Consumer Behavior of Panasonic Company - Research Paper Example

 Introduction Panasonic Company is a Japanese company that constitutes larger part of Matsushita Group tracing its roots all the way from 1918 and started by Konosuke Matsushita (Panasonic Company, n.d). It is a worldwide company that has created niche in consumer electronic goods in majority of global countries. Currently, the company has more than 15, 000 different product brands that include Panasonic, Technics and National and many more (Panasonic Company n.d). Panasonic company together with Toshiba corporation have signed an agreement which will into collaboration efforts of the two companies in developing, specifying and promoting an electronic product known as SD Media Card which has been termed as next generation secure memory card (Unsworth, 2003). According to the company, the global market for the product is on a growth as the product’s features continue to win market acceptance. For instance, this product is seen to, “provide a compact, reliable, and easy-to-use medium to store high volumes of visual, audio and other data for digital music players and cameras, personal digital assistants (PDAs), video cameras, cellular phones and other digital consumer electronics products” (Unsworth 2003, p.1). According to the report ‘Worldwide Flash Card Market History and Forecast Trends, 2001-2007’ prepared by Joseph Unsworth in 2003, the author predicted that SD memory cards would become dominant in markets of many countries (Unsworth, 2003). Global market reports indicate that dominance and acceptance of SD memory card was gaining momentum and becoming the leading flash card market (Unsworth 2003). According to the author, the acceptance of the product was on rise due to the product’s abilities in terms of size, performance, and security. By the year 2007, Global market for SD memory cards was estimated to be around 56.6 % (Unsworth 2003). United Kingdom market is one in which SD memory card is gaining wide acceptance but full acceptance is yet to be realized as products from other companies continue to be favored by most Britons. There understanding consumer behavior within the UK market is necessary for SD memory card to receive wide acceptance. Perception strategies Consumers demonstrate their varied preferences for products and this is seen to be constituted by perception. Consumers may prefer to buy from a particular supermarket, to buy a particular brand, or just show preferences of shopping in particular areas (Jain 2010). Perception is further seen to be influenced through communication stimuli such as advertising, store displays, and packaging (Jain 2010). All these influence perception and in turn, perception is seen to trigger or motivate consumer-purchasing behaviors (Jain 2010). Perception has been defined as, the entire process by which an individual becomes aware of the environment and interprets it so that it will fit into his or her own frame of reference. Thus, the person sees, hears, smells, touches, tastes stimuli in the environment, and interprets their meaning (Jain 2010). Strongest influence of perception comes through learning where perception about particular products is as a result of what people have learnt about those products - in other words the information about the products (Jain 2010). Perception takes place in the brain where the brain normally makes or attempts to make sense of the stimuli to which majority of consumers get exposed or subjected to. Perception is further a result of numerous factors: the first factor constitutes exposure, where exposure has been described as the extent level to which consumers in any particular market are able to make or meet stimulus (Perner, n.d). Exposure may come as a result of being subjected to constant commercial messages. The relaying of messages takes place through advertisement techniques such as billboards, radio advertisements, television advertisement, and any form of advertisement (Perner n.d). These advertisements further involve repetition, which becomes part of the daily life of the consumers (Perner n.d). At the same time, for the consumers to process the stimuli in more conscious way there is need for attention, which may well be captured through strategic advertisement. Interpretation is further necessary in perception that constitutes making sense out of the stimuli for instance attaching particular advertisement with particular product. Furthermore, stimuli, which influence perception, have to be noticed and one-way is for stimuli being relevant (Perner n.d). For example, consumers are considered to and likely to incline towards pleasant stimuli when they want to make a choice. This does not mean unpleasant stimuli will not get attention rather in the same measure unpleasant stimuli may receive attention by the virtue of them being irritating advertisements hence becoming effective in the long-term (Perner n.d). Repetition plays an important role in fostering perception of the stimuli. Through repetition, consumers are likely to be exposed to constant and necessary form of advertisement. In the end, the reinforcement emanating from the repetition in turn results in changed consumer decision-making. Stimuli are categorized into two groups: surprising stimuli and subliminal