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TIM MAY - Consumer Behavior Journal 2

TIM MAY - Consumer Behavior Journal 2 - Tim May Consumer...

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Tim May Consumer Behavior Journal #2 11/12/11 Company: Mr. T's Jewelry Product: Diamond engagement ring 1. For a couple with the role type of “young” (age 21-25), what can we do to trigger the female's long term memory of her mother's engagement ring, to help it appeal to her subliminally and help facilitate the extensive buying decision of a diamond engagement ring in regards to the reference group called “Family-Newly Married (About to get married) Couple,” and is this an example of episodic or semantic long-term memory? As a firm, we would have to do research about the types and style of rings that were sold in the 70s and 80s and make designs of rings that were similar to those, but updated. We took take these updated designs and enhance them with new color ideas, as well as new diamond cut ideas and make the old design look completely different with just hints of where the idea came from. These “new” designs could be sold for a premium because of the enhanced custom nature of the work. Since the couple has more disposable income—because the are in the transition phase between being bachelors and newly married individuals—they will have more money to spend on a premium ring. And the attractiveness of the ring, as well as the aspect of the design that triggers the females long term memory of her mothers ring, will help sell the rings. This is an example of episodic memory. Yes, as a child the girl saw her mother's ring time and time again, but there was probably one single time where her mother sat her down and showed her the intricacies of the ring and told her what it meant in general and what it meant to here personally. This design idea plays off of this episode in the females life. 2. When we release a ring to mass produce, and after time the product begins to enter the decline stage of its life cycle, what can we do to change the product as to capture more of the market segmentation in regards to Maslow's need of “self-actualization”? The company could make the size of the diamonds in the rings bigger. Seeing how ALL role types of women enjoy larger diamonds than what they have now, it could become more of a status
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symbol for them and help them actualize the fact that they “have made it” in life and have all the happiness in the world—as an outward appearance aspect to others. A bigger stone is definitely a status symbol and the fact the female can show it off with play toward her ego and help to make her happy and seem more complete in her own life.
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