Preview

Fomo

Best Essays
Open Document
Open Document
2641 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Fomo
Contents Page

Introduction…………………………………………………………………………………………………………….. 2

Consumer Behaviour……………………………………………………………………………………………….. 2

What is a Trend?............................................................................................................. 2 - 3

Trending: # FOMO…………………………………………………………………………………………………….. 4

The Origin of FOMO………………………………………………………………………………………………….. 5

FOMO Behavioural Displays………………………………………………………………………………………. 6

Who’s Afraid of Missing Out?........................................................................................... 7

The Power FOMO has on Marketers…………………………………………………………………………… 8

Opportunities FOMO Holds For Marketers………………………………………………………………... 8 - 11

Implications FOMO Presents to Marketers………………………………………………………………… 12

Conclusion…………………………………………………………………………………………………………………. 13

1

Introduction
In this assignment I have conducted secondary research using various internet sites and text books, to define consumer behaviour and what a trend is; as well as to focus on a current South African (and global) trend in consumer behaviour i.e FOMO – the Fear Of Missing Out. This trend of FOMO is clearly defined, including its origin, what it consists of, the key behavioural displays of this trend, which consumers induce this trend the most, as well as the implications and opportunities this trend holds for marketers.

Consumer Behaviour
Brijball Parumasur & Robert-Lombard (2012: 2) state that: “The study of customer behaviour focuses on how individuals, groups and organisations select, buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.” The behaviour of consumers has a vast influence on the operation and running of businesses globally; and in most cases, directly impacts their probability of long-term survival (Brijball Parumasur & Robert-Lombard, 2012: 2). It is therefore vital for businesses to seek understanding of consumer behaviour; particularly
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Consumer Behaviour-Maslow's Hierarchy
    • 1612 Words
    • 7 Pages

    Consumer Behaviour-Maslow's Hierarchy

    In order to meet the needs of consumers more effectively and efficiently, and to keep up with the ever-changing consumer and environment in which they live (Schiffman, O’Cass, Paladino, D’Alessandro & Bednall 2011), a fundamental understanding of consumer behaviour is essential for all marketers, and organisations today. Consumer behaviour is the study of how consumers spend there time, money and effort, when seeking, buying, using, evaluating, and disposing of products and services that have been chosen to fulfill a need (Schiffman et al. 2011). Throughout life there are many elements that constantly arise, all of which have an effect on ones needs, motivations, and goals, and how they are prioritised; an individual’s social status, financial situation and health, are three elements to discuss, that many would be familiar with today. In addition, a noteworthy theory to be considered, which looks at identifying priorities, and how, or why they are allocated to different needs, is a concept based on human motivation (Blackwell, Miniard & Engel 2006).…

    • 1612 Words
    • 7 Pages
    Better Essays
    Read More
  • Best Essays

    Marketing Strategy of Best Buy
    • 1547 Words
    • 7 Pages

    Marketing Strategy of Best Buy

    Consumer behavior is defined in a variety of ways such as “the dynamic interaction of affect and cognition, behavior and environmental events by which human beings conduct the exchange aspects of their lives.” by the American Marketing Association. (2008). In a simpler form, consumer behavior can be explained as the actions of consumers and the different approaches a person may take to decide what to buy and the decision making process. The decision making process can be effected by many factors all related to a person or persons lifestyle. Determining that behavior can be confusing and marketers need to use research techniques to understand the consumer. Understanding the intent to buy, buying process and post purchase issues from a marketing perspective raises many questions and is an in-depth process. “The basic marketing concept hold’s that firms exist to satisfy consumers’ needs.” (2004, Solomon). Once that basic concept is understood, an organization can focus on key goals to achieve a competitive advantage. Marketing strategies are used to gain better understanding of the market, consumers, environment, supply and demand and competition. The behaviors of consumers such as personality, emotions, attitudes, learning style, and perception of the consumer helps companies design their marketing techniques. External influences are also need to be studied and factors such as culture and sub-culture, demographics, social status, and family structure helps understand the decision making process of the consumer’s behavior. For marketing strategy to succeed, the insight to the consumer’s decision-making process is a good starting point.…

