Let us learn something interesting today. It is known as getting into the minds of the average consumer. Pronounce consumer as ‘conzumer’ and it’s not weird to pronounce tuition as ‘tut-tion’. The actual pronunciation of tuition is the ‘tuition’ in intuition. So pronounce tuition as ‘tu-ieee-tion’. If you’re in my interesting and slightly amusing class, then you will know who pronounce consumer as conzumer and tuition as, well, (in)tuition.
The best way of learning is via application on the everyday life. And just relate it to one today. It might not be very relevant, but it will teach you the concept of consumer behaviour.
Today, on the bus at around noon time, a group of some young working adults, who falls under what in the business world coined as, white collar boarded the bus. They smelled of some cheap cologne. And this guy who seat in front of me opened his mouth and said to his friends, “I think i want to sign up for that Citibank card.’
Upon further conversation among themselves, it drawn upon to the fact that this guy (lets call him John) is wanting to sign up for the credit card because it offers discount on the restaurant he usually dines at. But he seemed undecided, since he was introduced to another card by another fellow colleague (let’s call her Nancy).
Ok, let us just stop here first and analyse this part. Firstly, John is in a friendship group. And Nancy, being part of the group, with her info feed of credit cards, is a source of information to John. Accordingly to Freud theory, John does have a motive- getting a credit card. However, he subconsciously wanted that Citibank card, since it offers discounts on the restaurant he dines at regularly. Upon the introduction of another brand, DBS to him, he seemed to be unable to make up his mind on the card to sign up for. Thus, we could say DBS encroached into his mind. And now, his choice set consist of DBS and Citibank. This triggers his emotions and associations of both brands since he knew both banks quite well. And both offers the discount he wanted.
Thus Nancy in this case is advertising DBS to John. She went deeper into John’s motive. She introduced the DBS iPhone apps which consist of a number of discounts. This allows John to think more indepth, where he could sign up for DBS for more discounts at other restaurant.
Next, Nancy took out her DBS card. And she passed it round to them. A guy, call him Frank looks at the card. Now he goes ‘wow’! out loud. Now, in accordance to motive, the Maslow theory, where the 5 steps progresses systematically.
John had ful-filled his physiological, safety,social needs. Now he needs to ful-fill his esteem needs. Again, what motivates him to sign up DBS card? Because a majority of his friends have it, and now, he wants it too, in order to fit in. Also, it feeds into the goal of his lifestyle.
It might too fall into the need for self-actualisation. Being so, with the card, he would have the admiration of his peers, as well as affiliation and acceptance into the group. This too, would help increase his status among his social circles.
Now, lets think of why John likes to visit the restaurant regularly. Because the food there is nice, with a positive ambience. Now again, relate it to Herzberg’s theory. There are satisfiers to encourage john to go back there again. The nice food and ambience is a type of satisfier. With the absent of dissatisfies, such as poor service, John would not want to not visit the restaurant for a second time. Thus the restaurant in question have done a great job into doing their best in avoiding dissatisfies. By identifying such dissatisfies, they are able to make a difference in motivating their consumers in making a second visit. Thus, making consumer perceives the restaurant to be good and reinforce a positive image in the long term.
Now, back to the credit card case studies.
There are 4 steps in the information processing model.
Exposure. John is being exposed to the various options available, which in this sense is Citibank and DBS. It is a random or deliberate attempt? In making his select choice, he just take notice of those which offers discount at the restaurant. Thus, he is having selective exposure. He could mute himself from other cards which did not offer what he wants, zap through the various cards which offers the discount, but have a high annual fee and zip through the others. Thus, he made a select choice.
Or he could be exposed voluntary to DBS, as his colleague told him of DBS. External stimuli might trigger his intention and attention of the card, to fulfil his other needs.
Thus, he was exposed, have the attention, perceive the benefits and retention of what he wants to know.
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