This is critical in the success of a particular product or service; one cannot rely on the merits of the product alone to “sell itself”. Businesses that produce successful services or products are those who understand their target markets the best. Webb (2005 p10) states “the key to a good marketing strategy is know what customers want in order to satisfy their needs. ” The implication of buying behaviour for marketers is that different buying situations require different marketing efforts.
Marketers must also identify the internal and external influences that drive the decision of the consumer to need a particular product or service. Understanding the target markets, its needs and influences helps marketers in shaping their Marketing Mix. This assignment well look at the buying behaviour within the Australian credit card market. More specifically we will look at two individual consumers who have both recently have been issued with credit cards. But, what type of credit card did they apply for? How has financial institutions segmented the industry?
What motivated and influenced their decision to select their credit card? These questions will be answered as we look at the consumer and the forces which marketers’ need to identify and analyse in order to develop appropriate marketing strategies. Consumer A Name: Ben Age: 28 Marital Status: Single Income: 75k per annum Description: Ben is your typical Generation Y, a generation that is known to be impatient, driven by the notion of “I want it now”. He lives and works in the inner city. He is very much a “Metro-sexual”, as he pays particular attention to fads and trends within his social environment.
This tends to lead to living a lifestyle which requires a high disposable cash flow which includes covering for the cost of materialist purchases like, designer jeans, fine dining with friends, as well as technological purchases like Blackberry’s and Ipods etc. Ben also likes to take infrequent holidays overseas. These are usually inspired by discounted sale fares from Low Budget Airlines. His cash flow going out usually is more than his income. So requiring easy and inexpensive access to credit is important in order to satisfy his needs. Consumer B Name: Charles Age