The Concept of Status Consumption - Essay Example

Status consumption There are many strategies that marketers use in marketing various products and brands. One such strategy is the use of status in marketing a specific brand or product type. The essence of status consumption is that in society, one establishes an identity not just by what he does or says but also by what he purchases i.e. being seen as possessing certain types of a car, clothes, house or living in a certain neighborhoods, shopping in certain stores, going to some theatres, decorating ones apartment in a particular manner etc (Tuber, and Douglas, 2010). These are social symbols to which the society attaches certain connotations (status) of a superior, normal or different identity (Wayne, and Deborah, 2009). This paper aims at discussing the concept of status consumption with regard to how a marketer might be able to use status to market a specific brand or product type. In so doing, the paper identifies the various tactics that marketers might employ in using status as a tool of marketing. The paper will argue on the importance of differentiating the goods being marketed from normal goods so as to qualify them for status consumption. The paper also stresses on the importance of establishing brand relationships with consumers through sponsoring of events that depict certain status in a bid to succeed in status marketing (Aaron, 2004). Finally, the paper concludes on the importance of marketers putting in more effort in marketing status goods and ensuring that they are differentiated owing to the increasing competition in the market due to emergence of new brands of items on a daily basis. In their bid to use status in marketing, marketers should aim at establishing the differentiating features of the goods they are marketing. This is because people buy the so called ‘status’ goods due to their extraordinary design, superior quality, durability or performance which is superior to the competing goods. It should however be noted that despite the fact that they are highly priced, status goods serve the same purposes as their competing goods. Therefore, in using Status in marketing, marketers should convince potential buyers that the goods are of a higher status than ordinary goods owing to their better quality parts, stylish appearance, increased durability, better performance, advanced features etc. Failure to point out the differentiating features will not yield any fruits to the marketers since buyers are not looking for functionality but the differentiating features which make the goods qualify as status /luxurious goods (Foxall and Ronald, 1998). For example, Toyota corolla and Toyota prius serve the same purpose although the Prius is better suited to be advertised for status consumption owing to its advanced features. Marketers should also be aware of the fact that not all goods can qualify to be marketed as status goods. Some categories of goods are perceived as status goods by the society just because they act as status symbols and as such tend to signify the purchasing power of the individuals who acquire them. These items are not necessarily better in terms of quality, appearance or performance than their less expensive substitutes but they are bought with the main intention of displaying wealth or income and hence status of their owners (Sidney, 2008). These goods include luxury vehicles, watches, designer clothing, jewelry, country houses, large residence, urban mansions etc. As earlier discussed, status consumption involves consumption of some types of products (goods or services) for their being associated to certain status in society regardless of the prices they are offered at in the market. However, it is obvious that the high status associated with these products or services has to do with their extra ordinary quality, performance, high quality features as well as high pricing (Jonathan, 2005). Possession of such goods/ services therefore is a mark of the status or class that one is associated too. Bearing this in mind, marketers can therefore use status to market a specific brand or product type. A very good example of how status can be used to market a product is marketing the Toyota prius brand as a brand that is a higher status than other Toyota models although all Toyotas serve the same purpose. In using status in marketing, the marketer should bear in mind that the customers would want the value of the goods they are buying to reflect the status they would want to attain /portray and hence value for their money. The marketer should portray the product as having superior qualities as compared to similar products as to warrant its usage /consumption by a consumer willing to be associated with people of a certain social status. This is owing to the fact that people of high social status would want to be associated with consumption of high quality products that ordinary people are not able to afford (Chris, 2004). For example in marketing Toyota prius for status/ as a high status car, the marketer should use the features that differentiate it from ordinary Toyota cars to portray it as a high quality car that is only associated with people of high social standing. The marketer should portray the prius as having better fuel efficiency than other similar cars; it should be portrayed as being comfortable with computerized systems and hence able to offer safe quite rides (Caldwell and Henry, 2008). It should be portrayed as bristling with all sorts of hi-tech features as well as high scoring in safety tests and gives the customer extremely high consumer satisfaction and as being an environmental friendly car that leads to lower environmental pollution (Kujnish, 2006). As such, the marketer should associate it with the affluent and the elite/educated that not only enjoy using products of high level technology but also who know the importance of conserving the environment and are hence