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The Role of Consumer Behavior - Essay Example


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The Role of Consumer Behavior

The managerial team established that they want to sell the product at a similar price point than the market value. I believe that the retail price should be set around market value or slightly higher, but during the introduction phase of the product life cycle the company should sell its suits products at special prices. During the first three months in the marketplace the suits should be sold at 40% below retail price to create a buzz and accelerate the brand loyalty of the company. The dumping price strategy might be visualized as unethical by the competition. This strategy will help the company penetrate the market faster by stealing away clients from other brands of suits. Levis’ must aggressively invest in marketing and advertising to create awareness of the brand among the consumers. A good strategy to attract the interest of people is by having celebrities wear the Levis suits at public events. A massive campaign should be launched using a variety of methods. The best ideas for marketing campaigns are often in the minds of the customer. The company must perform primary research to test the product prior to launching the suits. The firm must perform market research in order to determine the preferences of customers. A way to collect feedback from customer is through online questionnaires. Three of the benefits of online surveys are fast implementation, low cost, and ability to analyze results automatically (Aboutsurveys, 2011). The use of secondary research can also be very useful

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for the company. The optimum price point for the product is easier to determine once the company scouts the competition and compares the value of Levis suits versus the competition. A marketing campaign that can be effective during the initial three months is the use of sign and banner advertising. This type of advertising is effective among the younger customers. The target market for the Levis suit is people between the ages of 21 and 45 years of age. The firm must target customers from all ethnic groups and races. In order to determine the supply for the product the company must launch the suits in a few important marketplaces such as Los Angeles, Vegas, and New York to test the reception of the customers to the new product line of Levis suits. The beta test should run for 6 months. Then the company can make an informed decision to launch the Levis suits nationally. If the national campaign is successful the company should extend the reach of the product by selling the suits internationally. The perception of the customers towards the suits is very important. Perception is the process of selecting, organizing and interpreting information inputs to produce meaning” (Udel). The suits line will benefit from the reputation of the company of producing quality apparel products. Style is often evaluated based on the perception of the customer. One of the competitive advantages Levis has over others companies is superior brand value. “Research in a variety of contexts has shown that people are more likely to favor pleasurable want options if the consequences are immediate and good-for-you should option if the consequences will occur in the future” (Milkman, 2008). The designs of the suits are an important attribute that is critical to the success of the product. Levis is one of the top apparel companies in America. The firm needs to think outside the box in order to penetrate segments in the apparel industry the firm is not exploiting. The sale of women and men suits is a great


The apparel industry generated in the United States $218 billion in revenues in 2010 (Plunkett Research, 2011). In this industry change management is essential to properly manage a company. Levis Strauss must take advantage of the brand value of the company…
Author : crawford58
The Role of Consumer Behavior essay example
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