Discuss the Impact of the Recession on Consumer Behavior and on Marketers

Discuss the Impact of the Recession on Consumer Behavior and on Marketers  Essay example
Masters
Essay
Marketing
Pages 4 (1004 words)
Download 0
Discussion of the impact of the recession on consumer behaviour and on marketers BY YOU YOUR SCHOOL INFO HERE DATE HERE Discussion of the impact of the recession on consumer behaviour and on marketers Introduction The recession is causing numerous changes in consumer behaviour, especially in relation to their brand loyalty and their cost-conscious methodology when selecting products…

Introduction

At the same time, marketers are resorting to new promotional campaigns in order to remain competitive and gain consumer attention in the face of this current economic downturn. Food and technology Statistics indicate that six in 10 consumers have reduced the volume of frequency as it pertains to eating-out in restaurant environments (Bainbridge 2010). As a result, especially noticeable in the pizza restaurant industry, marketers have changed their promotional activities to include vouchers with significant pricing discounts (Bainbridge). Where once major companies in this industry, such as Pizza Hut, used psychographic segmentation and targeting to gain attention and loyalty, they are finding it more difficult to compete especially when their products carry high price tags over competition. Companies like Pizza Hut once had well-established consumer segments that were devoted to the brand and were able to use rather low-cost marketing and higher price methodology to ensure positioning in terms of quality. Today, however, the recession has created price wars that continue to erode profitability especially with more consumers eating within the home and avoiding the high costs of restaurant eating. ...
Download paper
Not exactly what you need?

Related papers

The Impact of Advertising on Consumer Behavior
278). This has resulted to high level of advertising as companies are trying to segment and position their products in the minds of the target customers. Currently, there are new methods of advertising such as use of audio media e.g. radio, print media e.g. magazines and newspaper, internet etc (Schultz et al., 1992, p. 15). Social media such as Facebook and YouTube are the most recent advertising…
Consumer Behavior in Social Networking Sites: Implications for Marketers
2) A brief statement of the research methods used, The research that was used was a good one. Having focus groups help you get a better insight into the psyche of the people. There are people who generally do not speak up and like to remain mum about their opinions and having them in focus groups can also help you gain insights in places where you would have never gotten any response. Using focus…
Outline the key consumer psychology and buying behaviour theory/ies/concept/s being addressed. Draw conclusions from the ac
Thee psychological factors are further classified into an individuals, motivation, expectations and past experience, attitudes and beliefs, as well as their perception. These factors do not work individually and interact to influence the consumer in his buying behavior. We all wonder why people are more inclined to buy a particular type of product than another. The messages sent through media and…
consumer behavior
Marketers use this aspect to encourage consumers to purchase a certain product that solves a specific problem. In other words, marketers encourage consumers that if they use the company’s product or service everything will be solved or fixed. A perfect example of this is a Viagra advert where the ad shows a couple dissatisfied with their relationship. After a while, the ad shows the difference…
the impact of culture on consumer behavior
People from different cultures, customs, traditions, and religions find equal respect in this country and can stay with complete harmony. Religion and Spirituality are very important in India. Worship of various deities is a salient feature. India is said to be the birthplace of Hinduism, Buddhism, Jainism, Sikhism; 80% of the population follow Hinduism which is at least 4000years old. However…
Consumer behavior
Her decision to buy a specific vehicle was influenced by several important qualities she demanded in a new vehicle. The car had to be safe, extremely fuel efficient, comfortable, with a stellar reputation for safety, reliability and low repair costs among current owners and professionals alike. As a working mother she needs a reliable, fuel efficient and inexpensive to insure vehicle to commute…
Consumer Behavior
This can be seen in the way that films and cinema in general are advertised to induce consumers or groups of consumers to listen to specific points of view about the films, while blocking out other views (Walters 19). This paper seeks to focus on three theories of the media’s effect on consumer behavior. These are two step flow theory, hypodermic needle theory, and cultivation theory. These…