Analyse Consumer Behaviour in a Specific Market

Better Essays
Analyse consumer behaviour for specific markets

Introduction

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.

Consumer A
Name: Ben
Age: 28
Marital Status: Single
Income: 75k per annum
Description:
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

You May Also Find These Documents Helpful

  • Powerful Essays

    BSBMKG402B Analyse Consumer Behaviour for Specific Markets Assessment PART C - PROJECT Your task is to gather information on the market segment for this product, analyse consumer behaviour within this segment and recommend what marketing strategies Virgin should develop to appeal to this market segment. This must be written in report form. 1. Gather information on the market or market segment for Virgin Hotels in accordance with Virgin’s marketing plan. a. List the sources of information…

    • 2221 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    Consumer Market and Consumer Behaviour Perception – Selective Distortion Perception  Meaning – Perception is a process by which a person select, organize and interpret the information. People can interpret different kinds of perception and this can be form in 3 types of perception ; Selective Attention, Selective Distortion and Selective Retention. Selective Distortion  The tendency for people to interpret most of the information to which they are already believe – means that marketers have…

    • 329 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    GROUP ASSIGNMENT BSB40207 Cert. IV in Business HACB: Analyse Consumer Behaviour 1 BSB40207 Certificate IV in Business ____________________________________________________________ _________________________________ HACB: ANALYSE CONSUMER BEHAVIOUR Group Assignment (60 marks) Requirements This is a group assignment and is in two parts (research and the report). Groups are to be of between 2-3 persons (no more than three per group) . This assignment is to be completed and submitted…

    • 396 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Content 1. Task 1 - Consumer Behaviour in the Consumer Electronics Market 1.1. Task 1a): Recommended Marketing Actions for Influencing Individual Consumer Behaviour……………………………………………………….2 1.2. Task 1b): Multimedia Strategy……………………………………….15 2. Task 2 - Individual Critical Reflection on Learning Outcomes………………16 3. Literature……………………………………………………………………...18 1. Task 1 - Consumer Behaviour in the Consumer Electronics Market 1.1. Task 1a): Recommended Marketing Actions for Influencing…

    • 4819 Words
    • 20 Pages
    Powerful Essays
  • Powerful Essays

    Consumer Behaviour

    • 2912 Words
    • 12 Pages

    INTRODUCTION Consumer behaviour study is based on consumer buying behaviour, with the consumer playing the three distinct roles of users, payer and buyer. Consumer behaviour is the study of when, why, how, and where people do or do not buy products. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics…

    • 2912 Words
    • 12 Pages
    Powerful Essays
  • Satisfactory Essays

    consumer behaviour

    • 1602 Words
    • 7 Pages

    Consumer Behavior School of Business Management , NMIMS FT MBA II Year Trimester IV 2013-2014 Goals: Post liberalization, companies in India that earlier had a very product oriented or sales oriented approach realized the need for customer orientation. It hence became imperative to know the customer not only on quantitative measures (What, how much), but also on qualitative measures (the Whys & Haws). This meant understanding the external & individual determinants affecting consumer…

    • 1602 Words
    • 7 Pages
    Satisfactory Essays
  • Powerful Essays

    Consumer Behaviour

    • 2812 Words
    • 12 Pages

    MODULE TITLE: Consumer Behaviour – Theory and Practice STUDENT’s NAME: Naman Agrawal STUDENT’s I.D.: c7093936 COURSE: B.A (hons) International Business MODULE TUTOR: Mr Anil Kumar ASSESSOR(S): Katrin Horn Page-1 CONTENTS 1. Question2 Part (a) 2.1 Introduction 2.2 General Issues about Consumer Culture/ and General Issues 2.3 Critical Analysis 2. Question 2 Part (b) 3.4 Current Examples of Advertising that attempts to influence…

    • 2812 Words
    • 12 Pages
    Powerful Essays
  • Powerful Essays

    Consumer Behaviour

    • 1686 Words
    • 7 Pages

    A MODEL OF CONSUMER DECISION MAKING The process of consumer decision making has 3 stages: input stage, process stage and output stage. The input stage influences the consumer’s recognition of a product need and consists of 2 major sources of information: 1) the company’s marketing efforts (product, price, promotion and price) and the external sociological influences on the consumer (family, friends, neighbours other informal and non-commercial sources, social class and cultural and subcultural…

    • 1686 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Consumer Behaviour

    • 5706 Words
    • 23 Pages

    BSBMKG507A Interpret Market Trends and Developments BSBMKG402B Analyse Consumer Behaviour Scenario–based report Report prepared for Rodney Sands Teacher, MKTNG & ADV, GCIT by Student Name: Mikaylah Murphy Student ID: 4100247810 Due Date: Friday, 11 June 2010 Table of Contents Executive Summary ii 1 Introduction 1-1 1.1 Aim 1-1 1.2 Scope and Rationale 1-1 1.3 Sources of Information 1-2 2 Product Findings 2-3 2.1 What is Playboy 2-3 2.2 The man behind…

    • 5706 Words
    • 23 Pages
    Powerful Essays
  • Good Essays

    Consumer Behaviour

    • 10240 Words
    • 41 Pages

    C H A PTE R CONSUMER BEHAVIOUR AND TARGET AUDIENCE DECISIONS 3 Chapter Objectives • To understand the consumer decision-making process and how it varies for different types of purchases. • To understand various internal psychological processes, their influence on consumer decision making, and implications for advertising and promotion. • To understand the similarities and differences of target market and target audience. • To understand the various options for making a target audience decision…

    • 10240 Words
    • 41 Pages
    Good Essays