The document discusses demographics and their impact on consumer behavior. It defines demographics as groups that share market-relevant attributes like age, income, gender, etc. The document discusses pros and cons of targeting specific demographics in marketing campaigns. It can help personalize campaigns but risks generalizing. The document also provides tips for selecting profitable demographics to target, including ongoing research, testing new attributes, collaborating with others, and anticipating exceptions. Examples are given of how search engines and online advertising use demographic targeting to improve metrics like conversions and click-through rates. The fashion industry in the US is also briefly discussed.
The document provides an overview of chapters in a book on consumer behavior, including introductions to consumer behavior, the consumer research process, market segmentation and targeting, consumer motivation, personality and consumer behavior, consumer perception, consumer learning, attitude formation and change, communication processes, factors influencing consumer behavior, opinion leadership, and the consumer decision-making process. It lists the chapter titles and page numbers for each of the 11 chapters covered in the book. The document serves as a table of contents that outlines the topics and structure of the consumer behavior book.
Consumer behavior is the study of how consumers make purchase decisions and how firms can influence those decisions. It involves understanding how consumers think, feel, reason, and select between different brands and products. Consumer behavior is influenced by culture, family, and media. Studying consumer behavior helps firms develop effective marketing strategies by gaining insights into why consumers purchase products, when they purchase, and how they prefer to shop. An understanding of consumer behavior allows companies to segment markets, target specific groups, and make appropriate marketing mix decisions regarding product, price, place, and promotion.
The document discusses key concepts related to consumer decision making and behavior. It covers the consumer decision making process, which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. It also outlines various factors that influence consumer decisions, such as cultural, social, individual, and psychological factors. Finally, it provides learning objectives that explain why marketers should understand consumer behavior and identify the different types of consumer decisions and levels of involvement.
Consumer behavior is the study of how, why, when, and where people buy products. It draws from psychology, sociology, anthropology, and economics to understand individual and group decision making. Factors like culture, social class, motivation, learning, and attitudes influence the consumer decision process of need recognition, information search, alternative evaluation, purchase, and post-purchase evaluation. Understanding consumer behavior helps firms improve marketing efforts to better satisfy consumer needs.
This document discusses attitude formation. It defines attitudes as learned predispositions to behave favorably or unfavorably towards an object. Attitudes have characteristics like being formed through experience and consistency. Structural models of attitudes include the tricomponent model of cognition, affect, and conation and multiattribute models evaluating attributes. Formation is influenced by experience, others, and media. Behavior can precede attitude through cognitive dissonance and attribution theory.
The document discusses motivation and human needs. It covers the types of innate and acquired needs, as well as goals that individuals pursue to fulfill their needs. Several systems of needs are examined, including Maslow's hierarchy of needs and Murray's list of 28 psychogenic needs. The chapter also explores the dynamics of motivation, how motives are aroused, and techniques used to measure human motivation and needs, including qualitative research methods and projective techniques.
The document provides an overview of chapters in a book on consumer behavior, including introductions to consumer behavior, the consumer research process, market segmentation and targeting, consumer motivation, personality and consumer behavior, consumer perception, consumer learning, attitude formation and change, communication processes, factors influencing consumer behavior, opinion leadership, and the consumer decision-making process. It lists the chapter titles and page numbers for each of the 11 chapters covered in the book. The document serves as a table of contents that outlines the topics and structure of the consumer behavior book.
Consumer behavior is the study of how consumers make purchase decisions and how firms can influence those decisions. It involves understanding how consumers think, feel, reason, and select between different brands and products. Consumer behavior is influenced by culture, family, and media. Studying consumer behavior helps firms develop effective marketing strategies by gaining insights into why consumers purchase products, when they purchase, and how they prefer to shop. An understanding of consumer behavior allows companies to segment markets, target specific groups, and make appropriate marketing mix decisions regarding product, price, place, and promotion.
The document discusses key concepts related to consumer decision making and behavior. It covers the consumer decision making process, which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. It also outlines various factors that influence consumer decisions, such as cultural, social, individual, and psychological factors. Finally, it provides learning objectives that explain why marketers should understand consumer behavior and identify the different types of consumer decisions and levels of involvement.
Consumer behavior is the study of how, why, when, and where people buy products. It draws from psychology, sociology, anthropology, and economics to understand individual and group decision making. Factors like culture, social class, motivation, learning, and attitudes influence the consumer decision process of need recognition, information search, alternative evaluation, purchase, and post-purchase evaluation. Understanding consumer behavior helps firms improve marketing efforts to better satisfy consumer needs.
This document discusses attitude formation. It defines attitudes as learned predispositions to behave favorably or unfavorably towards an object. Attitudes have characteristics like being formed through experience and consistency. Structural models of attitudes include the tricomponent model of cognition, affect, and conation and multiattribute models evaluating attributes. Formation is influenced by experience, others, and media. Behavior can precede attitude through cognitive dissonance and attribution theory.
The document discusses motivation and human needs. It covers the types of innate and acquired needs, as well as goals that individuals pursue to fulfill their needs. Several systems of needs are examined, including Maslow's hierarchy of needs and Murray's list of 28 psychogenic needs. The chapter also explores the dynamics of motivation, how motives are aroused, and techniques used to measure human motivation and needs, including qualitative research methods and projective techniques.
Meaning and nature of buyer behavior, differences between consumer buying and organizational buying in terms of characteristics and process, Strategic use of consumer behavior knowledge in marketing and public policy decisions. Modern Consumerism and the global consumer movement
Consumer Behavior and Marketing Strategies unit1 and Unit 2Nagendra Babu
The document discusses various concepts related to consumer behavior including motivation theories like Maslow's hierarchy of needs, learning theories, perception process, consumer segmentation, brand loyalty, and factors that influence consumer behavior such as personality, culture, social class and reference groups. It also provides definitions of key terms from various consumer behavior textbooks and models like the perceptual process model. The references listed cover popular consumer behavior textbooks for further reading on concepts discussed.
Motivation is the driving force within individuals that implies them to action…….
TYPES OF MOTIVATION
Positive Motivation
Negative Motivation
Extrinsic Motivation
Intrinsic Motivation
Represents the drive to satisfy both physiological and psychological needs through product purchase and consumption
Gives insights into why people buy certain products
Stems from consumer needs: industries have been built around basic human needs
This document defines consumer buying behaviour and identifies different types. It discusses routine response behaviour, limited decision making, extensive decision making, and impulse buying. Routine response behaviour involves automatically purchasing frequently bought, low cost, and low risk items like bread and milk. Limited decision making requires some information gathering for occasional purchases of unfamiliar brands in familiar categories. Extensive decision making is the most complex type and involves expensive, high risk, infrequently purchased items where multiple brands are researched like cars and homes. Impulse buying involves no planning and an immediate urge to purchase that may provoke emotional conflict, for example confectionery near checkouts.
