Free Status Consumption and Marketing Essay Sample
In marketing a product, there are several things should be considered to make the sales succeed. The correct pricing is one determinant of marketing success, but it is also important that a company develops product based on the consumers’ behavior and characteristic. Nowadays, companies realize that in addition to external factors, internal factors like personal values and social status also influence purchasing behavior. Therefore, a company must plan careful marketing strategies to market their products successfully.
In several researches, scholars discover interesting findings regarding the relationship between status consumption and purchasing decision. Status consumption refers to consumer spending as a way to demonstrate their wealth and social status (Scheetz, 2004). This issue is multidiscipline that involves the subject of marketing, sociology, psychology, and economics. As this issue is considered significant to market products, marketers consider it seriously by adding values to products so that they match particular consumers’ social status. Shukla (2010) suggests that status consumption is common in all culture worldwide with various degree of influence.
This condition influences the way marketers understanding consumers. Nowadays, they integrate the status consumption in their brand development strategies. Several questions that taken into account are:
- how consumers select between different product alternatives
- how consumer is influenced by his/her environment
- how consumers are influenced by marketing campaign
- how limitations in consumer knowledge influence buying decisions
The rising status consumption is influenced by consumers’ family, reference groups (all groups that posses a certain power to influence society’s behaviors), roles and stature (which represents activities expected out of the person) (Boles, 1996). Some examples of how marketers consider the status consumption in their products are luxury cars to represent the social status of the owner. Table PC like iPad and BlackBerry PlayBook also give the perception of being successful businessman.