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
References: Schiffman, Leon et al. (2001). Consumer behaviour. 2nd ed. Pearson Education Frenchs Forest, NSW: Lamb, CW, Hair, JF & McDaniel, C 2005, Essentials of Marketing , 4th ED, Thomsons South-Western, Mason, Ohio. The Sydney Morning Herald 2006, Sydney, viewed 20 August, 2008 http://www.smh.com.au/news/business/big-banks-lured-into-the-credit-card-limbo/2006/01/30/1138590440591.html Bankwest Website, viewed 20 August, 2008 <http://www.bankwest.com.au> American Express Australia Website, viewed 20 August, 2008 <http://www.americanexpress.com.au> Appendix