This chapter discusses consumer perception and the key elements and aspects that influence how consumers perceive marketing stimuli. It covers sensation and threshold, selection through selective exposure and attention, organization through figure-ground relationships and closure, and interpretation based on stereotypes, first impressions, and halo effects. Marketers must understand these concepts to effectively position products and services, and influence how consumers perceive quality, price, risk, and other attributes.
This document discusses various models of consumer behavior including traditional models like the economic, learning, and psychoanalytic models as well as contemporary models like the Howard Sheth, Nicosia, Webster and Wind, and Engel, Blackwell and Minard models. It provides details on key aspects of each model such as their assumptions, variables, decision processes, and limitations. The economic model views consumers as rational decision makers seeking to maximize utility within constraints. The learning model examines how experiences shape consumer behavior. Contemporary models offer more holistic perspectives that integrate additional influences.
The document discusses attitudes and their influence on consumer behavior. It defines attitudes and describes their nature, how they are formed through conditioning, modeling and cognitive learning. Two models of attitudes are described: the tri-component model involving affective, cognitive and behavioral components, and Fishbein's multi-attribute model. The functions and measurement of attitudes are covered along with methods to change attitudes by influencing feelings, beliefs, behaviors or social norms.
This document discusses social class and its impact on consumer behavior. It defines social class as a continuum based on social position in a society. Social class is hierarchical and reflects a person's relative social status and prestige. Individuals compare themselves to others to determine their social standing through status consumption. Social class can be measured objectively using indexes that consider factors like occupation, education, and income. Marketers must understand how social class influences factors like shopping preferences, leisure activities, spending habits, and responses to advertising. However, social class is difficult to measure and individual dimensions may better predict behavior.
Introduction to Consumer Behaviour; Consumer Behaviour
and Marketing Strategy; Consumer Involvement – Levels
of involvement, and Decision Making
Consumer Decision Process – Stages in Decision Process,
Information Search Process; Evaluative Criteria and
Decision Rules, Consumer Motivation – Types of Consumer
Needs, Ways of Motivating Consumers. Information
Processing and Consumer Perception.
Consumer Attitudes and Attitude Change; Influence of
Personality and Self Concept on Buying Behaviour,
Psychographics and Lifestyles, Impuse Buying.
Diffusion of Innovation and Opinion Leadership, Family
Decision Making, Influence of Reference Group
Industrial Buying Behaviour– Process and factors, Models
of Consumer Behaviour – Harward Seth, Nicosia, E& D,
Economic Model; Introduction to Consumer Behaviour
Audit; Consumer Behaviour Studies in India
This document discusses various theories of consumer learning. It begins by defining consumer learning as how individuals acquire knowledge and experience about purchase and consumption that they apply to future behaviors.
It then outlines the key elements of consumer learning: motivation, cues, response, and reinforcement. It also discusses different behavioral learning theories, including classical and instrumental conditioning. Classical conditioning involves pairing a stimulus with a response, while instrumental conditioning involves learning through rewards and punishments.
The document also covers observational learning, cognitive learning theory involving problem solving, and involvement theory related to the relevance of purchases and central vs. peripheral routes to persuasion for high vs low involvement decisions.
1. An attitude is a learned predisposition to respond consistently in a favorable or unfavorable manner towards an object. It has cognitive, affective, and behavioral components.
2. Attitudes serve four key functions - knowledge, adaptive, ego-defensive, and self-expressive. They help provide structure and predict behavior.
3. Attitude formation theories include the tricomponent model and multi-attribute model. Attitudes are influenced by beliefs, experiences, social groups, and marketing.
4. Marketers can change attitudes by altering components of models, associating products with groups, resolving conflicts, and changing beliefs about competitors. The elaboration likelihood model describes central and peripheral routes to
Role of Opinion leaders in consumer behaviour Vijyata Singh
Opinion Leadership is the process by which one person (opinion leader) informally influences the actions or attitudes of others, who may be opinion seekers or merely opinion recipients
Personality and self concept- Studying Consumer Behaviour Nupur Agarwal
Personality and Self Concept are important parameters while studying consumer behaviour. It helps us understand the market behavioural pattern and trends.
Marketers are interested in understanding how personality affects consumer behavior. Consumer innovators, who are open to trying new products and services, are often targeted. Personality traits related to innovativeness include stimulation seeking, novelty seeking, and need for uniqueness. Consumer dogmatism measures a person's openness to new information without bias. Social character determines if a consumer is inner-directed in their judgments or looks to others. Those seeking uniqueness avoid conformity. Sensation seeking and optimum stimulation level influence risk-taking and preferences for novel experiences. Variety seeking impacts exploratory purchases, information gathering, and using products in new ways.
This document discusses factors that influence consumer behavior, including internal factors like motivation, personality, perception, learning, values and beliefs, and external factors like personal influence, reference groups, family, social class, and culture. It provides definitions for motivation, personality, perception, learning, values, beliefs, and attitude from various sources.
There are four main types of buying behavior: extensive decision making which involves high-risk, expensive purchases like homes or cars where consumers extensively research options; dissonance reducing behavior where consumers have high involvement due to price but see little difference between brands; habitual buying of inexpensive, frequently purchased items like milk or bread based on established attitudes; and variety seeking behavior where consumers have low involvement but switch between brands for variety rather than dissatisfaction with items like snacks.
The document discusses consumer motivation and the motivational process. It defines motivation as the driving force that impels individuals to action. The motivational process involves needs, both innate and acquired, that give rise to motives. These motives then lead to the selection of goals, both positive and negative. Needs are never fully satisfied and new needs emerge as old needs are met. Motivation is influenced by success, failure, and defense mechanisms. Motives can be aroused physiologically, emotionally, and cognitively. The document also discusses measuring motivation through qualitative research methods.
This document outlines a lecture on consumer learning. It discusses the key learning theories of behavioral learning, cognitive learning, and observational learning. For behavioral learning, it covers classical and operant conditioning. Classical conditioning examples include branding using familiar stimuli. Operant conditioning applications are customer satisfaction and reinforcement schedules. Cognitive learning theories discussed are discovery learning and meaningful verbal learning using advance organizers. Models of cognitive processing and the innovation decision process are also presented. The document concludes with measures of consumer learning like recognition, recall, and developing brand loyalty and equity.
Consumer Behavior and Marketing Strategy chapter 1 moghimiBahman Moghimi
This document provides an introduction to consumer behavior and marketing strategy. It defines key concepts like marketing, consumer behavior, and marketing strategy. It discusses three major approaches to studying consumer behavior: interpretive, traditional, and marketing science. It also identifies the groups that use consumer behavior research - marketing organizations, government/political organizations, and consumers. Finally, it examines the role of consumer behavior research in informing marketing strategies and helping companies understand customers.
