Consumer Behavior in Buying a Car - Essay Example

?An investigation in to why consumers may choose to buy a BMW as opposed to another brand of car Part I - Research Proposal Introduction German made luxurious cars are recognized for their superior performance and advanced engineering features. With their manufacturing and assembly plants situated worldwide in different countries, the German automaker BMW has been the world player with its products well accepted in the high end market segments worldwide. Continuous release of new models places them comfortably in meeting the competitive forces in the market. The proposed research seeks to study the brand equity, consumer behavior and the factors involved in consumers’ decision making, symbolic consumption and hedonic needs in relation to the products of BMW in formulation or restructuring of their marketing strategies by strengthening marketing communications. An insight into the BMW brand BMW brand seeks to convey the message to consumers that BMW means “the ultimate driving machine,” and influence the behavior of the consumers. BMW has been successful in creating awareness and ‘esteem value’ of its cars and strengthened its position in the market over the period of time. BMW is synonymous with luxury car and treated as status symbol by the consumers. The brand equity has been built by branding efforts highlighting quality and excellence in performance of its products on a continuous basis. An overview of consumer behavior and the buyer decision making process This section will study and analyze the consumer behavior and its importance in marketing and give an overview of the buyer decision making process in relation to BMW cars. Cars are usually not purchased very often and cost a large amount of money – making them high investment purchases. Problem Recognition The consumer needs a car to travel socially and/or for work purposes/commuting; the need for a car is most likely an active problem (i.e. the consumer is aware that he/she needs a car) Information Search Potential customer researches different makes and models of cars and may look in to indirect competition such as public transport or bicycles. Evaluation of Alternatives The consumer will narrow the choices down until he/she come to a decision; the consumer will normally narrow down from makes that they are aware of, then ones that they would consider buying, then down to a small choice until they come to a decision. Purchase Decision The consumer will take in to account what their family and friends think of the car that he/she has decided to buy – consumers will also asses the risks involved with the purchase such as the financial and social risks. Post Purchase evaluation After purchasing, customers will continue to evaluate the car, this stage is vital to ensure future sales and promote brand loyalty for BMW. Effective after sales service plays an important role in enhancing the customer satisfaction. Symbolic Consumption Purchases carry symbolic meanings and can satisfy individual, social, or cultural needs. Driving a car that is perceived to be sporty, luxurious and exclusive can promote individualism and self esteem. Self-concept attached to the product helps to establish the user’s identity. In order for conspicuous consumption to be rewarded and thus maintained in society, individuals must attach symbolic meaning to products that infer something about their owner. This tendency to attach meaning to products is referred to as symbolic consumption. (Belk, Bahn and Mayer 1982; Belk, Mayer and Driscoll 1983). Symbolic consumption involves the owner as an encoder trying to communicate something about themselves through purchasing a product and a decoder who understands the symbolic message; for example: consumers may purchase an expensive car such as a 7-series BMW to show that they are well-off; although demographics such as age, gender and social class effect individuals' ability to form impressions about owners of cars. Research shows that children's ability to make inferences about others based on product ownership starts at an early age. Sex and social class were consistently found to influence children's ability to stereotype based on product ownership, with males and children from higher socio-economic classes drawing stronger inferences based on product ownership. This proves that symbolic consumption is an important buyer behavior theory and BMW’s brand image can potentially be recognized from an early age. Hedonic Needs Because of methods such as public transport and cycling, there is no utilitarian need for consumers to buy a car – in particular a prestige car such as a Mercedes-Benz or a BMW. Many consumers buy cars to satisfy their ‘Hedonic needs’. Hedonic needs are associated with consumers’ emotions or fantasies; up market cars satisfy the need for consumers to achieve pleasure from a product in several ways. A car is capable of enriching Consumers’ egos (particularly male consumers); they are emotionally important purchases and make an identity statement. In some contexts, a car can be seen as an extension of one’s masculinity or a measure of success. BMW cars were driven by Pierce Brosnan in the popular James Bond films, “Goldeneye”, “Tomorrow Never Dies” and “The World is not Enough” which gives an impression that consumers will like the character ‘James Bond’ and it will ultimately help enrich the consumers’ egos (“James Bond” - Women want him, men want to be him” says something about our culture’s prevailing image of manhood). The hedonic need for engaging in socially correct behaviour can also be satisfied when purchasing a car; for example: a consumer may buy a BMW because their friends, family or co-workers have one and they are trying to