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Income distributon is polarized in AustraliaMiddle-class families feel decline in purchasing power in recent yearsDownloaded by Sameed UlIslam ([email protected])lOMoARcPSD|4448511
Marketers can have just as much success in targetng lower income groups as those with higher incomesEducatonEducaton is linked to income – ability to aford types of educatonoGenerally the higher level of educaton you receive the more likely you are to earn a higher income, economy richer through educatonAlso determines spending powerGenderMale/Female roles have been shifingMarketng must change to refect these shifsEthnicity23% of Australians were born overseasAsian ethnicity comprises the largest immigrant groupMust know this informaton in order to market wellMajor companies, such as Medibank, McDonald’s and Nokia have developed ads to appeal to this group-Politcal/LegaloPolitcal partesoGovernment agenciesoLaws and legislaton-TechnologyoWith everchanging technology advances it’s important to keep up with what is going on around and making sure we adapt and utlize everything -EconomicoCurrent economic situatonUnemployment ratesoInfaton is the persistent increases in the price of goods and servicesoForeign currency fuctuatonscan infuence consumer spendingoInterest ratesrepresent the cost of borrowing money-SocialoMust follow and adapt to social trends, ride the wave of constant trends and improvementsoThrifoHealth and wellness concernsoGreener ConsumersBeter environmentally friendly optons, investng in phosphate-free stufoPrivacy ConcernsoTime-poor SocietyPopularity 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
Post purchasePurchaseAlternatve evaluatonInformaton searchNeed recognitonCHP 4 QUIZ QUESTIONSBaby boomers: Largest populaton of 50’s customers, leisure tme = high priority, individualistcCHP 5Consumer BehaviorGoals:-Artculate the stepsin the consumer buying process.-Describe the diferencebetween functonaland psychological needs.-Describe factorsthat afect informaton search.-Discuss post purchaseoutcomes.-List the factorsthat afect the consumer decision process.-Describe how involvementinfuences the consumer decision process.Consumer Decision Process - NIAPPNeed Recogniton– diference between the current state and ideal stateFunctonal (basic human need - practcal)needs and/or Psychological (feel good, status)needsInformaton SearchInternalsearch for informaton Consumer uses their own memory and knowledge (what you know)Externalsearch for informaton