actively involved in conserving it. In using status to market a product, the marketer should associate the product with people of high social status who use the same product. In so doing, the potential buyers will buy the product not because it is better than other products but because they want to be associated with the status of the people who use it (Chandra, 2001). For example, if president Obama or any other prominent person used Toyota prius one day, its sales will automatically shoot up. This is because many people would want to be associated with the car since it is used by people of high social standing. This would eventually force the company to hike the price of a Toyota prius since in order to depict the high status (Michael, 2010). Associating Toyota prius with media celebrities would also play a great role in marketing it to those who want to be associated with the celebrities. For example, the fact that it has been used as an alternative for limousine for Hollywood award ceremonies or even on the silver screen has definitely served to raise the status for which it is associated with. Premium pricing is another tactic that marketers can employ in using status to market certain products. It is obvious that being associated with a certain status comes with its cost. People want to be associated with an affluent status because they can be able to buy expensive things and still remain rich. For example, there are vehicles that are associated with political elites or the world billionaires simply because they are very expensive and hence not everyone can afford them (David, 2009). A person earning 100,000 dollars per year will obviously not want to be associated with a car that is driven by people earning 10,000 dollars. Therefore, in order to succeed in using status to market a brand or a specific type of a product, the marketer should price the commodity highly since the customers will associate the high price with high status. After all, customers have the tendency of associating high quality with high pricing while low quality is associated with low pricing. Another tactic that could be employed in using status as a toll to market a specific good or brand type is creating artificial shortage. If a product is being marketed as a status product, then it should not be available to everyone. The marketer should create artificial shortages so as to create the notion that the product is only available to the people of a certain social class (Barbara, 2003). Flooding the market with a product especially at allow price creates the notion that everyone can afford it. For example, in marketing Toyota prius as a car to be used by people of a high social class, the company creates shortages by ensuring that an order takes two months to be delivered. In using status to market specific goods or brands, marketers seek to build brand image through sponsorships. Traditionally, status brand marketers used a wide variety of techniques in marketing their products (Nigel, 1998). Some of the methods included media adverts as well as public relations. However, with status brands facing more completion from new brands, marketers have to move above advertising available to everyone to more unique and limited availability sponsoring of events and activities easily and obviously associated with status in the society for their product’s differentiation (Schiffman et al, 2008). To obtain success in marketing of a ‘status’ product, marketers must build and secure a high status image in the mind of consumers. This is done through regularly sponsoring high status events to high status people. A status brand like Toyota prius could sponsor both local as well as international events such as motor racing, golf and horse racing. Sponsoring events not only riches those in attendance but also a big global audience of both the ‘high and mighty’ and those carving to be mighty via expensive internet and television coverage of the vents –hence providing media coverage at no additional costs (Irena, and James, 2008). Therefore, event sponsorship will serve as a platform with exclusive, strong and specific traits and personalities in identification and influencing directly or indirectly people of high social standing (William, 2003). By sponsoring such events, people will associate Toyota prius with people of certain status (celebrities) who are involved in the event hence boosting its image. Status’ brands must always stand out among their competing brands. Therefore, the atmosphere in which the status brands engage their committed customers should match the brand exclusivity and the lifestyle it represents (Norman, 2005). For example Toyota prius marketers should always organize properly planned as well as activated hospitality programs which will leave a more lasting impact on the customers than adverts in lifestyle magazines which is a media that status brand have traditionally leaned on for a long period. It is important to note that customers who buy products for their status orientation are very careful about what they buy. They look for very high quality products that have very personal value (John, 2002). They are usually very selective and less impulsive. The marketer should therefore ensure they understand and speak the quality; value and status that the customer seeks to get by purchasing the good or service. With the increasing competition in the market for status’ goods, marketers must be more aggressive than before if they are to ensure that their market offerings are to remain relevant in the market. As such, they should ensure that their products stand out among the competing brands as the only products that are designed for people of a certain status. The goods offered must be of superior quality with additional authentic features and must also be priced at prices that reflect the value and status they purport to represent. 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