stimuli (Perner n.d). On its part, surprising stimuli receive greater attention and for greater prominence, it has been suggested that there is need to pay greater attention to the size and center placement of the product (Perner n.d). Subliminal stimuli emanate as a result of strategic advertising during particular times for instance at night (Perner n.d). With different types of perception, it is recommended that Panasonic Company should device strategies that take into account the following: product perception; price perception; brand perception; storage and exposure perception; and risk perception associated with the product (Jain 2010). Motivation strategies Consumers purchasing behaviors are as a result of motivation. Motivation is seen to constitute, “an internal, energizing force that orient person’s activities toward satisfying needs or achieving goals” (Pezzulo and American Bankers Association 1998, p.98). At the same time all consumer behaviors are seen to be motivated and different people have different reasons foe doing the things they do (Pezzulo and American Bankers Association 1998). Motivation process is seen to start with unsatisfied need, which triggers chain of events leading to specific behaviors. In many cases, motivation occurs when there is unsatisfied need and when it takes place, tension develops within the consumer, which in turn leads to search behavior by the individual in an attempt to satisfy the behavior (Pezzulo and American Bankers Association 1998). According to Manslow’s hierarchy of needs, there are two kinds of motivation: primary motivations and secondary motivations (Ramesh 2008). Primary motivations in large part constitute physiological needs like thirst, hunger, and sex (Ramesh 2008). Secondary needs on the other hand revolve around sense of belongingness, status, and self-esteem (Ramesh 2008). Consumers consciously know their secondary needs and it is in this situation that the symbolism associated with brands may appeal to consumers. When consumers associate themselves with these symbolic brands, they are able to gratify their psychological needs. At the same time, consumers’ motivation arises from two categories of needs: intrinsic needs and extrinsic needs (Ramesh 2008). Intrinsic needs may consist of gratification, sensual pleasure, perceived risk, and variety-seeking tendencies associated with particular product (Ramesh 2008). On the other hand extrinsic needs consist of status symbol and symbolic association (Ramesh 2008). Consumer motives in most cases are determined by buying habits, and in accordance to this, they are classified as either rational or non-rational. Examples of rational motives have to do with price, durability, and economy while non-rational appeals have to do with prestige, comfort, and pleasure (Onkvisit and Shaw, 2008). For product to realize success in the market with consideration of motivation, it has been recommended that the affected target customers have to be properly motivated. The most important thing to do when strategizing for the product marketing is to identify the specific motives relevant for the marketing purposes. The critical aspect is to select critical task carefully and properly which is relevant motive for the purpose of product promotion (Onkvisit and Shaw, 2008). Attitude strategies Attitude has been regarded to help marketing strategies in such ways as providing measurement effect of advertising on behavior (Raji 2007). Attitude may be measured through public opinions about a particular product or issue and a positive attitude tend to react favorably to an advertised product (Raji 2007). When consumers express negative attitude towards an aspect with regard to the company’s products buying behavior of such consumers is affected. Over time, the consumers may change attitude as factors such as social, cultural and personality for the consumer change (Raji 2007). Many studies have recommended that company’s marketing strategies at all times should ensure consumers have favorable attitude and attitude change can be realized when old attitude dysfunctional are identified and rectified (Raji 2007). Mass media has been identified as the biggest avenue in promoting new ways for solving problems or bringing satisfaction to consumer needs (Raji 2007). People or consumers have to be convinced that maximum satisfaction can only be realized by modifying the existing attitude and when such happens then likely positive change become viable. Any form of unpleasant experience with the product or anticipation of harmful consequences can make the consumer rethink and review his or her attitude (Raji 2007). Use of information stimuli can change or reinforce consumer attitude with regard to specific or particular products. Recommendation suggested for effective attitude change among the consumers is for the company to initiate and facilitate well-conceived marketing communication. This type of communication may include use of local media, modern print and electronic media (Raji 2007). Modern communication media are perceived as the most suitable and relevant means of penetrating the heart and breaking down the attitude barrier of consumers. The company should be able to use soft selling techniques through color, personalities, power of reasoning, attractive