Rational in Buying Case Study Example | Topics and Well Written Essays - 4750 words

Rational in Buying - Case Study Example The consumer obviously would like the personality traits to be that of his own. Characteristics that brands would like to associate with are a sense of dependability, understanding, and caring; a friend who is always there to care, respect, comfort, and enjoy (Brand Personality-The relationship Basis Model, groups.haas.berkeley.edu). It was thought that companies were responsible was the creation of a brand, or its managers and planners, but the reality is far from these. Brands are created by ordinary people like us. It is the extent to which it makes sense and the role it plays in a consumer's life that builds a brand. There are two questions which should be asked: How different are these brands, and how relevant is it to us, as consumers A product becomes a brand not when it talks about itself, but when people talk about it. Every single thing that one does builds a brand. 2.0 Executive Summary The three key elements of demographic segmentation variables are age, gender and the life cycle. Age is an important demographic variable in brand development and sales, as purchases vary from one demographic to another. Those in the age group of 12-18 would have a different view of a product than those in the 30-45 age brackets. This can change again with those 50 and above. So, how do marketers identify the needs of these age groups, and what are the parameters by which they can gauge the right demographic for expanding their market and brand Today, most consumers are aware of his/her rights and are well informed. Television, newspapers and magazines have only contributed to their better understanding of the world around them. Internet has gone a step ahead in educating and promoting awareness at the click of a button. So... The three key elements of demographic segmentation variables are age, gender and the life cycle. Age is an important demographic variable in brand development and sales, as purchases vary from one demographic to another. Those in the age group of 12-18 would have a different view of a product than those in the 30-45 age brackets. This can change again with those 50 and above. So, how do marketers identify the needs of these age groups, and what are the parameters by which they can gauge the right demographic for expanding their market and brand? Television, newspapers and magazines have only contributed to their better understanding of the world around them. Internet has gone a step ahead in educating and promoting awareness at the click of a button. So knowledgeable is today’s consumer that it becomes difficult for manufacturers and producers to associate themselves with them. However, there are certain influences that demarcate these demographics, the 4Ps of marketing namely , product, place, promotion, and price. These elements have a direct impact on a consumer’s buying rationale. In order to understand the topic on a consumer’s buying rationale on the three demographics, this paper explores the importance of branding, and the role of the 4Ps in influencing the buying behaviour.. Three age groups are considered for this analysis; 12-18, 30-45 and those over 55. The primary objective of this paper will be to research the factors that contribute to consumer buying rationale.