Rational in Buying - Case Study Example

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Rational in Buying

The three key elements of demographic segmentation variables are age, gender and the life cycle. Age is an important demographic variable in brand development and sales, as purchases vary from one demographic to another. Those in the age group of 12-18 would have a different view of a product than those in the 30-45 age brackets. This can change again with those 50 and above. So, how do marketers identify the needs of these age groups, and what are the parameters by which they can gauge the right demographic for expanding their market and brand? Television, newspapers and magazines have only contributed to their better understanding of the world around them. Internet has gone a step ahead in educating and promoting awareness at the click of a button. So knowledgeable is today’s consumer that it becomes difficult for manufacturers and producers to associate themselves with them. However, there are certain influences that demarcate these demographics, the 4Ps of marketing namely, product, place, promotion, and price. These elements have a direct impact on a consumer’s buying rationale. In order to understand the topic on a consumer’s buying rationale on the three demographics, this paper explores the importance of branding, and the role of the 4Ps in influencing the buying behaviour.. Three age groups are considered for this analysis; 12-18, 30-45 and those over 55. The primary objective of this paper will be to research the factors that contribute to consumer buying rationale. ...
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Summary

This paper "Rational in Buying" first takes a look at the role of brands and its position within the 4Ps of marketing, before evaluating its influence on the various demographics. The 4 Ps of marketing refer to Product, Place, Promotion, and Price…
Author : miller41

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