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Marketing Communication - The Consumer Behaviour of Individuals Belonging To the Age Group of 30-50 - Case Study Example

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This paper "Marketing Communication - The Consumer Behaviour of Individuals Belonging To the Age Group of 30-50" focuses on the fact that the 21st century has been often been dubbed as the age of competition. This century is categorized by the advent of globalization. …
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Marketing Communication - The Consumer Behaviour of Individuals Belonging To the Age Group of 30-50
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Download file to see previous pages Porter stated three basic strategies that could be adopted by firms. These are cost leadership, focus and differentiation strategies.
Customers can be categorised into different categories based on their age, social status, purchasing power etc. A categorisation of customers assumes importance as different customers have specific needs which must be fulfilled by firms.
The present study analyses the consumer behaviour of individuals belonging to the age group of 30-50 in the United Kingdom and prepare an effective marketing communication program that would be used to reach out to this particular customer category.
Segmentation is a tool that is often used by marketers to segregate customers on the basis of certain factors. Segmentation is defined as “a process that uses data to understand a customer’s needs and how they decide to purchase one product over another”. This technique tends to segregate customer on the basis of similarities in their buying behaviour (Fahnestock, 2008, p.3).
Application of segmentation offers certain unique advantages to an organization. Firstly it helps in providing tailor-made products to each customer category having different tastes. Secondly, it helps in better allocation of resources among different product lines. Finally, it also helps in countering the threats of competition posed by the advent of numerous competitors in the market (Bannon, 2004, p.4).
The UK has about 13141300 individuals belonging to the age group of 30-44 years. Of this, approximately 6521700 are males and the rest are females (Office for National Statistics, 2009, p.11). Statistics reveal that an average household in the United Kingdom spends close to 471 Pounds a week. It was also stated that individuals in the age group of 30-49 were higher spenders and spend approximately 582 Pounds a week which is much higher as compared to the average spending of the total population of the nation.
The lowest spending was exhibited by individuals in the age group of 75 and above, with weekly average spending of approximately 217 Pounds (Office for National Statistics-a, 2010).   ...Download file to see next pages Read More
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