phrases or words and other pleasing appeal that draws the consumer attention (Raji 2007). In some instance, the company may see as the urgent need to reach many potential consumers it is always recommended to combine traditional communication with modern communication (Raji 2007). In such circumstances, it has been seen that the following promotion strategies arouse positive mental attitudes and at the same time change the negative attitudes of consumers. They include electronic media such as radio, television, cinema, and print media including newspapers, journals, billboards, magazines, periodicals, posters, and any other published material (Raji 2007). Decision-making strategies Consumer decision-making depends on choice and the decision-making models in which consumers go through before making decision. Decision-making process goes through five stages that include need recognition, information search, and evaluation of alternatives, purchase, and post-purchase behavior (Lamb, Hair, and McDaniel 2008). Generally, consumers moves through a problem-solving process that range from recognition of needs, over information search and the evaluation of alternatives to reach the final stage of choice or purchase (Luning, Luning, Devlieghere and Verhe 2006). A need from consumers triggers demand for a particular product, and when the need is realized, consumers start searching for the information on the potential solutions in order to satisfy the need to be satisfied. Classical four-stage model of the decision-making process has remained the best way to describe decision-making process for the consumer. The model has been integrated to incorporate ‘hierarchy of effects-model largely with regard to concepts related to information processing (Luning, Luning, Devlieghere and Verhe 2006). Influencing consumer-decision making process, it is important if the company has to penetrate the UK electronic market. Numerous strategies exists that company’s marketing strategies can depend upon in influencing consumer decision-making process. Such strategies include activating consumer desire for the new product by exposing them to newer and unique aspects of the product such as styles, designs, features, or performance of the product (Majumdar 2010). Further, there is need for the creation of awareness among the consumers about the superior design of the product, product improvement aspects and the way innovative the product is (Majumdar 2010). Need recognition as another aspect that can be influenced through recurrent reminding of customers about the product through advertisements and other product promotion strategies (Majumdar 2010). Multimedia Strategy Report Consumer behavior is highly sensitive to the consumer’s general environment. In this respect, cultural and social factors play a critical role in the buying decisions of the consumers and it has become important for marketers to study the influence of the factors like social class, family, culture, reference group, and opinion leaders on the individual behavior and actions (Sahaf 2008). a) Social class Social class constitutes a large group of people who share some commonality in terms of values, interests, lifestyles and behaviors (Sahaf 2008). Social classes’ results from compassionate feelings people have over others as a result of sharing similar values and economic conditions (Sahaf 2008). In any society aspects such as status, wealth, skill, and power constitute the major aspects that are used to categorize people in different groups in the society. People in every class share many of the same goals and hold similar views about the appropriate means of reaching them. It has become essential to every company’s marketing department to carry out detailed study of the numerous elements that are demonstrated by particular social class of the target market before formulating marketing strategy (Sahaf 2008). Mandell and Rosenberg (1981) identified two questions that marketing strategies of various companies should answer with regard to social class marketing strategies. These questions are in the particular product specifically oriented to the given social class, and if so, particular marketing strategy can be used to appeal to the class. Suggested recommendation for this question is that the company has to use different advertising appeals to each social class, select appropriate media to use to reach to the specific identified social class and sometimes the company can use retail outlets to reach out to the possible consumer group (Sahaf 2008). The second question has to do with asking whether the specific product is being consumed in large proportion at any given social class level. For instance, those individuals in the lower social classes tend to have needs that center on the basic needs (primary needs) while those in the upper-middle-class families tend to have secondary needs that largely constitute products for leisure, enjoyment, esteem, prestige, or status (Sahaf 2008). Selection and usage of products conforms to the desires, needs of every social class, and normally differs from each class. Main factors that have resulted into considerable differences in taste and preferences among the social classes include educational opportunity across different social classes, greater