analysing consumer markets

ANALYSING BUSINESS MARKETS

 

 

Consumer behaviour is influenced by three factors: cultural(culture, sub-culture, and social class), social(reference groups, family, and social roles and statuses) and personal (age, stage in the life cycle, occupation, economic circumstances, lifecycle, occupation, economic circumstances, lifestyle, personality, and self-concept).  Research into these factors can provide clues to reach and serve consumers more effectively.

 

To understand how consumers actually make buying decisions, marketers must identify who makes and has input into buying decision, people can be initiators, influencers, dealers, buyers, or users. Different marketing campaign might targeted to each type of person.

 

 Consumer Purchase Decision Model for Red Bull Energy Drink

A. Problem Recognition

 Red Bull is mainly marketed to people who feel the need for an extra energy boost in their lives, e.g. athletes, but also stressed-out business people, students, etc.

B. Information Search

Since Red Bull is a relatively low involvement product, value is accessed primarily through an internal search.

C. Alternative Evaluation

 Evaluative criteria for Red Bull Energy Drink include:

o   Red Bull has the image of being a premium product , and will thus best satisfy the consumer’s need for additional energy when compared to the competition.

o   Recent controversy over the possible negative side effects of Red Bull may also impact the evaluation process .

o   The traits associated with the brand personality of Red Bull – speed, power, and recklessness - may also factor favourably into the evaluation process, given that they are similar to the traits of the potential consumer.