Consumer and decision making behaviour Essay Example | Topics and Well Written Essays - 2000 words

Consumer and decision making behaviour - Essay Example Hence, the concept of status consumption as a process of consuming goods and services by status conscious consumers has gained traction in recent years. Though status consumption was always a trend, the fact that the advent of the global village with its mass manufactured visions of happiness has meant that brands and products that they represent can have uses other than the basic need gratification for which they are made (O’Cass & McEwen, 2010). The paper looks at the concept of status consumption and how a marketer might be able to use status to market a product type or specific brand. To start with, there are many definitions of status consumption. For the purposes of this paper the following definition would be relevant: â€Å"Status consumption relates to the consumers’ behavior of seeking to purchase goods and services for the status they confer, regardless of that consumer’s objective income or social class† (Eastman et al., 1999; Bourdieu, 1989). It is worth noting that status consumption often involves expensive goods and services and that consumers use these goods and services on special occasions and events rather than on a regular basis. One reason for the proliferation of goods used as status symbols is because of the mass marketing techniques of marketers, many products have become commodities and hence consumers have an innate desire to consume goods and services that are perceived to be superior in value. This is the need that astute marketers tap into when marketing goods that they label as premium or exclusive. To take this poi nt a bit further, recent nomenclature in advertisements and marketing collateral for the so-called status products tends to highlight the â€Å"exclusivity† of a particular good or service and to connote that by consuming that good or service, the consumer is being conferred a special status in society (Turunen & Laaksonen, 2011). It has been noted by many researchers that status consumption

Reflective log of report Outline Example | Topics and Well Written Essays - 1000 words

Reflective log of report - Outline Example udgment is essential for making entrepreneurial marketing decisions, specifically for marketing decisions that impact customer dimensions, opportunity analysis, levels of provided services, and product ranges. In relation to the report, this competency helps in the identification of market opportunities for the Audi E1, as well as the ability to assess opportunities with scarce resources. In addition, judgment competency helps the entrepreneur to weigh the market opportunity for the Audi E1 against other alternatives that could emerge. Judgment in making this decision for entrepreneurs is usually based on experience, intuition, and hunch, which means that the entrepreneur must show high product knowledge levels (Uslay & Ndubisi, 2014: p16). Another competency required for entrepreneurial marketers in the decision-making stage is the experience competency, which is linked to the previous judgment competency. This competency is important in relation to specific business fields, for instance knowledge of who major players in the electric vehicle industry. Moreover, another important aspect of this competency can be seen in the level of confidence that an entrepreneur’s experience wealth will allow them to make predictions on whether customers of electric cars might react unfavourably or favourably in specific circumstances (Bjerke & Hultman, 2012: p24). This vital competence and how it is expressed is refreshing in this case because it is indicative of the entrepreneur ability to utilize, enrich, and enhance their experience via proactive marketing. Therefore, this competency is dynamic in that it can be enriched and refined constantly with every marketing experience. As a result, previous entrepreneurship marketin g experience came into play during the present activity, increasing the entrepreneur’s competency to deal with increasing numbers of marketing decisions. When the workload is heavy, for example, the competency of experience enables accurate