social mobility, the impact of modern communication and mass media (Sahaf 2008). b) Culture Culture constitutes a set of complex of values, customs, beliefs, ideas, and skills that larger group of people share in the society (Sahaf 2008). Culture at the same time involves set of learned beliefs, values, attitudes, habits and forms of behavior that are shared by different groups in the society and in actual sense get transmitted from one generation to the next (Sahaf 2008). Generally, culture is the mainstream in which lifestyle of different people is understood and culture in such circumstances provide guidelines and rules with regard to what is acceptable or not acceptable. What may be acceptable and popular in particular market may however receive less acceptance in another market due to different cultural orientation. Culture thus influences consumer behavior and individual’s behavior is a result of the individual’s cultural value system for a particular context. Individuals’ cultural value systems are developed over time as they become socialized into a particular group. Society’s culture combines with regional subculture and other familial values, and in collaboration, they influence the formation of an individual’s cultural value system. Culture affects consumer behavior that in turn reinforces the manifestations of culture where an individual’s consumption behavior may be viewed and imitated or rejected by others (Luna and Gupta 2001). According to Luna and Gupta (2001), marketing actions serve as a vehicle to transfer meanings or values from the culturally constituted world to consumer goods. In this perspective marketing communication, affect culture’s manifestation through activities of advertisements (Luna and Gupta 2001). According to Hofstede (1997), culture has the power to influence behavior through manifestations of values; heroes, rituals and symbols (Luna and Gupta 2001). Culture thus has become important in product marketing strategies and the understanding is that business practices that are successful in one country might end up being offensive in another culture and ineffective in the long run. What is recommended is that companies especially those involved in electronic products have o tailor their marketing campaigns to appeal to different cultural groups. For example, company’s cultural marketing strategy can involve having the different product designs on the shelves that appeal to different cultural groups, which should be coupled with creating policies, and communication strategies that appeal to different cultural groups. Television advertisement should also be culturally sensitive and largely loaded with culture aspects of the specific group in their advertisements. Packaging of products is another area that should have cultural aspects in mind. Products packages should appeal to the culture of the people being targeted for the marketing objectives. c) Age Age contribute to differences in tastes and preference among the different groups of people in society who are differentiated by age. Young people in any particular society are seen to be large spenders on non-essentials and entertainment products and older members are seen to be naturally large spenders on health insurance, medical care and so on (Majumdar 2010). Age is seen to be the main factor that has been used in market segmentation. The primary logic is that people of the same age go through similar life experiences and therefore share many common needs, experiences, symbols, and memories, which in turn may lead to similar consumption patterns. Regardless of country, age groups are constantly changing and in the process influence consumer behaviors. Age dictates life stage, which is predictive of needs and wants which in turn influence product usage and therefore product development, distribution, and marketing communications strategies. Age profiling has become away of market segmentation and has generally taken into account two distinct effects: the age effect; and the cohort effect. Age profiling has also been used to understand the subcultures. In society, members of specific subcultures possess distinct set of beliefs, values, and customs that set them apart from other subcultures. Recommendations have been expressed for companies to take multidimensional approaches with regard to segmentation-age marketing to remain relevant. Further, there is need for marketers to understand the different age subcultures and subsequently use that information to cater for marketing message and advertising for their products. d) Family Family consists of informal, primary, contractual, membership group that is generally small with regular face-to-face interaction (Lantos 2010). Family normally shares ideology and in most cases has common goals. Families make the majority of consumer goods purchases and many advertisements have been directed towards families. The family is seen to provide emotional love, nurture, and stable relationships to its individuals while at the same time provide also economic resources such as allowances to the children to make certain purchases. Families play a big and critical role with regard to consumer socialization where children’s lifetime attitudes are heavily influenced by their parents and older children towards particular products, brands and even certain stores. For example, children will regard certain purchasing alternatives favorably or unfavorably depending on how such purchasing alternatives are perceived by their parents (Lantos 2010). In general, family establishes a lifestyle for its members, which translates into product choice and consumption behavior. Families further play the role of mediating function where older members filters and interprets information to the young members about product information; their prices, usability, durability and risk nature. Parents together with older children share band preferences, which in most cases denote early influences in the marketplace, endure throughout one’s lifetime through intergenerational influence (Lantos 2010). Further observes that family size and family structure affect consumer behavior when if the family size is large then such family buys more products while on the other hand if the family is small then consumption of products is small. Marketing strategies for products with regard to family has centered on advertisements that appeal to dominant family aspects being practiced in the particular society. The recommendations for marketers is to investigate the dominant family aspects being practiced in the society and appropriately design advertisement and promotional strategies depended and based on those particular aspects. e) Reference groups Many people belong to multiple social groups and these groups have the power to influence their purchasing behaviors. Three main types of reference groups exists and which influence consumer behavior where the family may sway children to consume particular products, while friends suggests what to consume and even where to buy such products. At the same time, products are purchased to achieve a sense of belonging or to make a particular statement about which people are in the society or in particular group (Majumdar 2010). Reference groups have mainly influenced consumer behaviors through brand choices and this is due to the importance of brand image, which reflects a mental impression reflecting the brand’s personality. Reference groups plays important role in fostering expensive and luxurious products that may not be affordable to many people and therefore connote status. The reference groups become the strongest influence in deciding whether to acquire or not acquire particular products or particular brand. Reference groups over time become individual’s frame of reference and source for sharing experiences, perceptions, cognition, and ideas of the self. These groups are the benchmarks that consumers use to contrast and compare before making appropriate evaluation of group related behavior. They act as frames of reference to which people always refer to evaluate their achievements, roles, performance, aspirations, and ambitions (Majumdar 2010). The degree of influence that a reference group exerts on individual’s behavior generally depends on nature of the individual and the product and on specific social context. Further reference groups are used as information source in the different stages of the decision-making process. In general, cases consumer search for information about product will rely on credible people that the consumer is likely to perceive to be important to him or her (Majumdar 2010). f) Opinion leaders In many societies, there are individuals who are perceived to have great influence on the decision-making process of majority of people through word-of-mouth communication generally within certain product category. Opinion leaders are seen to be strong, informal sources of product information and they receive this status due to their technical and social accessibility (Mooij 2004). They act as role models and play critical role in the process of diffusion of innovations. Opinion leaders vary across cultures where such leaders are likely to be favored in strong uncertainty avoidance cultures. Conformance to group behaviors and group norms are highly successful in collectivist cultures and as result opinion leaders, especially elders are more relevant in collectivist than in individualist cultures (Mooij 2004). Companies may seek services of opinion leaders especially if they want their product market-penetration to be first and effective. It is important for companies to carry out research and identify the best and most appropriate opinion leaders whom the specific society regards in high esteem. Reflective Writing Before I was introduced to this topic consumer behavior was another topic I regarded to constitute part of marketing studies. I had little knowledge as to how thorough understanding of consumer behavior can help various entities in formulating or formatting their marketing plans. However, for the time I have been able to sit in this class, my understanding and knowledge about consumer behavior have increased greatly since I’m able to understand how consumers think, feel, reason and select between alternatives and with these knowledge, it becomes easy to create effective marketing campaigns. Consumer behavior has also allowed me to have extensive understanding ways a company can study consumer behavior and stay close to its customers understanding their needs and how appropriate to introduce them in the