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Personality factors that influence consumer behavior
Personality factors that influence consumer behavior
Personality factors that influence consumer behavior
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Analysis
1. Market Segmentation
Eco-Shack basically focuses to target low-income and also medium-income families which is based on the demographic factor. It would target to segment people who desires to own a portable house with eco-friendly facilities and are around 30-40 years old. They also focuses on to target people based on the psychographic factor, people who loves ‘eco’-anything and have a keen psychological affection towards portability, eco-friendly, compact and eco-lifestyle. Customers who have attitudes to exhibit upmarket developments and want to look great. (Thomas, 1980)
2. Business Segment
As New Zealanders have love affair with their houses (Brush, 2013), they define themselves with unique personalities and buying behaviour which can be explored in depth. The marketing strategy that we can use to bring the product to a wider reach is by using online marketing tools and strategies. Reason being that over 95% of New Zealanders use online source materials regularly to seek information. Therefore, this strategy helps to bring the product to a wider reach to the different sectors of the market. The marketing strategy that eco-shack used was by placing an ad in a magazine which reflects to an upscale market and also they used online marketing companies to grasp the targeted audience which is based on psychographic profiling (Harold H. Kassarjian 1971).
3. Income segmentation
In this segment, we will be going to look at how eco-shack should focus on increasing the affordability by taking a look at customer’s income statement. By looking at the income level of the people in Auckland, the average income per person is NZ$32,865 per year in 2013.
4. Brand Concentration
5. Pricing Strategy
Buying a houses can be really expe...
... middle of paper ...
... types of offers like, discounts or whole different affordable packages. It merly depends on the situation and position of the business because if the company offers these discounts and packages throughout the year then they will not earn much profit. These offers can be given in the situations where company’s sales are becoming less or there is a low demand for the product. This strategy can boost up the sales and will help the company to stand back to it’s position in the market.
Conclusion
In Conclusion, it is clear from the researched data that Eco-Shack was designed to be an innovative product. The company’s main aim was to provide a unique product in the market of New Zealand and try to change the
References
Kotler & Philip, 2000, ‘Marketing Management’, Upper Saddle River, New Jersey: Prentice Hall.
Many businesses employ the incentive tactic to boost sales. These firms introduce new merchandise to the market in order to attract new shoppers, and allow some diversification of their products. Consider all the different types of creamers, cheeses, bicycles, toys, and televisions gratifying the masses of today. There are literally millions of assorted goods produced ...
Economics of sale is high (so, the retailer is able to sell out products with discounts)
"Sustainable Design Update » Blog Archive » Biomimicry – Green Building Highrise." Sustainable Design Update. 17 May 2008. Web. 02 May 2011. .
Things that are exclusive and hard to come by capture people’s interest as these things are thought of as more valuable. When the availability of things are limited, people tend to act more quickly before they are gone. In business this principle works well especially in sales by incorporating it into promotions such as limited time offers.
Michael Holder, in the article “IKEA Argues for Business to Go All-In On Sustainability,” examines how businesses nowadays need to follow the footsteps of IKEA with the method of sustainability in mind. Holder mentioned that IKEA produced “...LED lighting which improved the lifespan and energy efficiency…” of the usage of this product. Normally, IKEA produces fluorescent bulbs in which it does the opposite of LEDs. This information indicates that the original business model has changed. Not only this action is tremendous for the environment, but it helps develop more business. It gets people excited to see what the company IKEA’s business model had sold when they involved innovation and growth within sustainability. IKEA is officially cutting back on the materials that tends to be unrecyclable. Also, they are attempting to reuse waste materials into actual resources, which is an highly important aspect of the sustainable lifestyle in which what IKEA is trying to achieve with their
The case study of the Frigidaire Corporation illustrates that valuable data has been collected; therefore, if applied correctly, the company has the potential to position the new front-loading washing machine in the correct market segment(s). According to Exhibit 5 in the case study, the following populations have above concern for conservation of resources: Elite urban singles between the ages of 25 and 34 and couples between the ages of 35 and 54 both of value space savings; Sophisticated townhouse White and Asian couples who are 55 years old or older have above average ecological concerns; Upscale suburban Asian and White families between the ages of 35 and 54 have determinant attributes of performance ...
A business uses its strengths to take advantage of the opportunities that arise. IKEA believes that environmentally focused business conduct will result in good returns even in a price sensitive market. Business potential for IKEA in providing solutions that enable customers to live a more sustainable life at home. IKEA also is developing effective solutions for customers in order to support them recycling or reusing the product. Some of the opportunities that IKEA takes advantage of through its sustainability agenda are growing demand for greener products, growing demand for low priced products which is trends in the future that financial climate may result in customers trading down from more expensive stores and the last one is demand for reduced water usage and lower carbon footprints.
About a million people around the world seemed to enjoy the hilarious yet tragic scenes of cooling towers crumbling. Ecotricity, a British (and the country’s first) green energy company, which was founded in 1996, released a short clip via YouTube on February 7, 2012, attracting over 3.4 million views as of September 2016. Ecotricity’s central goal is to confront and bash the bad behavior of the Big Six power companies in the UK – British Gas, EDF Energy, npower, E. ON UK, Scottish Power, and SSE. The Big Six has been notoriously known for “unethical pricing, awful customer service, and the dire lack of investment in new sources of green energy,” (Ecotricity, ¶8) yet it supplies gas and electricity to a large majority of British homes and businesses.
The company knows that in order to achieve a complete sustainability and stay profitable in the same time, it is crucial to raise costumer awareness and make him look at the sustainability as a lifestyle, making it more attractive in the eyes of ordinary individual. As the company holds a leading place worldwide, Ikea is working on creating great awareness and acceptance among consumers by using its brand
A good example is the Kimpton Hotels where they begin their sustainability mission inside the hotel and expanding it to the whole society. Kimtpon has been eco-conscious since they began recycling trash since 1981(Berezan, Millar, Raab, 2014). Kimpton Hotels developed an EarthCare program, which offers variety of eco-friendly services and amenities. Their eco-friendly services includes providing guest with luxury, eco-friendly bath amenities, their rooms and linens cleaned with eco-friendly cleaning products, and having a towel and linen reuse program. These extra eco-friendly steps help dramatically reduces water and energy use. They program extends out by serving guest organic snack and beverage options in their in-room honor bars, organic and/or fair-trade coffee and tea, and encourages guest to use ceramic mugs to minimize use of paper cups (A Green Hotel in Midtown Manhattan, New York, Kimpton.) On a larger scale, Intercontinental Hotels Group, has evolve green efforts, focusing energy, waste, water, and
Promotion. Finally comes promotion - informing the customer on the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of the competitors, and has an opportunity to buy it at some place.
Sales promotions offer customers an incentive to buy an item. Sale promotions are promotions such as coupons, percent off, rewards and rebates. Sales promotions can be an important part of building brand equity. Sales promotions can increase sales and attract new customers.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
· The Right Marketing Mix – Is the product right?, Is it sold in the
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach