Attraction Effect in Advertising - Case Study Example

Attraction Effect in Advertising Figure Example of Attraction Effect in Advertising (Kardes, Cronley and Cline) This advertisement displayed above is a perfect example of creating attraction effect in advertising strategy. EquiFax has marketed its product ID Patrol by providing a comparison between the features and performance capability of ID Patrol against the features and performance of competitors’ similar product. The target audience would be catered with a marketing message that attracts them towards purchasing ID Patrol by enabling to compare and contrast the strengths and weaknesses of the product with different brand names.

In this manner, the target audience would make purchasing decision based on reasons rather than the hedonic or perceptual value. In this manner, it can be suggested that reason-based choices are different from value maximization, because if the marketers had focused on value maximizing aspects such as communicating the hedonic or perceptual values to the customer that they might want to receive from purchasing this product. For such a marketing approach, the marketers would not present comparison of the product against competitors’ product; rather focus on highlighting the performance and enhanced capability through a marketing campaign.

The displayed advertisement above is a marketing message by online financial solution provider. The industry of online financial solution provider is newly established and requires less focus on promotion of the brand and urges more research of consumer behavior to increase their knowledge about the products. For this reason, these marketing campaigns are adopted to teaching style where the marketers enable consumers to understand why they should buy a particular product and what differentiated features they would inherit by the purchase of a product of a particular brand and its opportunity cost.

Therefore, it can be suggested that the displayed advertisement in this research paper depicts a successful marketing strategy adapted by a financial solution providing company. It is delivering a clear message to the target audience that the company’s product is outstanding against competitors’ product belonging to the similar category. The advertising message delivered in the advertisement displayed initially also facilitates consumers to do the mental accounting for making a purchasing decision.

Mental accounting enables individuals to weigh advantages and disadvantages of purchasing a product against the same product of other brands. They calculate the cost opportunity they would be availing from the purchase of the product, the difference in price; justification of price to performance capability and the aftersales value added services he/she might receive. In this manner, the customer identifies the most suitable option and makes a purchasing decision based on reasons. The price guarantees offered by marketers to the target market refer to the value adding tactics to attract customers.

By offering price guarantees, marketers target those individuals in the target market, who make the purchasing decisions based on their affordability and their perceptions of the product quality. These are the individuals who are attracted by price cuts and discounts on a product and further attracted by the aftersales services they might avail. If they are exposed to price guarantying marketing messages at the first stage of decision making, they would not look for comparison of prices, quality and performance capability of the product and would make a purchasing decision at once.

In this manner, it can be suggested that the advertisement displayed in this research paper does not communicate any price guarantees to the target market; because the marketers aim at enabling the target individuals of a marketing campaign to make reasons based decisions. Moreover, price guarantees also bring heavy operating costs on the financial budgets of a business. As the business has to settle on a structured pricing model which is built to guarantee true value for consumers’’ money, it might lose the chance to increase its prices in the future.

This is because, the price structure that the company has maintained to justify consumers’’ decision to purchase, cannot be easily changed or altered. From the review of above displayed advertisement of an online financial solution providing company, it is revealed that consumer dynamics and their preferences play a key role in the marketing strategies adopted by businesses. Consumers’ approach in product purchasing decision-making processes is considered by marketers as the key to target in their marketing strategy.

Therefore, it can be suggested that providing consumers with complete information pertaining to a business’s product and the features and performance capability of competitors’ same product grooms an educated customer base for the business. Work Cited Kardes, Frank, Maria Cronley and Thomas. Cline. Consumer Behavior. NY: Cengage, 2010. Print.