Assignment Marketing Consumer Behavior
Added on - 12 Nov 2019
Running head: MARKETING CONSUMER BEHAVIORMarketing: Consumer BehaviorName of the Student:Name of the University:Author note:
1MARKETING CONSUMER BEHAVIORPart Ca)Perception about a product determines how much the customer is associating the valuewith the product. Perception is very critical in marketing. A brand value is determined byconsumer’s perception. Rolex is one of the biggest brands in the market of watches. The design,quality, price, marketing strategies, and most importantly, the class of it have contributed indeveloping the consumer’s perception about Rolex. Over the years, Rolex has been successful inmaintaining its position as the best watch in the market, because it could establish the perceptionof the consumers (Atwal and Bryson 2017).b)Rolex Swiss watches are the prestigious and high precision time pieces (Rolex.com2017). It offers the brand with the message that every ‘Rolex tells a story’. The brand presentsthe material value to the customers with a personal meaning. It could be an heirloom or a gift forsuccess, Rolex claims to be part of an emotional journey of the customer. This way, theconsumers also make this product as a part of the exceptional moments in their lives. They havebelieved in the message by the company and accepted the elegant and classic watch as the best inthe market.c)Consumers’ motivation, attitude, anticipated returns from consumption of the Rolexwatches indicates the consumer behavior. The consumers are motivated to purchase Rolex due toits high value in terms of elegance, class and emotions, as well as for the brand value. Having aRolex is a prized asset for the consumers. The attitude of the consumers comes from his lifestyle.It is a psychological factor, which influences the buying decision of the consumers. Theanticipated returns is the appreciation from peers and the happiness and satisfaction from owningsuch a high value product (Beal, Romaniuk and Patrick 2016)
2MARKETING CONSUMER BEHAVIORd)Social stratification refers to the presence or existence in clearly distinct social groups,formed by socio economic factors. Income is the key factor for this division, followed bylifestyle and social status. Being a high value product, Rolex is the choice of those consumersbelonging to the higher social class, characterized by very high income and very high status. Thebroader campaigning analysis shows that, the buying choice of Rolex is mostly subjective tosocial stratification rather than group influence. People belonging to the higher class can affordto buy Rolex, which influences others in that group to buy that watch (Furnham, King andKolzeev 2015).e)The decision-making process starts from identification of the need and ends with productselection. There are 5 steps of decision making process. The high value consumers feel the needto have a very high value watch to their collection. Then, they search for the suitable one, whichsuits their tastes and personality. In this step, they gather information from multiple sources.Thirdly, they evaluate the alternatives. In case of Rolex, the consumers do not get muchalternatives in terms of social status. Thus, after evaluating the options, the people who areconvinced with the value of Rolex, go for buying this watch.f)Advertising plays a major role in AIDA (Attention-Interest-Desire-Action). The mainfunction of advertising is to grab the attention of the consumers. Hence, a lot of creativity andintelligence go into making an advertisement for a product. When it catches the attention of theconsumer, it must create interest for the product by instigating the curiosity of the consumers. Ifthe advertisement can present the features of the product in an attracting way, the consumerwould be driven by his desire to own the product and they take the corresponding action ofbuying it. Thus, the advertisements work psychologically (Hellman 2017).