Friday, October 18, 2019

'An investigation in to why consumers may choose to buy a BMW as Essay

'An investigation in to why consumers may choose to buy a BMW as oppose to another brand of car' this could involve examinin - Essay Example An insight into the BMW brand BMW brand seeks to convey the message to consumers that BMW means â€Å"the ultimate driving machine,† and influence the behavior of the consumers. BMW has been successful in creating awareness and ‘esteem value’ of its cars and strengthened its position in the market over the period of time. BMW is synonymous with luxury car and treated as status symbol by the consumers. The brand equity has been built by branding efforts highlighting quality and excellence in performance of its products on a continuous basis. An overview of consumer behavior and the buyer decision making process This section will study and analyze the consumer behavior and its importance in marketing and give an overview of the buyer decision making process in relation to BMW cars. Cars are usually not purchased very often and cost a large amount of money – making them high investment purchases. Problem Recognition The consumer needs a car to travel socially and/or for work purposes/commuting; the need for a car is most likely an active problem (i.e. the consumer is aware that he/she needs a car) Information Search Potential customer researches different makes and models of cars and may look in to indirect competition such as public transport or bicycles. Evaluation of Alternatives The consumer will narrow the choices down until he/she come to a decision; the consumer will normally narrow down from makes that they are aware of, then ones that they would consider buying, then down to a small choice until they come to a decision. Purchase Decision The consumer will take in to account what their family and friends think of the car that he/she has decided to buy – consumers will also asses the risks involved with the purchase such as the financial and social risks. Post Purchase evaluation After purchasing, customers will continue to evaluate the car, this stage is vital to ensure future sales and promote brand loyalty for BMW. Effec tive after sales service plays an important role in enhancing the customer satisfaction. Symbolic Consumption Purchases carry symbolic meanings and can satisfy individual, social, or cultural needs. Driving a car that is perceived to be sporty, luxurious and exclusive can promote individualism and self esteem. Self-concept attached to the product helps to establish the user’s identity. In order for conspicuous consumption to be rewarded and thus maintained in society, individuals must attach symbolic meaning to products that infer something about their owner. This tendency to attach meaning to products is referred to as symbolic consumption. (Belk, Bahn and Mayer 1982; Belk, Mayer and Driscoll 1983). Symbolic consumption involves the owner as an encoder trying to communicate something about themselves through purchasing a product and a decoder who understands the symbolic message; for example: consumers may purchase an expensive car such as a 7-series BMW to show that they ar e well-off; although demographics such as age, gender and social class effect individuals' ability to form impressions about owners of cars. Research shows that children's ability to make inferences about others based on product ownership

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.