market. Consumer behavior is seen to be influenced by the consumer needs that are seen to constitute: physiological needs, safety needs, love needs, and needs for self-actualization. As far as these may be important to predict consumer behavior, my conviction is that they do not constitute the only and central elements to put much emphasis on. Consumer behavior is in constant dynamism a situation that indicates needs is likely to be multiple apart from these ones. Therefore, holistic understanding of consumer behavior needs to be carried out through a comprehensive development of human needs, which can explain the different consumer behaviors in different markets. Consumer behavior studies have also empowered my understanding especially with regard to consumer behavior theories that try to explain different behavior manifestation by different consumers in different circumstances. Theories in consumer behavior have strong background originality in the field of psychology and their appropriate relevance has been effective in marketing. Nevertheless, numerous research done in the fields of marketing and consumer behavior postulate that there is need for more studies to be undertaken in consumer behavior theories by exploring the critical aspects of cognitive, sociological and even political on how they affect consumer behavior (Zielinski and Robertson, 1982). One is likely to get adequate and almost needed information from the consumer behavior literature available but numerous critique journals and research papers have pointed out that many topics central and important to the field of consumer behavior are yet to be actively studied and researched. The literature explored indicates there are some deficiencies in key areas of motivation, learning, self-perception, social class, and cross-cultural effects, as well as how these aspects affect consumer behavior (Zielinski and Robertson 1982). In summary, the study of consumer behavior has been both exciting and enriching. With such immense knowledge, I believe my interaction with the society especially with regard to marketing will be challenging but acquired skills in this topic will be at hand to provide success even in tricky situations. Conclusion Consumer behavior involves study of theories that affect consumer behaviors, the processes of decision-making and motivation consumers possess about particular products. Hence understanding each level of these aspects enables marketers to influence consumer behavior appropriately and direct their motive of buying particular products. UK’s electronic market is not immune to demonstration of consumer behavior. International companies like Panasonic have a role to identify specific factors that characterize UK electronic market in subsequent manner outline and pursue appropriate marketing strategies for this market. Therefore, consumer behavior is an area in marketing that cannot be disregarded or ignored. To achieve effective consumer behavior studies there is a necessity to carry out research in the UK market and generate information that is useful for companies to package their marketing strategies. Reference List Jain, A., 2010. Principles of Marketing. New Delhi, FK Publications. (Online). Available from: http://books.google.com/books?id=Zxeu8d_fz2QC&pg=PA130&dq=perception+and+consumer+behaviour&hl=en&ei=vIcQTZaCNJDKswbFhun4DA&sa=X&oi=book_result&ct=result&resnum=10&ved=0CFcQ6AEwCTgU#v=onepage&q=perception%20and%20consumer%20behaviour&f=true (Accessed 20 December 2010). Lamb, C. W., Hair, J. F., and McDaniel, C., 2008. Essentials of Marketing. OH, Cengage Learning. (Online). 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A Marketer’s Guide for Business: Consumer Buying. Ebooksbox. (Online). Available from http://books.google.com/books?id=hPpF5fKdeAUC&pg=PA42&dq=ATTITUDE+and+consumer+behaviour&hl=en&ei=Gb4RTdeoB9HOswahvaT7DQ&sa=X&oi=book_result&ct=result&resnum=4&ved=0CDUQ6AEwAw#v=onepage&q&f=false (Accessed 20 December 2010). Ramesh, K., 2008. Conceptual Issues in Consumer Behavior the Indian Context. New Delhi, Pearson Education India, 2008. (Online). Available from http://books.google.com/books?id=yo4JsUrZPfcC&pg=PA118&dq=motivation+and+consumer+behaviour&hl=en&ei=ZI4QTeiANYv0sga0n6j-DA&sa=X&oi=book_result&ct=result&resnum=4&ved=0CDcQ6AEwAw#v=onepage&q=motivation%20and%20consumer%20behaviour&f=false (Accessed 20 December 2010). Sahaf, M. A., 2008. Strategic Marketing: Making Decisions for Strategic Advantage. New Delhi, PHI Publications. (Online). Available from http://books.google.com/books?id=wu7znWUQ6JYC&pg=PA103&dq=external+factors+that+influence+consumer+behaviour&hl=en&ei=INsRTYr_N9Hysgbb1Iz8DQ&sa=X&oi=book_result&ct=result&resnum=2&ved=0CCwQ6AEwAQ#v=onepage&q=external%20factors%20that%20influence%20consumer%20behaviour&f=true (Accessed 20 December 2010). Unsworth, J., 2003. Matsushita electric, sandisk and Toshiba agree to join forces to develop and promote next generation secure memory card. (Online). Available from http://www.panasonic.com/MECA/press_releases/sdmedia_99.08.25.html (Accessed 20 December 2010). Zielinski, J. and Robertson, T. S., 1982. Consumer Behavior Theory: Excesses and Limitations. (Online). Available from http://www.acrwebsite.org/volumes/display.asp?id=5891 (Accessed 20 December 2010). Read More