This document outlines the key concepts and theories related to personality and consumer behavior. It discusses how personality reflects individual differences and influences consumer attitudes and choices. Several theories of personality are examined, including Freudian, Neo-Freudian, and Trait theories. Specific traits like innovativeness, materialism, and need for cognition are also covered. The document explores how personality relates to understanding consumer behaviors and concepts like brand personality, consumer ethnocentrism, and compulsive consumption.
Industrial buying decisions are influenced by environmental, organizational, interpersonal, and individual factors. Environmental factors include economic conditions, technological changes, politics/regulations, and competition. Organizational factors comprise a company's objectives, policies, procedures, structure, and systems. Interpersonal factors stem from relationships between buying center participants and their ability to influence one another. Individual factors relate to personal characteristics like age, income, education, job role, personality, and risk attitudes.
Archetypes Psychology of Consumer BehaviourK3 Hamilton
The document discusses several Jungian archetypes including the Mother archetype, symbols of mana or spiritual power, the shadow archetype, and the anima and animus archetypes. The Mother archetype is symbolized by primordial mothers and religious figures. Phallic symbols represent mana or spiritual power that can be called on to increase crops or heal people. The shadow archetype represents the dark side of the ego and human evil, often symbolized by snakes, monsters, and dragons. The anima and animus are the feminine and masculine parts of personality, with the anima expressed in a woman's unconscious as a masculine figure and the animus in a man's as a feminine figure.
Meaning and nature of buyer behavior, differences between consumer buying and organizational buying in terms of characteristics and process, Strategic use of consumer behavior knowledge in marketing and public policy decisions. Modern Consumerism and the global consumer movement
Consumer Behavior and Marketing Strategies unit1 and Unit 2Nagendra Babu
The document discusses various concepts related to consumer behavior including motivation theories like Maslow's hierarchy of needs, learning theories, perception process, consumer segmentation, brand loyalty, and factors that influence consumer behavior such as personality, culture, social class and reference groups. It also provides definitions of key terms from various consumer behavior textbooks and models like the perceptual process model. The references listed cover popular consumer behavior textbooks for further reading on concepts discussed.
Motivation is the driving force within individuals that implies them to action…….
TYPES OF MOTIVATION
Positive Motivation
Negative Motivation
Extrinsic Motivation
Intrinsic Motivation
Represents the drive to satisfy both physiological and psychological needs through product purchase and consumption
Gives insights into why people buy certain products
Stems from consumer needs: industries have been built around basic human needs
This document defines consumer buying behaviour and identifies different types. It discusses routine response behaviour, limited decision making, extensive decision making, and impulse buying. Routine response behaviour involves automatically purchasing frequently bought, low cost, and low risk items like bread and milk. Limited decision making requires some information gathering for occasional purchases of unfamiliar brands in familiar categories. Extensive decision making is the most complex type and involves expensive, high risk, infrequently purchased items where multiple brands are researched like cars and homes. Impulse buying involves no planning and an immediate urge to purchase that may provoke emotional conflict, for example confectionery near checkouts.
This chapter discusses consumer perception and the key elements and aspects that influence how consumers perceive marketing stimuli. It covers sensation and threshold, selection through selective exposure and attention, organization through figure-ground relationships and closure, and interpretation based on stereotypes, first impressions, and halo effects. Marketers must understand these concepts to effectively position products and services, and influence how consumers perceive quality, price, risk, and other attributes.
This document discusses various models of consumer behavior including traditional models like the economic, learning, and psychoanalytic models as well as contemporary models like the Howard Sheth, Nicosia, Webster and Wind, and Engel, Blackwell and Minard models. It provides details on key aspects of each model such as their assumptions, variables, decision processes, and limitations. The economic model views consumers as rational decision makers seeking to maximize utility within constraints. The learning model examines how experiences shape consumer behavior. Contemporary models offer more holistic perspectives that integrate additional influences.
The document discusses attitudes and their influence on consumer behavior. It defines attitudes and describes their nature, how they are formed through conditioning, modeling and cognitive learning. Two models of attitudes are described: the tri-component model involving affective, cognitive and behavioral components, and Fishbein's multi-attribute model. The functions and measurement of attitudes are covered along with methods to change attitudes by influencing feelings, beliefs, behaviors or social norms.
This document discusses social class and its impact on consumer behavior. It defines social class as a continuum based on social position in a society. Social class is hierarchical and reflects a person's relative social status and prestige. Individuals compare themselves to others to determine their social standing through status consumption. Social class can be measured objectively using indexes that consider factors like occupation, education, and income. Marketers must understand how social class influences factors like shopping preferences, leisure activities, spending habits, and responses to advertising. However, social class is difficult to measure and individual dimensions may better predict behavior.
Introduction to Consumer Behaviour; Consumer Behaviour
and Marketing Strategy; Consumer Involvement – Levels
of involvement, and Decision Making
Consumer Decision Process – Stages in Decision Process,
Information Search Process; Evaluative Criteria and
Decision Rules, Consumer Motivation – Types of Consumer
Needs, Ways of Motivating Consumers. Information
Processing and Consumer Perception.
Consumer Attitudes and Attitude Change; Influence of
Personality and Self Concept on Buying Behaviour,
Psychographics and Lifestyles, Impuse Buying.
Diffusion of Innovation and Opinion Leadership, Family
Decision Making, Influence of Reference Group
Industrial Buying Behaviour– Process and factors, Models
of Consumer Behaviour – Harward Seth, Nicosia, E& D,
Economic Model; Introduction to Consumer Behaviour
Audit; Consumer Behaviour Studies in India
This document discusses various theories of consumer learning. It begins by defining consumer learning as how individuals acquire knowledge and experience about purchase and consumption that they apply to future behaviors.
It then outlines the key elements of consumer learning: motivation, cues, response, and reinforcement. It also discusses different behavioral learning theories, including classical and instrumental conditioning. Classical conditioning involves pairing a stimulus with a response, while instrumental conditioning involves learning through rewards and punishments.
The document also covers observational learning, cognitive learning theory involving problem solving, and involvement theory related to the relevance of purchases and central vs. peripheral routes to persuasion for high vs low involvement decisions.
1. An attitude is a learned predisposition to respond consistently in a favorable or unfavorable manner towards an object. It has cognitive, affective, and behavioral components.
2. Attitudes serve four key functions - knowledge, adaptive, ego-defensive, and self-expressive. They help provide structure and predict behavior.
3. Attitude formation theories include the tricomponent model and multi-attribute model. Attitudes are influenced by beliefs, experiences, social groups, and marketing.
4. Marketers can change attitudes by altering components of models, associating products with groups, resolving conflicts, and changing beliefs about competitors. The elaboration likelihood model describes central and peripheral routes to
Role of Opinion leaders in consumer behaviour Vijyata Singh
Opinion Leadership is the process by which one person (opinion leader) informally influences the actions or attitudes of others, who may be opinion seekers or merely opinion recipients
Personality and self concept- Studying Consumer Behaviour Nupur Agarwal
Personality and Self Concept are important parameters while studying consumer behaviour. It helps us understand the market behavioural pattern and trends.
Marketers are interested in understanding how personality affects consumer behavior. Consumer innovators, who are open to trying new products and services, are often targeted. Personality traits related to innovativeness include stimulation seeking, novelty seeking, and need for uniqueness. Consumer dogmatism measures a person's openness to new information without bias. Social character determines if a consumer is inner-directed in their judgments or looks to others. Those seeking uniqueness avoid conformity. Sensation seeking and optimum stimulation level influence risk-taking and preferences for novel experiences. Variety seeking impacts exploratory purchases, information gathering, and using products in new ways.
This document discusses factors that influence consumer behavior, including internal factors like motivation, personality, perception, learning, values and beliefs, and external factors like personal influence, reference groups, family, social class, and culture. It provides definitions for motivation, personality, perception, learning, values, beliefs, and attitude from various sources.
There are four main types of buying behavior: extensive decision making which involves high-risk, expensive purchases like homes or cars where consumers extensively research options; dissonance reducing behavior where consumers have high involvement due to price but see little difference between brands; habitual buying of inexpensive, frequently purchased items like milk or bread based on established attitudes; and variety seeking behavior where consumers have low involvement but switch between brands for variety rather than dissatisfaction with items like snacks.
The document discusses consumer motivation and the motivational process. It defines motivation as the driving force that impels individuals to action. The motivational process involves needs, both innate and acquired, that give rise to motives. These motives then lead to the selection of goals, both positive and negative. Needs are never fully satisfied and new needs emerge as old needs are met. Motivation is influenced by success, failure, and defense mechanisms. Motives can be aroused physiologically, emotionally, and cognitively. The document also discusses measuring motivation through qualitative research methods.
This document outlines a lecture on consumer learning. It discusses the key learning theories of behavioral learning, cognitive learning, and observational learning. For behavioral learning, it covers classical and operant conditioning. Classical conditioning examples include branding using familiar stimuli. Operant conditioning applications are customer satisfaction and reinforcement schedules. Cognitive learning theories discussed are discovery learning and meaningful verbal learning using advance organizers. Models of cognitive processing and the innovation decision process are also presented. The document concludes with measures of consumer learning like recognition, recall, and developing brand loyalty and equity.
Consumer Behavior and Marketing Strategy chapter 1 moghimiBahman Moghimi
This document provides an introduction to consumer behavior and marketing strategy. It defines key concepts like marketing, consumer behavior, and marketing strategy. It discusses three major approaches to studying consumer behavior: interpretive, traditional, and marketing science. It also identifies the groups that use consumer behavior research - marketing organizations, government/political organizations, and consumers. Finally, it examines the role of consumer behavior research in informing marketing strategies and helping companies understand customers.
This document outlines the key concepts and theories related to personality and consumer behavior. It discusses how personality reflects individual differences and influences consumer attitudes and choices. Several theories of personality are examined, including Freudian, Neo-Freudian, and Trait theories. Specific traits like innovativeness, materialism, and need for cognition are also covered. The document explores how personality relates to understanding consumer behaviors and concepts like brand personality, consumer ethnocentrism, and compulsive consumption.
Industrial buying decisions are influenced by environmental, organizational, interpersonal, and individual factors. Environmental factors include economic conditions, technological changes, politics/regulations, and competition. Organizational factors comprise a company's objectives, policies, procedures, structure, and systems. Interpersonal factors stem from relationships between buying center participants and their ability to influence one another. Individual factors relate to personal characteristics like age, income, education, job role, personality, and risk attitudes.
Archetypes Psychology of Consumer BehaviourK3 Hamilton
The document discusses several Jungian archetypes including the Mother archetype, symbols of mana or spiritual power, the shadow archetype, and the anima and animus archetypes. The Mother archetype is symbolized by primordial mothers and religious figures. Phallic symbols represent mana or spiritual power that can be called on to increase crops or heal people. The shadow archetype represents the dark side of the ego and human evil, often symbolized by snakes, monsters, and dragons. The anima and animus are the feminine and masculine parts of personality, with the anima expressed in a woman's unconscious as a masculine figure and the animus in a man's as a feminine figure.
This document lists 100 things to watch in 2014. It provides background on three broader trends reflected in the list: the end of anonymity due to new technologies, the rise of mindful living practices, and people remixing traditions. The bulk of the document lists 100 individual trends, technologies, behaviors and ideas to watch in 2014, ranging from 3D printing and drones to virtual reality, the sharing economy, and new brands and industries. Each trend is briefly described in a paragraph.
Consumer Behavior is changing rapidly everyday. How do brand marketers of today deliver their message cutting through the clutter and optimize their brand messaging using the ever changing media trends. This presentation talks about several approaches various industries and companies are adopting today to market themselves more effectively using consumer behavior.
This document outlines a marketing campaign strategy to help bring the Lexus brand back to the Japanese market. It analyzes Lexus' current position as a luxury brand known for hybrid technology and high-end services. The strategy proposes redesigning Lexus' image in Japan through an integrated advertising campaign focused on their hybrid technology and environmental friendliness. The campaign will use new media to create entertaining content, build brand awareness, and position Lexus as a brand that allows drivers to feel unique and inspire others. It includes objectives, target audiences, messaging, and an evaluation plan to monitor the campaign's success in reinvolving Lexus emotionally with Japanese consumers.
This document provides an overview of the Lexus brand including:
1) A brief history of Lexus from its founding in the 1980s through its growth into a top-selling luxury brand.
2) Details on Lexus' global operations including locations, vehicle models offered, and pricing in different markets like China.
3) An examination of Lexus' marketing strategies covering their 4Ps approach, advertising, promotions, and sponsorship activities.
Olacabs is an online marketplace for cab and car rentals founded in Mumbai, India. It allows users to search available vehicles, see operator ratings and reviews, and book rides. The founders, Bhavish Aggarwal and Ankit Bhati, started Olacabs to address problems they faced with unreliable cab services. In July 2014, Olacabs raised Rs. 250 crore in funding to expand its operations to 20 cities by the end of the year.
The document provides information about taxi aggregator companies in India, with a focus on Jugnoo. It discusses that taxi aggregators function as a technology platform to provide taxis based on demand. The industry is expected to grow at 15-20% annually. Jugnoo has seen steep growth, investing $5 million and expanding to four cities in six months. Jugnoo generates daily revenue of $1,510 primarily from auto bookings. The document also includes a PLC analysis, SWOT analysis and discussion of competitors for Jugnoo.
Ola Cabs is an online cab aggregator based in Bengaluru, India that was founded in 2010. By 2014, Ola had expanded to over 18,000 cars across 65 cities. In 2015, over 40,000 cabs were registered across 22 Indian cities on the Ola platform. Ola has received $676.8 million in funding to date. It has aggressive expansion plans to onboard 1 million driver partners within 3 years and expand its service to smaller cities beyond its current network of over 35,000 cabs in nearly 20 cities.
Ola Cabs is India's largest ride-hailing service that provides taxis, auto-rickshaws and cabs. It has raised hundreds of millions in funding from investors like Tiger Global, SoftBank and others. Ola aims to provide reliable transportation services within 20 minutes of booking through use of data analytics. It offers various vehicle categories at competitive prices and has grown significantly, achieving over 60% of India's ride-hailing market share but also reporting increasing losses as it expands.
This document provides an analysis of Toyota's marketing strategies and policies. It discusses Toyota's mission and vision, core competencies, SWOT analysis, segmentation, positioning, product differentiation, external environment, competitors, marketing mix, and value chain. The marketing mix section specifically examines Toyota's product portfolio, pricing strategies, and dealership-focused distribution channels. Overall, the document presents a comprehensive overview of Toyota's approach to marketing and competing in the automotive industry.
Transform results by focusing on receptive audiences TNS
The best ad in the world won’t deliver results if it can’t reach those likely to buy its product. A future-focused approach to identifying receptive audiences is delivering results where traditional targeting has failed.
Who are the target audiences of nonprofit’s There are many of th.docxphilipnelson29183
Who are the target audiences of nonprofit’s? There are many of them. Nonprofit’s have the customers or constituents that they serve (i.e. disaster victims, people they are trying to educate, homeless animals). These individuals may also be considered “members” of a nonprofit. Nonprofits have the communities they operate in and the members of those groups, for-profit entities, other nonprofit’s and the general population. There are board members recruited and appointed to lead and guide nonprofit operations. There are vendors that supply nonprofit’s with technology, supplies, and marketing materials. There are the volunteers that run many of the nonprofit’s day-to-day activities. And there are the funding sources; individuals, corporations, government agencies and foundations that nonprofit’s seek revenue from. There may also be customers that buy goods from retail shops (think museum store) or online sales.
All of these target audiences require marketing activities, they need to be reached, they need to be informed, and they need to be moved to action. And all of the aforementioned activities are ongoing, similar to a for-profit looking to sustain ongoing customer relationships and obtain repeat business, nonprofits also need to sustain customer relationships and repeat business (did you renew your zoo, museum or humane society membership?)
As you learned in MRKT 310 or another Principles of Marketing course one of the first steps to better understanding and reaching multiple target audiences is to segment them. Technology is increasingly impacting the variables, detail and extent that we can now segment markets. Market segmentation used to be accomplished by simple demographic variables such as age, income, geographic location. Now software programs enable us to segment further, use multiple variables simultaneously and complete these tasks at a rate far more efficient than laborious research or the manual creation of a spreadsheet.
One of the leaders in providing software and associated services to nonprofits is a company called Blackbaud. As time and costs are always relevant to nonprofit marketing (there is normally a scarcity of both for many nonprofit’s) the advent and use of marketing software, although a capital expenditure on the front-end can be a long-term time and cost saver and provide results that enable the nonprofit to function in a more efficient capacity. An example of market segmentation is using what Blackbaud calls Target Analytics where a large collection of names with a known proclivity for giving is funneled down into targets meaningful to your organization. For example if you are a nonprofit devoted to the arts, the analytics will provide your organization with names interested in the arts, in your geographic locale. There mere fact that this data set collection exists is an amazing merger of technology and data.
One of the target audiences discussed previously that we may be less familiar with ar.
The document discusses key concepts in advertising and marketing including:
1) The marketing mix involves promotional activities like advertising, public relations, direct marketing and cause marketing to achieve synergy.
2) Integrated marketing aims to coordinate all marketing efforts to maximize customer satisfaction and present a consistent brand strategy.
3) Advertising involves paid, non-personal communication from an identified sponsor using mass media to persuade or influence an audience.
PR Measurement Summit 2016 Session 1: Getting The Basics of Media Intelligenc...CARMA
Ben Levine, Vice President,Global Research & Analytics for Ketchum conducted a workshop on Getting The Basics of Media Intelligence Right last October 12th as part of the 2-day PR Measurement Summit. The theme of the event was “Measurement in an Age of Integrated Communications”. This was held last October 12th-13th at the Address Dubai Marina, Dubai, UAE.
This document discusses strategic social media planning. It emphasizes that traditional marketing is becoming less effective and brands must adapt by building trust and engaging audiences through branded content shared on social media. Specifically, it recommends starting with authentic stories that help customers and are shared organically. It also stresses the importance of monitoring social media to address issues, share praise, help customers, and discover influencers. Brands should define and measure success using various metrics like content consumption, audience engagement, and desired business outcomes.
Directly targeting consumers based on their motivations and values can increase the relevance of marketing messages. Resonate uses machine learning models trained on survey responses and online behaviors to target over 150 million people based on 150 different motivations. Academic research shows targeting campaigns based on motivations outperforms tactics based only on demographics. Resonate's approach analyzes survey data and online behaviors to model motivations for large populations, enabling more effective targeting at scale.
At Advertising Week 2009, the 360 Media and Marketing Council of the Advertising Research Foundation presents "New Directions in Marketing Simulation Scenario Planning, Communications, Planning and Targeting."
Targeting has always been a primary ingredient in creating better, more focused communications plans. Some of the approaches used in the past to target, both online and offline, have been labeled as socio-economic, geo-demographic, product purchase, psychographic, contextual, behavioral, associative, etc. With advances in marketing mix modeling and the advent of Touchpoints planning initiatives, the need to be able to create a variety of “what-if” scenarios to identify the impact of different media/marketing plans on different groups of consumers is pivotal.
This document provides an overview of key concepts in advertising and marketing, including demographics, psychographics, geodemographics, the marketing mix, the 26 advertising techniques, what makes an ad effective, Ogilvy's advertising tenets, and characteristics of great ads. It discusses audience segmentation, positioning, the importance of reaching the right audience through the optimal channels at the right time to influence attitudes, opinions, and ultimately behavior change. David Ogilvy's principles of simple big ideas and ensuring every word counts are also summarized.