fit in. Some consumers are disputed between their ‘eco’ needs (for example, driving hybrid cars or driving less often to reduce their impact on the environment, making the consumer feel helpful and satisfied) and their ‘ego’ needs. Recently, BMW have increased their appeal by introducing ‘efficient dynamics’ technology across their range of cars. The BMW 320d Efficient Dynamics achieves 68.9 miles per gallon and emits 109g of CO2 per kilometre although it is also capable of 0-60 mph in 8.0 seconds – meaning consumers can satisfy both ego and eco hedonic needs. Conclusion The paper will analyze the information collected from the secondary sources with reference to the brand value and consumer behavior in relation to BMW, taking into account the symbolic consumption and hedonic needs. An investigation in to why consumers may choose to buy a BMW as opposed to another brand of car Part II – Consumer Behaviour Introduction The understanding of the market dynamics and consumer behavior are the crucial factors in up-market brand like BMW and marketing communications need to take these factors into consideration for sustainable growth of an organization. The paper focuses on the underlying concepts in the development the strategies by making analysis in relation to the well-known German car manufacturer – BMW. Brand Equity BMW is a reputed manufacturer of luxury cars with worldwide presence in the high end market segment. The heritage and the long history of car making in itself lend trustworthiness to the brand BMW. Branding strategies of BMW aim to influence the behavior of the consumers by creating brand identity: “the ultimate driving machine” for strengthening its market position. The company has been successful in creating brand awareness in general and specifically with the target consumers based on the ‘esteem value’ of its products. A BMW car is a status symbol in any society cutting across the national borders. In the brand building process, superior quality, great driving experience, physical comforts and excellence in performances have been highlighted as the important attributes of the luxurious car. In the process of brand positioning, BMW has been successful in creating an image for its products with the up market consumers. By leveraging this brand identity, the marketing strategies of BMW enable its products to command premium based on the superior core values the brand. An overview of consumer behavior and the buyer decision making process Cars are usually not purchased very often and cost a large amount of money – making them high investment purchases. The behavior of the consumer is influenced by several factors in taking this investment decision. Problem Recognition The consumer needs a car to travel socially and/or for work purposes / commuting; the need for a car is most likely an active problem (i.e. the consumer is aware that he/she needs a car). But, consumers also derive utility from the psychological factors which is difficult to be quantified in monetary terms and self esteem and self image as perceived by the consumers are the basis for their preferences. The need for positive distinctiveness is borne out of self esteem as perceived by an individual relating to his position within his social group(s).  Also, utility varies according to the scale of wealth, and therefore utility as perceived by different people are not uniform with reference to a product. Information Search Potential customer researches different makes and models of cars and may look into indirect competition such as public transport or bicycles. Evaluation of Alternatives The consumer will narrow the choices down until he/she come to a decision; the consumer will normally narrow down from makes that they are aware of, then ones that they would consider buying, then down to a small choice until they come to a decision. There are basically two categories in this luxury segment, traditional and functional, and clearly the preference for functional type is on rise, driven by demand from the younger generation. Traditional luxury car manufacturers focus on comfort, space, appearance and living room style in their products such as Cadillac. The European car manufacturers like BMW bet on performance and style and features such as pinpoint steering, suspension system for a very comfortable driving experience in compatibility with the environment. BMW faces competition from the luxury car makers like Lexus, Honda and Toyota of Japan, Mercedes Benz or Audi form EU countries. Higgins, T. (2010) states “U.S. sales for BMW in November rose 30 percent from a year earlier to 20,097, the Munich-based automaker said yesterday in a statement. Mercedes reported an 8.4 percent increase to 18,208, while Lexus’s deliveries fell 1.4 percent to 18,240”, though month to month position varies. Purchase Decision The consumer will take into account what their family and friends think of the car that he/she has decided to buy – consumers will also assess the risks involved with the purchase such as the financial and social risks. The BMW brands from the entry level Budget Mini to the very prestigious new BMW 7 Series guarantee “the ultimate driving machine” to the consumers. The market segment for the various BMW brand models differs widely and the market communications about these models envisage expectations at different levels. However, the common feature of the varied range of premium brand cars of BMW is the ‘core values’ of luxury, great driving experience, excellence in performance and quality. The BMW Mini with ‘R’ Series model numbers focuses on new market as well as new breed of consumers and entices them to the fold of BMW driving experience by combining affordability to the BMW core values. It is very