Income distributon is polarized in Australia Middle class families feel decline

Income distributon is polarized in australia middle

This preview shows page 12 - 15 out of 20 pages.

Income distributon is polarized in Australia Middle-class families feel decline in purchasing power in recent years Downloaded by Sameed UlIslam ([email protected]) lOMoARcPSD|4448511
Image of page 12
Marketers can have just as much success in targetng lower income groups as those with higher incomes Educaton Educaton is linked to income – ability to aford types of educaton o Generally the higher level of educaton you receive the more likely you are to earn a higher income, economy richer through educaton Also determines spending power Gender Male/Female roles have been shifing Marketng must change to refect these shifs Ethnicity 23% of Australians were born overseas Asian ethnicity comprises the largest immigrant group Must know this informaton in order to market well Major companies, such as Medibank, McDonald’s and Nokia have developed ads to appeal to this group - Politcal/Legal o Politcal partes o Government agencies o Laws and legislaton - Technology o With everchanging technology advances it’s important to keep up with what is going on around and making sure we adapt and utlize everything - Economic o Current economic situaton Unemployment rates o Infaton is the persistent increases in the price of goods and services o Foreign currency fuctuatons can infuence consumer spending o Interest rates represent the cost of borrowing money - Social o Must follow and adapt to social trends, ride the wave of constant trends and improvements o Thrif o Health and wellness concerns o Greener Consumers Beter environmentally friendly optons, investng in phosphate-free stuf o Privacy Concerns o Time-poor Society Popularity in delivery services - Everything a frm does should revolve around their customer. The frm must know what are their needs and wants and provide value to customers that satsfy them. - Collaboraton with partners and an understanding of their compettors helps to add value. - The economy will infuence paterns of consumer spending. - Technological advances help marketers provide consumers with more products, and provide services more efciently. Downloaded by Sameed UlIslam ([email protected]) lOMoARcPSD|4448511
Image of page 13
Post purchas e Purchas e Alternat ve evaluato n Informat on search Need recognit on CHP 4 QUIZ QUESTIONS Baby boomers: Largest populaton of 50’s customers, leisure tme = high priority, individualistc CHP 5 Consumer Behavior Goals: - Artculate the steps in the consumer buying process . - Describe the diference between functonal and psychological needs . - Describe factors that afect informaton search . - Discuss post purchase outcomes. - List the factors that afect the consumer decision process . - Describe how involvement infuences the consumer decision process . Consumer Decision Process - NIAPP Need Recogniton – diference between the current state and ideal state Functonal (basic human need - practcal) needs and/or Psychological (feel good, status) needs Informaton Search Internal search for informaton Consumer uses their own memory and knowledge (what you know) External search for informaton
Image of page 14
Image of page 15

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture