One the most challenging concepts in marketing deals with understanding why buyers do what they do or don’t do. But such knowledge is critical for marketers since having a strong understanding of buyer behaviour will help shed light on what is important to the customer and also suggest the important influences on customer decision-making. Using this information, marketers can create marketing strategies that they believe will be of interest to customers. This is critical in the success of a particular product or service; one cannot rely on the merits of the product alone to “sell itself”. Businesses that produce successful services or products are those who understand their target markets the best. Webb (2005 p10) states “the key to a good marketing strategy is know what customers want in order to satisfy their needs.” The implication of buying behaviour for marketers is that different buying situations require different marketing efforts. Marketers must also identify the internal and external influences that drive the decision of the consumer to need a particular product or service. Understanding the target markets, its needs and influences helps marketers in shaping their Marketing Mix. This assignment well look at the buying behaviour within the Australian credit card market. More specifically we will look at two individual consumers who have both recently have been issued with credit cards. But, what type of credit card did they apply for? How has financial institutions segmented the industry? What motivated and influenced their decision to select their credit card? These questions will be answered as we look at the consumer and the forces which marketers’ need to identify and analyse in order to develop appropriate marketing strategies.
Marital Status: Single
Income: 75k per annum
Ben is your typical Generation Y, a generation that is known to be impatient, driven by the notion of “I want it now”. He lives and works in the inner city. He is very much a “Metro-sexual”, as he pays particular attention to fads and trends within his social environment. This tends to lead to living a lifestyle which requires a high disposable cash flow which includes covering for the cost of materialist purchases like, designer jeans, fine dining with friends, as well as technological purchases like Blackberry’s and Ipods etc. Ben also likes to take infrequent holidays overseas. These are usually inspired by discounted sale fares from Low Budget Airlines. His cash flow going out usually is more than his income. So requiring easy and inexpensive access to credit is important in order to satisfy his needs.
Marital Status: Married
Charles is happily married with a large house in an effluent suburb. He has a successful career that pays him well and requires him to travel frequently interstate and the occasional overseas trip. His children have left home so planning quality time with his wife is important to him when he can. He is very much financially secure with no amounts of debts owing such as mortgage or car. He is not that influenced by social trends in decision purchasing. However he does enjoy the social status his busy carrier and financial security gives him. Although he is financially secure, he likes to know he has access to a line of credit that will be available to him anywhere since he travels with work a pleasure. Because his income is more than his outgoing expenses, he wants to know he will be rewarded for being a “good credit”.
Bankwest Lite Gold Mastercard
BankWest first opened in 1895 in Perth and has grown to currently serve more than 600,000 customers. The Bank of Scotland acquired BankWest in 1995 and shares...