Socio-economic position and the impact on consumer purchasin
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The solution is comprised of an essay (over 1000 words) describing in detail the impact of socio-economic position has on motivating consumer purchasing. It goes on to identify challenges faced by marketers as they attempt to define target markets and if it is necessary to tweak marketing plans so the target market is clearly defined.
The solutions answers the following questions
What impact does your socio-economic position have insofar as motivating your consumer buying decisions?
What are some of the challenges faced by marketers as they attempt to define their target markets? How necessary is it to "fine-tune" your Marketing Plan so that your target market is clearly defined and measurable?
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Solution Summary
The solution is comprised of an essay (over 1000 words) describing in detail the impact of socio-economic position has on motivating consumer purchasing. It goes on to identify challenges faced by marketers as they attempt to define target markets and if it is necessary to tweak marketing plans so the target market is clearly defined.
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Socio-economic position and consumer buying
Consumers are presented with a variety of products and services to choose from in today's market. Several factors influence a consumer's purchasing decisions. They include psychological behaviors, family dynamics, social classes, and the buying process. These factors help advertisers create successful marketing campaigns that catch the eye of the consumer.
Psychological Behaviors
To successfully advertise a product or service to targeted consumers, companies should first determine their consumers' needs, which may include a desire for safety or to belong in certain groups. This analysis is helpful in understanding how a product is perceived by consumers. Consumers are also known to purchase a product or service based on factors such as their personalities, lifestyles, and motivations. For example, people wanting to prevent skin cancer may opt to not use tanning beds and instead wear the proper amount of sunscreen.
Family Dynamics
Many buying decisions are based on the family dynamic. Determining who makes the purchasing decisions for a family is essential to successful advertising of a company's product or service. Newlyweds with no children might purchase an affordable small car rather than a more expensive family car. A one-person household may purchase groceries in smaller packages because it has no one else to feed.
Social Classes
A buyer's social class determines the quantity, quality, and types of products or services that may be purchased. Age, race, religion, location, and socioeconomic status are all factors that influence social class. Men of low socioeconomic class will likely purchase jeans and shoes at discount stores such as Wal-Mart or Target. African-American women are more prone to subscribe to Essence magazine due to their race being its target audience.
Buying Process
Before making a purchase, a consumer must have a need. For example, hunger requires a need for food. After determining his or her need, a buyer must research information on the product in question and compare other brands to determine which one will bring the most satisfaction. A purchasing decision is frequently based on factors such as the product's packaging, cost, and benefits. A person may benefit from fast food if a person needs food quickly and needs to be frugal with money.
Target Market
For your business to succeed, it must have enough customers to buy the product or service offered. Before you launch your new business, ...
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