • It was a reputed brand and he got reviews about the brand.
  • His wife wished for this particular brand.
  • The price range was with in his budget.
  • The product assured a guarantee of three years.
  • The product assured a return if any fault is found within six months of purchase
  • The watch looked appealing to the customer.

The consumer himself had very less idea about the product but he preferred the brand because it was recommended to him by his wife and friends. He wanted to gift a watch to his wife and had very less idea about the brands and collections of watch companies. Thus, he decided to buy that particular brand. Being a busy person he did not have much time to explore the other brands and preferred to buy this particular brand. The product was also within his budget so he decided to buy the watch. He wanted to gift something to his wife keeping a limited budget as he had recently changed his car. Thus, there was a huge expenditure last month so he decided to limit his budget form exceeding when he is gifting something to his wife.

From the above study it is clear that the consumer spends judicially even when he has a high scope to spend in a relaxing manner. The earning of this customer states that he has high chances to spend casually for his regular life style. The study shows that he is a wise man and spends with a justified calculation. He saves for his future and children education. However, he also believes in relaxation and luxury. Hence he also spends for his entertainment that might be in a judicial way. He often goes out with his family for lunch or dinner, he also arranges for short vacations with his family. This shows that he has a calculated spending nature that includes judicial expenditure and fun with family. He tries to balance his life with sensitive thinking and family culture.

The nominated high involvement product that the customer had purchased few weeks back was a car. The car was jaguar 865. The key features of the products are mentioned below:

Mileage(ARAI)kmpl

19.33kmpl

Mileage(City)kmpl

-

Fuel type

Diesel

Engine displacement

1999 cc

BHP

177bhp@4000rpm

Price

$60,400

 
 

Factors that influenced purchase of nominated product:

The consumer had a deep desire to buy this brand for a long time but keeping in mind his other responsibilities he did not buy this car. After a saving for a long time he fulfilled his wish to buy this car. The consumer was fascinated for this product since it had gained popularity in the international market. However, he was seeking for the right time to buy it. The product is efficient and worth the users use(Choi et al., 2013). The product has gained a huge reputation and market identity in the market and thus he decided to buy this car. The consumer is a driver himself and liked the driving seat and the comfort while driving of this car. The car door and the start button entices the driver and creates an emotional connection between the driver and the car. The start button actually motivates the driver with excellent air vents opening and the selector rises smoothly. This anticipates the driver. The interior designing of the car is done excellence smooth and creativity. The leather used are selected with great care and this makes the inside of the car extremely luxurious and attractive. The authentic look of the car is enhanced by the polished leather seats and their comfort. The designing of the car is combines a craftsmanship of contemporary materials attracts the users of this car. It has an aluminium body which is strong and rigid but very light. It has no welded joint and this makes the car very light. It is driven by exceptional engines that are built to satisfy different driving requirements and ensures excellent performance. It has a smooth gear with a high responsive ride and fuel economy benefits. This attracted the user to buy the car and thus he decided to take time and buy this car(Maga, Canale & Bohe, 2013). After a wait for a long item the user bought this car. This also affected his future expenses as he decided to cut down his extra expense in the near future for some time.

Initially he had decide to buy a BMW instead of buying this car. The price was less for that car and that would not require much waiting for the user. But the user wanted a diesel car and BMW is not a diesel car. The max power of BMW is 248@5200 and jaguar is 172@4000. The car efficiency is much higher than the alternate one. The user had no problem that the BMW had 8 airbags and his car had 6. The market name was also high for this brand. He longed for this car as he felt the authenticity and the good fame of this car would also compliment his position in the company. The BMW has preferable a less brand value than jaguar so he decided to select this brand. The above decision makes it clear that the consumer is highly influenced by brand name and market name. He has a choice for reputed brands. He selects the best or premium brand among the reputed brands.

 

Comparison

The high involvement and low involvement purchase of the consumer are a variation of two different product type with different variation. The price of the car and the watch has a huge gap and has no relevant connection between the products. The customer has shown a keen interest for products that has a good market value and fame. The consumer buys the product with peer review and recommendations and not by self-exploration. The user has very less time and does not prefer to explore the products and find the best(Guy,2013). Instead of this, he prefers to listen to others recommendation and suggestion before buying a product. The most important thing about the consumer is that he selects the best brand among the brands as he knows he has to complement that with his position in the market. However, this does not mean he spends money recklessly. He spends money with justified reason and knows how to meet the daily expenses. The consumer knows his income and spends a good amount for his family, but at the same time he saves a certain amount for the future of his children. The customer is very efficient in selecting products or spending money. He has a calculative though for expenditure, at the same time he also enjoys healthy and family life. His regular expenditure is very much needed for a general and normal lifestyle, he spends mostly for the well-being of the family. However, at times his expenditures included luxury and relaxation. He has very less time to scrutinize about the product so he believes in recommendation and suggestion from others. His thinking or selection process are very simple such as :

  • Spend judicially for his family
  • Do not spend unnecessarily on luxury items
  • Has very less time to explore so prefers reputed brands
  • Reviews matter to him
  • He maintains the brand name
  • He believes in one time purchase or investment
  • Prefers the reputed brand
  • Has a tendency to show off but with a judicial expenditure
  • Believes in family entertainment and fun

Thus, such type of customer are very beneficial to the company. The marketing brands must keep the following considerations to attract such customers.

  • Maintain the quality of the product- the customers generally stick to the product and does not want to change the brand. Once they prefer the quality they are the most loyal customers of that brand. However, the brands must keep in mind that the quality is sustained of the following product.
  • Do not change or modify the product that will change the originality- the customers stick to these brand as they like the brand quality and style. However, if the company is changing the product with new modifications that is changing the product from the original product then there are chances that the customers might not like the new product and change their product usage(Lusch & Vargo, 2014).
  • Do not raise the price too high at a time- the companies should not raise the product price too high at a single time as the loyal customer who are the fixed customer might not support this sudden rise in price and change their brand preference. The companies should raise the price slowly so that the customers also get customized to the change(Wu, Yeh, & Woodside, 2014).

Review about the customer that will help the market:

  • Highly loyal- they are highly dedicated to the brand and do no tend to change the product unless an emergency arises. They are efficient and loyal customers who stick to the brand forever.
  • Dedicated to product- they have very less time to explore the market and thus tends to stick to the product in the market. They are highly influenced by the review and expert reviews.
  • No issue with cost- they do not tend to step back if the product is too costly. The customers are brand loyal and tend to pay the desired amount. The market would face a good income if such customers are present in the market.
  • Rational in nature- such customers knows how to make justified expenditure and spends judicially on every item. They are family oriented and prefers to entertain the family but in a judicial manner. They believe in family life and entertainment with sustainable use of money.

Thus, the shown a contrast between the two types of purchases along with the purchasing mentality and choosing pattern of the user. The study shows the consumer mentality and gives recommendations that how the marketing section of brands should attract such customers for their product.

 

References:

Abd-El-Salam, E. M., Shawky, A. Y., & El-Nahas, T. (2013). The impact of corporate image and reputation on service quality, customer satisfaction and customer loyalty: testing the mediating role. Case analysis in an international service company. Journal of Business and Retail Management Research, 8(1).

behavior: Buying, having, and being (Vol. 10). Pearson.

Choi, C. H., Lee, J. E., Park, G. S., & Na, J. (2013). Voice of customer analysis for internet shopping malls.

Guy, B. S. (2013). The marketing of altruistic causes: understanding why people help. Journal of Services Marketing.

Hill, N., & Brierley, J. (2017). How to measure customer satisfaction. Routledge.

Lemon, K. N., & Verhoef, P. C. (2016). Understanding customer experience throughout the customer journey. Journal of Marketing, 80(6), 69-96.

Lusch, R. F., & Vargo, S. L. (2014). The service-dominant logic of marketing: Dialog, debate, and directions. Routledge.

Maga, M., Canale, P., & Bohe, A. (2013). U.S. Patent No. 8,428,997. Washington, DC: U.S. Patent and Trademark Office.

Slack, N. (2015). Operations strategy. John Wiley & Sons, Ltd.

Solomon, M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., & Polegato, R. (2014). Consumer behavior: Buying, having, and being (Vol. 10). Pearson.

Wu, P. L., Yeh, S. S., & Woodside, A. G. (2014). Applying complexity theory to deepen service dominant logic: Configural analysis of customer experience-and-outcome assessments of professional services for personal transformations. Journal of Business Research, 67(8), 1647-1670.

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