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1. Effect of demographics on consumer
behavior
Group 10
10 – Komila Harry
14 – Aparna Kanchugar
24 – Shailaja Menon
34 – Anish Patel
61 – Vinay Shriyan
2. Intro to demographics w.r.t consumer behavior
What is a demographic?
A demographic is a group of consumers that share a collection of market-relevant attributes. This group can be
any number of people across the same time frame. Market-relevant attributes can include any number of shared
values, physical attributes, experiences, beliefs, environmental conditions, cultures, or political or financial
elements that can be used to increase awareness, loyalty, sales, or product improvement. Generally, enough of
these attributes are combined together to form a concise image of the demographic group: this forms a
demographic profile.
An example of this would be a: single, working-class, male, 18-24, with a high school education. Several profiles
may then come together to determine subgroups or subcultures in overall populations. These profiles also
display the characteristics of a typical member within these subgroups/cultures. This allows the development of a
marketing strategy: providing the foundation for a solid marketing plan.
What are the pros and cons of targeting specific demographics in a
campaign?
Demographic research is a powerful and functional tool that can personalize marketing campaigns, increase
interest and loyalty, as well as provide improved functionality and efficiency - with minimal or no loss of time and
efficiency. However, no marketing technique is flawless; by generalizing a group a risk is taken with it's
exceptions. By discovering, learning, then understanding, in greater detail, the pros and cons of using
demographics we can emphasize those respective pros and minimize those respective cons.
The more refined or detail rich the demographic, the smaller. Using smaller demographics may require a
more detailed marketing plan, however, a solid marketing plan should make room for any marketing
strategy. With a solid marketing plan any number of demographics should only require marketing
elements, and with a solid marketing strategy should require a nominal addition of said marketing
elements.
A generational cohort is a demographic [group] that experiences the same event[s] at the same point in time.
With generational cohorts a variety of emotional, cultural, instinctive, and judgmental commonalities and
similarities can be identified between and within demographics.
3. The Five Common Attributes of Demographics
• Age
• Ethnicity
• Gender
• Level of Income
• Race
How do I select the best demographic for my campaign?
In short, there is no best demographic for any campaign. Depending on the needs and immediate goals,
however, there are likely to be demographics that are more profitable than others. The following are solid, key
points to remember when researching profitable demographics:
Research is an ongoing process
People change, cultures change, nations change, because of this change research is and ongoing process. How
frequently information is gathered, and to what extent old information is updated or replaced will vary
from campaign to campaign. It, basically, breaks down as: the more time and labor that can be devoted
to information gathering, the more accurate and massive our demographics will be. Regardless, any
amount of time spent researching and updating old information is vastly superior any sized, one-time
demographic.
Where research is free, do lots of research: There are countless ways to collect facts and opinions of many
demographics, or discover which demographics exist within a given market or location. Participate in every level
of interaction possible, when you notice a free research opportunity/medium. Most importantly, keep and open
eye [and mind] to any medium or location in which you can interact with potential consumers. A few examples of
these mediums, on the internet, are:
• Forums
• Blogs
• Social Networks
• Media Sharing Networks
• Chat or Instant Messaging Communities and Freeware
• Newsletters
• Bulletin Board Systems
• Games
Be varied when researching, and don't be afraid to test new demographics: Even when met with overwhelming
positive response, never hesitate to try new methods or test new attributes. Despite any apparent advantage or
disadvantage from these occasional diversions, useful information can still be yielded. This may improve the
current campaign or even future campaigns, regardless there is something to be gained.
Use relevant attributes for your research: It isn't always easy to determine what is relevant and what isn't, in a
particular campaign; experience is a big help in this regard. Experimentation and tenacity are the tools of the
wise novice; where logical connections cannot be assessed experiment, and refine your results into consistent
commonalities - make a log or blog to document information and help discover commonalities and connections.
Collaborate with other researchers: Share and learn a variety of methods and techniques whenever you discover
another researcher, regularly engage communities and mediums, keep an open mind to new techniques, and
always behave politely. Many researchers are more than willing to share and discuss ideas if politely contacted
and queried.
4. Anticipate exceptions: A demographic is a generalization, there will always be some exceptions to
the rules and commonalities you discover. Be prepared, and do not falter. A quick correction,
some information gathering/updating, and some-time later any mistake should be forgiven or
forgotten. Correction is part of the ongoing research-process, as well as being an unmistakable
human element.
Cases of demographics w.r.t consumer behavior
Search engine / Online Ad-network
With search engine marketing, you can advertise online—where more and more customers are going every day
to learn about, shop for and buy products and services. Signing up for an account allows you to advertise your
business in search results on tier I search engines like Google, Yahoo and MSN and other popular sites in their
distribution network.
Even if your business is a traditional brick-and-mortar store and you don’t sell anything online, you can still use
search engine advertising distribution tactics, to attract potential customers to your business. Search Marketing
can be beneficial to most businesses, whether you’re selling online products, promoting business services or
providing media and information on your website.
Sponsored Search and Content Match feature cost-per-click pricing--you’re only charged when your ad is clicked
(instead of every time it is displayed), allowing you to maximize your return-on-investment. The amount you’re
actually charged each time your ad is clicked depends on two things: your bid(how much you have bid for that
keyword) and your ad’s quality(how relevant your ad is to a particular keyword).
5. Demographic Targeting @ Yahoo and Google ad networks
Demographic Targeting solution allows advertisers to reach consumers identified by their demographic
characteristics, such as age, gender and many others. With huge number of registered users and high average
frequency of visits, demographic targeting provides the broadest reach (millions of impressions) of any provider.
Unlike other demographic targeting services that try to guess age and gender based on consumer website visits,
Search engine Demographic Targeting is powered by age and gender information provided by consumers
themselves.
Although Yahoo was a company that came 4 years earlier than Google in the market, Google's ability to
accumulate data and implement it right brought Google in a dominating status. Below are revenue comparison of
both.
Success Stories from online Advertising
6. From 2006 to 2007, Bankrate.com used Google AdWords testing and targeting features to increase measured
conversions by 102% and click-through-rate by 57%.
Bankrate.com’s story is one of early adoption. Started 25 years ago as a newsletter for mortgage industry
professionals, Bankrate acquired dot com status in 1994 – shortly after the browser was born – and shifted its
focus to financial information for consumers.
"At the time, the idea of providing unbiased, objective, comprehensive financial information to the consumer was
new," says Michael J. Ricciardelli, Bankrate.com’s senior vice president of consumer marketing. "That core idea
hasn’t changed. We now have 22 in-house editors and reporters and provide free rate information to consumers
on more than 300 financial products."