popular in the UK, but slowly picking up in the US and there are criticisms in the industry circles that the company is taking risk with its brand image. Post Purchase evaluation After purchasing, customers will continue to evaluate the car, this stage is vital to ensure future sales and promote brand loyalty for BMW. The manufacturers of high end products like BMW use quality OEM spare parts of reputed companies such as Bosch, Bilstein and SKF. In a survey by Gamliel, E. (2010) the results showed that participants chose the better and more expensive product more when presented with negative framing relative to positive framing of the quality. (p. 303) Therefore, ensuring proper after sales service, availability of spare parts and establishment of infrastructural facilities with trained mechanics is important for this purpose. Otherwise, the quality of the service will be poor and use of spurious components could affect the performance. BMW’s elaborate network ensures excellent after sales service and receive ‘Life Quality Awards’ for excellence. At the time of service failures, service recovery is considered as an important way of customer retention by reducing the inconveniences caused to the consumer. Spread of the negative messages through word of mouth could be minimized by service recovery if it is tackled with patience and tact. If the customers are implicitly convinced that their comfort and convenience is of paramount importance to the company by resolution of uncertainties with empathetic approach, the reaction would be favorable. Simons, J. V. (2004) states “Service recovery refers to steps that are intended to identify and correct service failures or quality problems” (p. 13). The frustration arising out of service failure could be translated to understanding and goodwill. If they are treated with utmost courtesy and diplomacy, the process will convert the consumer into a well-wisher and friend. Product recall is often a great source of embarrassment to the manufacturers and inconvenience to the consumers. Gabbatt, A. (2010) states “About 26,000 BMW cars and 1,200 Rolls-Royces are to be recalled in the UK because of a braking problem, it was announced…” However, in this process consumers are reassured of the safety of BMW products and the company’s concern for the safety of it consumers. If the consumers are implicitly and diplomatically convinced that these measures are taken to ensure their utmost safety, such service recoveries undertaken become a marketing strategy with positive impact. Symbolic Consumption Symbolic consumption involves the owner as an encoder trying to communicate something about themselves through purchasing a product and a decoder who understands the symbolic message; for example: consumers may purchase an expensive car such as a 7-series BMW to show that they are well-off; although demographics such as age, gender and social class effect individuals' ability to form impressions about owners of cars. Symbolic meanings Ligas, M. and Cotte, J. (1999) state that one’s action (or inaction) with the object is based on its implied or symbolic meaning. Purchases carry symbolic meanings and can satisfy individual, social, or cultural needs. Driving a car that is perceived to be sporty, luxurious and exclusive can promote individualism and self esteem. Self-concept attachment the product helps to establish the user’s identity. Simms, C. D. and Trott, P. (2006) state that the functional and symbolic elements of a brand allow it to serve a number of functions to the consumer (del Rio et al., 2001). The BMW brand positioning in the market mainly hinges on price factors. Individualization and differentiation with display status for social approval combined with quality, high class engineering are aimed to differentiate the products of BMW from the products of its competitors. At a practical level the brand name can communicate a guarantee (e.g. quality or VFM), while product benefits can communicate benefits such as; comfort, safety, duration. (p. 229) The sound system, voice navigation, Bluetooth connectivity, pure leather upholstery, superior safety features, night vision cameras in the new 7 Series model makes the car ‘a class apart’ targeting very sophisticated high market consumers. Wattanasuwan, K. (2005) states “We actively look for symbolic resources in order to help us negotiate, interpret and appropriate meaningfulness in our everyday consumption” (p. 180). Conspicuous consumption In order for conspicuous consumption to be rewarded and thus maintained in society, individuals must attach symbolic meaning to products that infer something about their owner. This tendency to attach meaning to products is referred to as symbolic consumption (Belk, Bahn and Mayer 1982; Belk, Mayer and Driscoll 1983). In the premium segment of the auto market, BMW, MINI and Rolls-Royce have well entrenched into the market to cater to the needs of the discerning consumers. The highest quality and service is the common feature for these products. “On 28 July 1998, BMW becomes custodian of the marque and begins ‘Project Rolls-Royce’, the challenge to create a new manufacturing facility, train a new workforce and design an entirely new car. Described as “the last great adventure in motoring” (Auto Spectator, 2011) BMW had built a new factory to produce the much sought after Rolls Royce models, including the exciting new Rolls Royce Phantom. Conspicuous consumption aims at exhibiting the consumers’ wealth or status is predominant in the wealthier societies. Looking at from another angle, for the up-market consumers indulging in conspicuous consumption, the financial constraints with reference to such consumption could be limited. The costumes one use, the group with which one moves, the place one stays and so on reflects the status of the person in the society or the social identity.  It is also important that the people perceive certain utility value which could be useful for their growth in profession or business by enhancing his social identity and belong to the elite groups as perceived by them. The tastes and preferences are perceived to reflect the level of sophistication attained by a person in life.  People tend behave in a fashion to identify themselves with a particular group as there are motivations for them to behave in this respect. (Ashforth, B.E., and Mael, F., 1989) states that Social Identity Theory (SIT) can restore some coherence to organizational identification, and it can suggest fruitful applications to organizational behavior (P. 20). The impact of this theory is reflected in social psychology, consequently on favoritism, prejudice and different styles in dealing with the people. Communication: In dealing with the ‘communication value’ it is important to note that there are two types of communications involved in the process, consumer to the society and the Product or Brand to the consumer. In the customer-society relationship, the message the consumer wants to convey to the society in terms of his status is the objective. In the product-consumer relationship, it is important as to how the product satisfies the consumers’ needs in achieving his objective. In the later relationship, the interplay of changing tastes and fashions in the society, the life-styles of the targeted consumers, perceived superiority of the products, the premium value attached to the product, the differentiating features of the product compared to the competitors’ products in the market, the exclusivity factor associated with the usage of the product and so on. Therefore, the peculiarities or unique features of the target segment need to be analyzed thoroughly and on a continuous basis to keep in tune with the factors which govern this product-consumer relationship assumes greater significance. The target community of BMW comprises affluent men and women of the particular age groups in active social life. Due to increased participation of women in the social and cultural activities in the recent years, the gender difference in luxury market is slowly getting phased out. Similarly, the economic development in the Asian and Latin American countries, especially the BRIC countries (Brazil, Russia, China and India) have given rise to new breed of consumers with financial power which makes the ethnicity or geographical differences not important in the scheme of things. The third dimension to the communication, the company’s relationship with the society, is very important. It could play a role in improving the consumer-society relationship by enhancing the product value in the eyes of the public. The company’s relationship with the society is determined by the activities of the company in the society, and is very important in the brand building process in the long run. Apart from the shareholders and consumers, in a company there are various other stakeholders such as employees and suppliers including the communities NGOs and the government. A company needs to adopt Corporate Social Responsibility (CSR) strategies for its sustainability and growth which covers social as well as environmental activities which include emission of green house gases, conservation of natural resources and environmental pollution. Rondinelli (2006) states: The BMW Group’s social responsibility strategy includes development of targeted human resource improvement programs, guidelines for work safety and health protection, the use of efficient work structures with flexible working hours, applying internationally applicable criteria and systems for employee assessment, and paying above average “success-oriented” remuneration and benefits. (p. 19) Buyer behavior theory and BMW’s brand image Mooij, M. (2011), states that the consumption is a matter of habit. Much of the consumer behavior is based on long term habits. (p. 7) Therefore, strategies concentrating on youth with ‘catch them young’ policy, especially in the case of high end products are necessary, because the younger generation’s attitude will be in tune with the trends and the latest developments. Research shows that children's ability to make inferences about others based on product ownership starts at an early age. Sex and social class were consistently found to influence children's ability to stereotype based on product ownership, with the children from higher socio-economic classes drawing stronger inferences based on product ownership. This proves that symbolic consumption is an important buyer behavior theory and BMW’s brand image can potentially be recognized from an early age. Taylor, S. L. and Cosenza, R. M. (2002) state “teens tend to influence the spending habits of their parents…the sheer size of the teen demographic makes them extremely important from a marketing perspective (MMR, 2000)” (p. 394) Hedonic Needs Because of methods such as public transport and cycling, there is no utilitarian need for consumers to buy a car – in particular a prestige car such as a Mercedes-Benz or a BMW. Many consumers buy cars to satisfy their ‘Hedonic needs’ or for its perceived utility value in establishing or exhibiting their status. Hedonic needs are associated with consumers’ emotions or fantasies; up market cars satisfy the need for consumers to achieve pleasure from a product in several ways. Simms, C. D. and Trott, P. (2006) state: Products bought on a functional basis satisfy immediate and practical needs and decisions are therefore based on objective attributes and criteria, whereas symbolic (intangible) brand components