    • 1547 Words
    • 7 Pages
    Best Essays
    Read More
  • Good Essays

    Buyer Behavior in Car Accessories Market in India
    • 2572 Words
    • 11 Pages

    Buyer Behavior in Car Accessories Market in India

    WHAT INFLUENCES CONSUMER BEHAVIOUR? Consumer behaviour is the study of how individuals, groups and organizations select, buy, use and dispose of goods, services, ideas, or experience to satisfy their needs and wants. Marketers must fully understand both the theory and reality of consumer behaviour. It is the study of when, why, how, and where people do or do not buy product. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.…

    • 2572 Words
    • 11 Pages
    Good Essays
    Read More
  • Good Essays

    Definition of Consumer Behaviour
    • 638 Words
    • 2 Pages

    Definition of Consumer Behaviour

    8. Blackwell, R., Miniard, P. and Engel, J. (2006) “Consumer behavior”, Mason: Thompson 9. Stallworth, P. (2008) “Consumer behaviour and marketing strategic”, online, pp.9.…

    • 638 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    Marketing Concepts
    • 609 Words
    • 3 Pages

    Marketing Concepts

    1- Consumer Behaviour. One of the most challenging concept in marketing deals with understanding why consumers behave in a certain way or do what they do (or don’t do). Two major psychological concepts are often used to explain and understand the consumer’s behaviour. The first is the so called in psychology the cognitive psychology in which the focus of the study is the mental behaviour i.e. the internal influence such as perception, memory, attention, attitude, beliefs, values, personality and buying motives. The second psychological concept is the social psychology in which the phenomenon of consumer behaviour is completely influenced by the external forces, i.e. social and referenced groups. There is no doubt that the consumer behaviour is extremely complex due to the nature of human beings differences in all the levels. Nevertheless, a common definition of consumer behaviour is the study of individuals, groups, or organizations and the processes of the buying units and the exchange processes involved in acquiring, consuming, and disposing of goods, services, experiences, and ideas. 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 programs that they believe will be of interest to customers.…

    • 609 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    ADM3321
    • 2811 Words
    • 11 Pages

    ADM3321

    Chapter 1: Introduction to Consumer Behaviour WHAT IS CONSUMER BEHAVIOUR? Consumer behaviour is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires…

    • 2811 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Good Essays

    Costco Environmental Analysis
    • 1204 Words
    • 5 Pages

    Costco Environmental Analysis

    Environment of Costco Customer behavior in retail stores usually deal with the identification of customers and their buying behavior patterns. The study of consumers helps firms and organizations improve their marketing strategies by understanding who buys what, when, where and how. However, the principles and techniques discussed here are also applicable to other types of firms. Identification of customer’s behavior must come before any thought of the reasons for the behavior. The buying behavior of the customer is influenced by the needs and preferences of the consumers for whom the products are purchased.…

    • 1204 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Personal Consumption Journal Project
    • 1905 Words
    • 8 Pages

    Personal Consumption Journal Project

    Personal Consumption Journal Project MK 385 Consumer Behavior In today’s world of various products and services, businesses aim to excel and lead the competition by marketing the most number of consumers, which is a full time endeavor of business. To survive in the market, a firm or an organization has to be constantly innovating and understand the latest consumer trends and tastes. Marketers need to understand consumer behavior because the decision-making process for consumers is anything but straight forward. Consumers’ behaviors and their purchasing patterns is a huge advantage to understanding the way customers think and the reason for their purchases. Therefore, the study of consumer behavior is important because it allows the marketers to understand the factors which influence the customer’s thoughts while buying any products or services. There are many factors that can affect this process as a person works through the purchase decision, such as external, internal, and marketing influences. For example, culture, group, or purchase situation are just a few of external influences. Perceptual, attitude, personality, lifestyle, roles, and motivation are a few of internal influences that can affect a consumer’s purchase decision. Marketing strategies, such as price, product, place, and promotion influences the consumer as well. The number of potential influences on consumer behavior is endless. However, by understanding the key influences, marketers can adapt and improve their efforts to take advantage in a way that will satisfy both the consumer and marketer.…