They accomplished with demographic targeting:
• Improved clickstream: Focus on targeted landing pages increased revenue derived from AdWords
traffic by 66%
• Increased conversions: Measured conversions increased by more than 102% from 2005 to 2007
• Developed highly-effective ads: Constant testing resulted in a 57% increase in click-through-rate
(CTR)
• Improved return: Increased its return-on-advertising-spend (ROAS) by 35% from 2006 to 2007
7. Fashion in US!!
Fashions change !! The fashion industry can be divided into five segments: haute couture, luxury, affordable
luxury, mainstream, and discount.
• Haute couture (women’s garments only) is the most expensive and exclusive of all four segments. It is
occupied by only a handful of companies that produce custom-made clothing for the world's wealthiest
individuals. Prices for a couture piece range from $25,000 to millions of dollars and though the market is
small it has been expanding due to the explosion of new wealth in emerging markets such as India, China
and the Middle East. Eg . Giorgio Armani Privé (segment of Giorgio Armani), Christian Dior , Chanel etc
• Luxury segment is a step down in terms of quality and price, but still serves a wealthy clientele. Eg Dolce &
Gabbana , Prada, Gucci. There are no clear-cut criteria for a brand to be classified as "luxury," however one
important factor is the concept of exclusivity. A person who can afford anything does not want to own
something anyone can buy; they want something special and unique. As a brand becomes more popular, it
is not regarded as highly by the wealthy clientele.
For example, around 2002 the trademark Burberry plaid was seen on everything from expensive bags and coats
to cheap caps and scarves, becoming affordable to the middle and lower classes as well. Since the plaid was
everywhere, it was no longer exclusive or "special," which turned off many of its wealthy customers. Today, in an
effort to regain its exclusive status, Burberry has greatly reduced the presence of its trademark plaid. As a result,
Burberry has reported record sales (over $1.5 billion for fiscal year 2007, over three times more than its sales ten
years ago) and its stock price increased by 51% from 2006 to 2007. Many luxury companies walk a fine line
between increasing market share and maintaining the elite image that is so important to rich consumers with a
lot of money to spend.
• The luxury market is growing despite the suffering U.S. economy. In 2006 8 million American households
earned more than $150,000 a year, which is a 7% increase since 2002.[ Also, in 2006 there were 1.14 million
"ultra high net worth households," which are worth at least $5 million. This number is four times more than
the number of ultra high net worth households a decade ago. In addition, due to the devaluing of the U.S.
dollar, tourists have been spending more money in American stores. In 2006, 49 million foreign visitors spent
a record $104.8 billion in the United States. Increased foreign spending combined with an increase in the
number of wealthy individuals means the luxury market is in a growth phase.
• Affordable luxury targets "aspirational" consumers, those who are not rich enough to afford luxury brands
but will accept lower-priced alternatives. Eg Coach, Tiffany; These inexpensive items allow access to a
brand and a lifestyle that lower-income consumers aspire to but cannot afford. However, recession, in
addition to rising credit card debt and gas prices, have hit middle-class consumers hard. While the wealthy
continue shopping as much as ever, these "aspirational" shoppers, people who form the backbone of the
affordable luxury market have begun to cut back on non-essential goods such as clothing and accessories,
leading to decreased sales.
• The goal of mainstream brands like Polo Ralph Lauren, Gap etc is mass appeal; they sacrifice an air of
exclusivity for popularity. They are generally perceived by consumers as being of lower price and quality
than affordable luxury goods. These brands market to middle-and-lower-class consumers. Since their prices
are much lower than their luxury counterparts, these brands make less money per garment. Thus, they focus
on volume, selling as many goods as they can and appealing to a large number of people. In this case the
concept of exclusivity no longer applies, as their goods are made (and priced) to appeal to a large number of
people.
• Discount brands cater to low-income consumers eg Walmart, Target
At the highest levels, the fashion industry is relatively insulated from economic changes. For example, recession
in the United States have done nothing to harm haute couture, which is actually seeing an increase in customers
in a time when so many other companies are fighting decreasing sales. The luxury market is doing well
compared to mainstream, affordable luxury and discount brands, where its customers have less financial
security and thus are not spending as much money on clothes and accessories as they used to.
Although haute couture and luxury have been doing well, the downturn in the United States economy has had an
adverse effect on affordable luxury, mainstream and discount brands. Their target demographic is middle-to-
8. lower class individuals who are more susceptible to poor economic conditions than their richer counterparts.
These individuals are no longer splurging on clothes and accessories as much as they used to, which is bad
news for all three segments.
Demographics in US
Demographics are important to fashion companies. They need to know what kind of person is buying
their products. It heavily influences the kinds of advertisements a company makes, what products they
advertise most and where those advertisements appear. Below are brief descriptions of a number of important
demographics to fashion companies:
Affluent Households
An affluent household has an annual income greater than $100,000. They make up only 18% of American
households yet spend almost one out of every three dollars in the United States. Affluent households are the
fastest-growing segment of the American population, increasing 12.7% from 19.7 million in 2005 to 22.2 million
in 2006. Affluent Americans tend to be highly educated and work-driven.
9. The above graph ranks the retailers affluent households are most likely to frequent. Affluent households are
interested in value: highest quality at the lowest price, meaning that though they can afford luxury retailers such
as Saks (SKS), they have no problem shopping elsewhere if they see more bang for their buck.
Middle-Income Households
Middle-income households have an annual income between $30,000 and $100,000 and form the primary market
for affordable luxury. These are people who cannot afford high-end luxury, but are not so poor that they cannot
splurge every once in a while. Brands such as: Coach, Tiffany, cater to this demographic by providing lower-
priced merchandise in addition to their more expensive products.
Low Income Households [
Low-income households have an annual income less than $30,000. A greater proportion of their money goes
towards necessities like food and utilities than affluent or middle-income households, leaving much less to spend
on clothing and accessories. These households are more likely to be attracted to discount brands such as:
Walmart, Target etc in order to stretch an already tight budget. For that same reason, these households would
also be more interested in sales.
Women
Brands that cater to women include: BEBE, Cato
Women influence over 80% of consumer purchases in the United States and are even involved in a majority of
purchase decisions involving stereotypically "male" products, such as electronics and cars. The fashion industry
is heavily focused on women. Although the brands and products they are most into depend on a number of other
factors (such as wealth), there are some general trends in how women perceive fashion products. First and
foremost, many women are influenced by trends. Also, women of all ages want clothing that flatters their figure
and looks modern.
Plus-Size Women [
An especially important demographic in the United States is plus-size women. 62% of American women are
overweight. Many fashion companies do not make plus-size clothing. Some popular retailers that cater to the
plus-size market are: Cato, Hot Topic etc.
