Marketing: Principles and Practice - Essay Example

MARKETING: PRINCIPLES AND PRACTICE s Introduction The study of the process of purchasing is a study that is extremely complex. In the process of purchasing, the consumer decides to buy a specific product. Several factors play a significant role in the decision made by the buyer to purchase a product. These factors are such as product quality, fashion, price, celebrity endorsement, design/packaging, and family correlation with the product (Shafiq et al., 2010, p.10577). The main defy faced by various marketers entails the complication in understanding some of the basic factors that influences purchases of products among different customers. This challenge applies to all type of products marketers ranging from fast selling products in the market to high street fashions. Customers age, level of education, taste, gender, income, and brand have a role in determining factors that helps in the selection and purchases of different products in the market. Marketing aspects plays a fundamental role in influencing customers’ perception on a product. Factors that influence the purchases of products in the market have a focal impact on the value and meaning attached to a specific product (Kotler and Armstrong, 2012, p. 56). On the other hand, the significant of a product in the market is influenced by customers’ personal traits such as fashion sensitivity, and price consciousness. These traits vary from one section of the population to another. The understanding of the factors that determine the purchase of products in the market gives marketers an understanding on how different customers select fashion products in the market. This essay will address some factors that influence the purchase decision among post graduate student on fashion products (Rook, 2006, p. 253). The paper will also highlight the manner in which marketers of fashion products can use this understanding to satisfy the needs of the customers and gain competitive advantage over other competitors Factors that might influence the purchase of postgraduate students for fashion products Rational factors have an exceptionally crucial influence on purchase of fashion products among post graduate students. Rational factors entails economic as well as price related facets in purchasing. Price of a product constitutes the key rational factor that determines the choice of a fashion product among post graduate students. The price of a product must be equal to the quality of the purchased product. Post graduate students tend to pay more on high quality and durable product that on low quality fashion products. As a result, marketers must consider the income and age of postgraduate students in setting the prices on fashion products. Stoking products which are much beyond the financial capability of postgraduate students may prohibit them from considering the product in future purchases. Additionally, familial influence has a significant role in determining the rational aspect of purchasing process among postgraduate students. The familial impact influences individual rational belief on any fashionable product. Familial influence have an influence on the purchase of fashion products such as clothes but have a less influence on stylistic products such as luxury brand(Simonson 2003, p.71). Secondly, post graduate students evaluate their fashion products on the bases of the product physical make-up. The physical consideration of a product is known as product factors. Post graduate customers have a certain specific criteria for assessing the physical content of the branded fashion apparel. Although this criterion is naturally rational, post graduate students are more concerned with physical facet of a brand as compared with the resources limit and price. Marketers ought to consider both physical outfit as well as the price of the product in the market to attract and retain postgraduate students. The style of a product has an influence on the purchase of a product in the market among post graduate students. This has to do with the shape and the product used to manufacture a specific brand. Post graduate students prefer most recent stylistic products than fit their current social and economic status. Cognition as one of the common factors that influence the purchase decision among postgraduate students for fashion products entails the mental process undergone by customers in the purchase decision making process. Cognitive factor forms the main core which determines the purchasing pattern of a customer. Purchase heuristics among post graduate student is quite common among particular fashion brands in the market. In the situation where a purchased product produces positive outcome to post graduate students, the chases of purchasing a similar product in future is relatively high. As a result of this, purchases decision making process among postgraduate students is highly influenced by past experience on a brand. The nature of a product is more important in decision making process than other external factors. On the other hand, customer self-concept has a contribution in determining the purchase of fashionable product among postgraduate students. The term self concept among customers refers to the way in which customers think about themselves. Postgraduate students value themselves as most learned people. As a result of this, their choice on the brand is always based on their education level. Postgraduate students have specific internal aspects which they use to evaluate fashion products in the market. The cultural factors among different postgraduate students have a role in determining the purchases of fashion product in the market. Beside rational factors, cultural symbols that surround a product, cultural factors have a profound influence on the purchase of a product in the market. In some cases, the symbolic meaning attached to a product is transferred from cultural world to a brand through advertising. Advertisement is currently the most effective way of transferring the brand meaning to potential customers. The cultural symbol attached to a product influences the entire fashion system. Taking into consideration their position in the society, post graduate students prefer fashion products which have superb reputation in the society. Postgraduate students’ uses both printed and other form of media services to understand the symbolic meaning attached to a certain product in the market as well as the overall price of a product (McCracken, 2006, p.73). Post graduate purchasing decision is also based on environmental factors such as store attendant behaviour, rank destiny, and background entertainment. Postgraduate students prefer free browsing in the purchasing stores. Congested stores make their browsing activities ineffective. Stores are in most cases designed to portray the symbolic meaning of a brand. As a result of this, the environment surrounding a product should reflect the brand image. On the other hand, postgraduate students prefer store attendants who are friendly and knowledgeable enough about the products in the market. Attendants should also aid in the selection of a brand. This is specifically the cases among new customers who do not have adequate understanding on the product in the market. Music in shops should also reflect the ideals of the brand and the store. Post graduate students are always influenced by the music in fashion stores. Music which does not march with the quality of the product can most likely lead to immediate termination of a purchase. In most cases, postgraduate students do not feel comfortable in purchasing fashionable product alone. They prefer a company of their close friends. In this case, peer influence has a role in influencing the purchasing decisions among post graduate students. By understanding the role of peer influence, shop assistant must understand the most appropriate way of addressing a group of post graduate customers evaluating a specific brand. The shop assistant should therefore understand his/her role in such situation. How marketers of fashion products could use the above knowledge in satisfying the needs of the students and gain competitive advantage The current economic crisis which began in the United States and has stretched all over the globe has pushed companies to an extreme competitive age. As a result, companies are making more efforts to gain a sustainable competitive advantage in the market. According to Franz et al.