satisfy symbolic needs and emotional wants such as needs for self-expression and social identification, decisions are therefore based on subjective criteria (feelings and attitudes) (Bhat and Reddy, 1998). (p. 229) A car is capable of enriching Consumers’ egos (particularly male consumers); they are emotionally important purchases and make an identity statement. In some contexts, a car can be seen as an extension of one’s masculinity or a measure of success. BMW cars were driven by Pierce Brosnan in the popular James Bond films: “Goldeneye”, “Tomorrow Never Dies” and “The World is not Enough”; this gives the impression that consumers will be like the character ‘James Bond’ and ultimately helps enrich the consumers’ egos (“James Bond” - Women want him, men want to be him” says something about our culture’s prevailing image of manhood). The hedonic need for engaging in socially correct behaviour is required to be satisfied when purchasing a car; for example: a consumer may buy a BMW because their friends, family or co-workers have one and they are trying to fit in. Socially correct behaviours include environmental friendly programs and fuel efficiency as well and BMW products are more fuel efficient compared to its competitors. For example it is stated that 380 Nm and 135 kW (184 hp) are power and performance levels most engines never achieve. The engine in the BMW 320d not only achieves these, it does this on just 5.1 litres over 100 kilometres and with just 135 g/km CO2. (BMW Website, 2010)  Some consumers are disputed between their ‘eco’ needs (for example, driving hybrid cars or driving less often to reduce their impact on the environment, making the consumer feel helpful and satisfied) and their ‘ego’ needs. Recently, BMW have increased their appeal by introducing ‘efficient dynamics’ technology across their range of cars. The BMW 320d Efficient Dynamics achieves 68.9 miles per gallon and emits 109g of CO2 per kilometre although it is also capable of 0-60 mph in 8.0 seconds – meaning consumers can satisfy both ego and eco hedonic needs. Through the Brand Ambassadors and sponsoring tournaments the companies formulate strategies to strike a chord with the target consumers. Sponsorships play an important role in motor sports activities to attract the attention of youth. Formula BMW - A Junior racing Formula category and Kumbo BMW Championship in the UK generate huge advertisement opportunities. Companies target teen or college level affluent consumers in the eve of important events such as car racing and motor cycle rallies. “The BMW Group, one of the world’s premier automotive companies has agreed to a three-year partnership with the Sony Ericsson Open making them the tournament’s official car sponsor through 2013” (10SBALLS.COM, 2011) is a strategy to reach the prospective consumers. Hedonic Needs and new markets The assertion of the brand on price premium plays an important role in giving reassurance to the owners of the car about its value, which increases their comfort level psychologically in enjoying the benefits of owning a BMW product. The promotion of MINI brand after its acquisition, with innovative features such as coolness, mobility and sportiness with an eye on new markets and new breed of consumers necessitates adoption of new market development strategies. In targeting new markets ‘youth factor’ plays an important role considering the emergence of economic power in the developing economies of the world, where the proportion of youth in the population is more, the strategies have to take into account, affordability of the cost, the cultural differences, fuel efficiency, show rooms and infrastructural facilities for after sales service, road conditions of the countries, tastes and fashions of the target consumers, the phase of development of the economy in the countries and so on. The product differentiation and the individualism need to be maintained in relation to the competitors like Volvo and Mercedes-Benz. For example BMW India is likely to manufacture only BMW3 and BMW 5 Series for the Indian market. Bhattacharya, R. (2011, p.6) reports that The BMW Group may set up a second plant in India by 2015, in case the demand for luxury cars in the country continues on a similar growth trajectory as seen in 2010. MINI is recognized as trendy with great emotional appeal attracting youth with several features to make the driving a pleasurable experience, with modern outlook and BMW brand name, to give satisfaction to the consumers. The promotion of MINI is adventurous in many ways. Firstly, delivering a BMW product at an affordable cost to the consumer and maintaining the core values of the brand at the same time. Secondly, the competition involved in this process from the other manufacturers in this market segment is a challenge. However, this strategy is the need of the hour for expansion into new markets which hold potential for explosion in growth. Conclusion Customers choose BMW for various reasons ranging from superior performance, luxury and comfort, aesthetic features, reliability, safety, great driving experience, engineering innovations, stylish design and exclusive quality. Apart from the functional and utility aspects, the underling factor which governs their decision in purchasing a car is the psychological urge in relation to the brand BMW, for satisfying their needs with reference to status, individualism and self-esteem in its possession. Being a German car from the manufacturer with a great history adds enormous value to the brand. The marketing, after sales service and the complete product information, for example as available in their website, play a positive role in promotion of the brand. 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