    • 1905 Words
    • 8 Pages
    Good Essays
    Read More
  • Powerful Essays

    Burberry Consumer Profile Report
    • 2071 Words
    • 6 Pages

    Burberry Consumer Profile Report

    1.0 Introduction Consumer Behaviour is the study of the processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences’ Solomon, M.R (2002)p5…

    • 2071 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Sainsbury's Consumer Behaviour
    • 228 Words
    • 1 Page

    Sainsbury's Consumer Behaviour

    Consumer behaviour is the rational choices a customer makes before buying a particular product or service, this includes their preferences, attitudes and intentions. Companies and businesses such as supermarket brand Sainsbury’s need to understand how consumers behave and what their behaviour is when it comes to buying certain products and services. This is because knowing a consumer’s behaviours can help a company tailor a particular promotion that will be effective in attracting customers, another reason is that they can then retain existing customers and also gain potential new customers through different advertising campaigns or promotions such as ‘buy one get one free’. The importance for Sainsbury’s to understand consumer behaviour is…

    • 228 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Best Essays

    The Psychology Of Selling
    • 1657 Words
    • 5 Pages

    The Psychology Of Selling

    In order to get deeper understanding of underlying consumer behavior, we have to define consumers at first. According to Solomon, Bamossy, Askegaard and Hogg (2010), a consumer is generally a person who identifies a need or desire, makes a purchase and then disposes of the product during the consumption process. Hence, consumer behavior is comprised with a series of processes and then one purchasing decision outcome influences the next time repurchasing decision, which runs like a wheel.…

    • 1657 Words
    • 5 Pages
    Best Essays
    Read More
  • Powerful Essays

    Consumer Behaviour in the Consumer Electronics Market
    • 4819 Words
    • 20 Pages

    Consumer Behaviour in the Consumer Electronics Market

    Consumer behavior is a relatively new scientific discipline applied, which arose at the junction of economics, management, marketing and psychology, gradually absorbed the huge number of methods, not only of these, but many other branches of knowledge. Over the last decade in the world came a large number of books devoted to this issue.…

    • 4819 Words
    • 20 Pages
    Powerful Essays
    Read More
  • Best Essays

    Corporate Ethical Issues and Ensuing Influence-Case Study of Murdoch's Phone Hacking Scandal
    • 2833 Words
    • 12 Pages

    Corporate Ethical Issues and Ensuing Influence-Case Study of Murdoch's Phone Hacking Scandal

    To marketers, consumer behavior is a very important proposition,this is not only because that consumer behavior analysis is the foundation of the marketing strategy,but also because that the attention to consumer is the important contribution of marketing to commercial practice(Montiel,2003,pp229).More and more enterprises realize that only the enterprises which really understand consumers can develop better products and services.…

    • 2833 Words
    • 12 Pages
    Best Essays
    Read More
  • Powerful Essays

    Q&A – Consumer Behavior
    • 1332 Words
    • 39 Pages

    Q&A – Consumer Behavior

    Q&A – Consumer Behavior Global Phenomena, Market Motivators & Consumer Values The Broad Forces of Change.…

    • 1332 Words
    • 39 Pages
    Powerful Essays
    Read More
  • Best Essays

    China Compare to Australia
    • 3390 Words
    • 14 Pages

    China Compare to Australia

    Chinese Culture vs. Australian Culture (Segmentation: Culture, subculture and cross-cultural affiliation) Consumer behaviour is the most essential aspect of marketing, which outlines what consumers’ need, and what influences their buying behaviour.…

    • 3390 Words
    • 14 Pages
    Best Essays
    Read More

Related Topics