(2006, p.100), the economic present situation has forced companies to effectively and efficiently operate via creating the right market for the right products than just leaning on market conditions that are favourable to increase profit margins. Given the above factors, the aim of the fashion product organization is to satisfy its customer wants and needs. One of the perfect ways in which marketers can carry out this profitably and efficiently is through the use of positioning and market segmentation strategy. Market segmentation: This is the process of splitting the diverse and large market into consumer subsets who share characteristics, needs and behaviours that are common. After dividing the market, the marketer needs to target a single or more of the resulting segments with a marketing mix that is distinct. Given the fact that the company is targeting post graduate student, the marketer should then develop products and services that are specifically channelled to this group needs. In addition to that, the products and services should closely match to the organization capabilities hence maximizing success and profit chances. Of great significance, market segmentation enables a company to focus resources efficiently and efforts via evading market segments that it cannot satisfy well. In that case, the company is able to avoid un-widely competition. Given the post graduate student’s diverse preferences, and the myriad fashion services and products available, it is extremely difficult for companies to cater for everyone needs. Moreover, when a marketer is evaluating a market via the process of segmentation, he or she may be able to acknowledge saturated segments with powerful and strong competitors as well as those segments that are underserved thus presenting an opportunity area. Two principal assumptions underlie segmentation of market. To begin with, the preference of consumer varies. Even though marketers may view this as obvious, then if all customers were universal, then market segmentation would have few advantages. Secondly, after marketers have tailored their service or product to specific needs of a segment, they can make their offer so appealing that the segment members are willing and ready to pay a price that has the ability of offsetting the costs linked with catering to segment specialized needs. After a marketer has performed segmentation to its market, then the company can identify a segment that is appropriate to target given the age, cultures, education level, tastes, gender, and income among other factors. Therefore, a target market is that which marketing efforts of a company are directed to. Market target selection should be based on a strategic analysis that is thorough of the external environment of the organizations which comprises of competitors, mass market and the general socio-cultural, political and technical environments. Also included are internal situations such as future options determination and previous performance analysis. And finally, is the matching of market opportunities with organizational strengths which helps in forming a positioning strategy. Positioning is the communication between the target markets via the utilization of variables in the marketing mix. Marketing mix variables are such as having a specific price, product, promotional appeal and distributional channel. In such a way, the company is able to help the post graduate students to differentiate its product from those of its competitors. In addition to that, the students will be able to understand how the company’s specific product perfectly satisfies their needs. Market positioning and segmentation are the essential concepts in the company study of the post graduate students behaviour and in marketing. This is because, most of the consumers in the current market have a variety of product categories from which to select and numerous choices within the identified categories. Hence, marketers are effective in conducting a wide consumer research for purposes of identifying appropriate bases for selecting target markets that are appropriate, market segmenting and developing an effective marketing mix and positioning execution strategies to gain competitive advantage. In summary, the most significant ways in which company marketers satisfy and discover customer wants and needs effectively and efficiently is through market positioning and segmentation process of dividing and conquering(Satish and Peter, 2004, p.229 ). Segmentation is always based on various factors such as geographic, demographic, and behavioural and benefits/attributed. Once, these factors are taken into consideration, then the company can gain a competitive advantage over its competitors via satisfying the needs of a particular target market. Marketing mix on the other hand, help customers to differentiate a company’s product from others. The product often satisfies their needs perfectly. All in all, marketers often utilize perceptual mapping for purposes of measuring the preference of the consumer and developing a strategy that is competitive. Conclusion Consumers often posses a set of product preferences and rational beliefs with regards to style, fit and durability. Some of these attributes develops via peer and familial influence whilst others occurs through the unique consumer’s cultural make up. Consumer’s posses a wide dimension of cognitive processes that impact on their preferred brand. Of great importance is their degree and self concept sense of fashion. Given the purchase situation type, a triggered set of brands that are potential is generated and reflects inherently the customer’s internal considerations. Through the segmentation of the market, a company offers its services and products that are tailored towards meeting the wants and needs of consumers within a segment market that is specific. This results to greater benefits to consumers. For instance, their needs that are specific are often cared for. However, market segmentation benefits might not be obvious to society and consumers. Bibliography Franz, R.E, Tobias, L., Bernd, H.S, and Patrick, G. (2006). “Are brands forever? 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(2003). “Getting Closer to Your Customers by Understanding How They Make Choices”, California Management Review, Vol.35, no.4, 68-84. Read More