Men
In the past few years men have begun to have more of an interest in shopping, and thus the male demographic
has become even more important for retailers. Men ages 18-24 are most interested in shopping and brands,
whereas older males tend to prefer bargain shopping; in other words to older men a brand is not as important as
getting the best deal. Some retailers that cater to men are: Hermes, J Crew Group.
Young Consumers [
Young consumers, especially those aged 15-24, usually have much more time to shop than older consumers[;
many of them are students and have more time on their hands, as opposed to older consumers who have many
more responsibilities such as full-time jobs and children. In addition, many young shoppers use shopping as a
social event, which, combined with their free time, means they are more likely to shop around at many different
brands to find the particular item they want. Brands that cater to young consumers include Guess ?
Baby Boomers –
Stores that cater to the baby boomer population are: Polo Ralph, Phillips Van Lauren.
Baby boomers compose about 28% of the American population, have an estimated spending power of about $2
trillion and are currently between 44 and 62 years old.[ Boomers are most interested in the "experience" of
shopping for clothes, meaning they want to enjoy the shopping process. They want to shop in stores they feel
most comfortable in--meaning a store that does not cater to the 18-49 age group, and are most interested in
value. Boomers can switch from one brand to another if they see higher value for their purchases somewhere.
10. Trends and Forces in the Fashion Industry
Increasing Focus on Men [
Fashion was once seen as almost exclusively a "women's domain." However, in the past few years men as a
whole have begun to pay more attention to their appearance and the fashion industry has responded by focusing
more on catering to male clientele. For example, Hermès opened men’s-only stores in New York City. Although
women still do make the majority of clothing purchases, companies are beginning to take advantage of the male
demographic and appeal to them in order to increase sales.
Less Affordable Luxury, More "Genuine Luxury" []
[29]
The affordable luxury market, especially in the United States, is facing a problem due to the poor state of the
U.S. economy. The middle-class "aspirational" shoppers who are integral to that segment's success are not
indulging as much as they used to. In addition, there has been an increase in "extremely high net-worth"
individuals in the United States and abroad. In the U.S. alone the number of "ultra high net worth households"
increased fivefold from 1996 to 2006, to 1.14 million.[ These people are able to afford whatever luxury brand they
want and the brands that are able to follow the money. These trends lead to decreased sales of affordable luxury
and increased sales of genuine luxury products.
New Markets for Consumers of High Fashion are Emerging Worldwide [
Now, more than ever, the nouveau riche in China and Russia are developing a big appetite for high fashion. In
China for example, the economy grew more than 10% annually during the last five years, and by the end of 2006
the country had 345,000 U.S. dollar millionaires, 33% of whom were women. Chinese citizens are becoming
increasingly fixated on luxury goods--they are viewed as a status symbol. ] China, Russia and the Middle East
present large, wealthy markets for luxury goods companies.
11. Homeownership in US
The housing sector has been a pillar of strength for the U.S economy in recent years, limiting the depth of the
2001 recession and leading the economic recovery ever since. Although the U.S. homeownership rate reached a
record high 68% in 2003, an analysis by five of the nation’s leading housing and mortgage economists for the
Homeownership Alliance points out significant differences in ownership rates across income levels, racial/ethnic
groups, and regions of the country.
For example, more than 75% of non-Hispanic whites own their homes, compared to less than half of African-
American and Hispanic/Latino households. A large part of the gap in homeownership between non- Hispanic
white and minority households is due to differences in economic circumstances and the age composition of
these populations. Household incomes and accumulated wealth are typically lower among minorities than
whites, and minority populations are on average, younger than the white population. In addition, Asian and
Hispanic/Latino populations tend to live in urban areas of the East and West coasts where homes are less
affordable. The Homeownership Alliance predicts that homeownership rates will exceed 70% by 2013. Over the
next decade, racial and ethnic minority populations will drive increasing homeownership rates as will the large
number of baby boomers moving into peak home owning years. This increase will equate to at least 10 million
additional homeowners, with roughly one-half of the gain attributed to minority home buyers. The typical first-
time home buyer is 32 years old with a household income of $54,800according to a 2003 report by the National
Association of Realtors. He/she uses the Internet to facilitate their search, and makes a down payment of 6% on
a home that costs an average $136,000. Expect this profile to change as racial/ethnic and other under served
Americans increasingly enter the home buyer ranks. While most home buyers are married couples, marketers
should not exclude singles from first mortgage loan promotional campaigns. As it turns out, single women are the
second-largest segment of home buyers (22%), even exceeding single men (11%). The same economic
conditions that have enabled first-time home buyers to attain a piece of the American dream were also
instrumental in stimulating many households to purchase second and third properties. The prevalence of dual-
income households, increasing mobility/connectivity, and the desire to relax in locations free from the threat of
terrorist attacks are motivating many second-home purchases. Most often purchased as vacation homes and
weekend retreats (as opposed to investment properties), second-home sales account for an estimated seven
percent of the entire home market. Baby boomers—ages 38 to 56—make up the lion’s share ofsecond-home
owners today, but generation Xers and younger working professionals are now entering this market as well.
First-time buyer
• Age 32
• $54,800 household income
• 6% down payment
• $13600 home price
Repeat buyer
• Age 46
12. • $74,600 household income
• 23% down payment
• $18900 home price
Second-home buyer
• Age 47
• $85,900 household income
• 66% married couples
• 37% purchase as investment
The untapped potential A recent Futurist article suggested that the largest market in the world is absent from the
radar screens of most corporations. The author, a global business consultant, notes that no more than 40% of
people—those with the greatest spending power are tapped as markets for the vast majority of goods and
services offered by today’s corporations. He goes on to say that the bottom 60% consist of under served and
largely untapped markets that offer extraordinary opportunities for profitable enterprises with the vision to meet
their needs. According to Federal Reserve estimates, the unbanked U.S. market consists of as many as 40
million consumers. Hispanics/ Latinos, African Americans, young people under age 25, unmarried individuals,
women, and those earning less than $25,000 per year are more likely than their respective counterparts to be
unbanked. A continual influx of immigrants will only serve to expand this market. These individuals and
households need five basic financial services that credit unions are poised to provide: payroll and other check
cashing, a mechanism with which to pay bills, low-cost money transfer services, micro-loans, and basic savings
accounts. The strategies and tactics for reaching unbanked and under served markets are different than for
traditional markets. Credit unions will need to revise and repackage product/service offerings, think in terms of
core competencies, and start with one emerging market at a time. They should plan for a large number of
transactions with small margins, and should make a long-term commitment to serving the under served. Finally,
credit unions should seek out creative partnership opportunities with local businesses, government agencies,
and not-for-profit organizations.