Consumer Behavior Building Marketing Strategy 14th Edition

Consumer Behavior Building Marketing Strategy 14th Edition – Navigating the global consumer market landscape is rarely exhilarating. In addition to the social and technological changes that have transformed markets, the COVID-19 crisis has rocked economies around the world, leaving behind varying levels of recovery. recession. The turmoil in the country is that the worst is yet to come. However, it is clear that this pandemic is a black swan event that will fundamentally change buying behavior for many product and service categories in ways that marketers around the world have yet to comprehend.

With trillions of dollars at stake, businesses are using traditional and trusted methods to position their products and predict consumer spending habits in the new normal. They develop target consumer archetypes by processing demographic data and using surveys and focus groups to ask people about different attitudes and emotions.

Consumer Behavior Building Marketing Strategy 14th Edition

The problem is that these methods do a lot of damage to the dynamics that actually drive purchases. For example, most consumers around the world say they are value conscious and willing to pay more for environmentally sustainable products. But when asked to list the factors that influence their recent purchases, from clothes to drinks to restaurant meals, they typically put sustainability and value at the bottom of the list. “You are what you drive” is a truism in car marketing, but some of the most influential factors when buying a car are whether consumers have bought a car before I’ve found it to be more relevant than context, such as whether. way to think. . .

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Understanding what drives consumer choice is the difference between dominating your target market category and making ill-conceived decisions about your product, price, and position to leave value on the table. can produce

To this end, Boston Consulting Group’s Center for Customer Insights (CCI) has set ambitious goals. It is a deep understanding of consumer needs, or preferences, across multiple product categories in her six major markets of Australia, China, France, Germany and Australia. Japan, and the United States.

Taking hundreds of variables into consideration and analyzing the survey results of more than 15,000 consumers yielded some insights that contradict conventional wisdom. For example, we find that despite decades of globalization, consumer attitudes still vary widely from country to country, including in markets that are generally considered the same. In fact, many marketers see millennials and her Gen Z as important global segments, but the differences in attitudes across markets are evident among members of this younger generation and their ancestors.

Also, the idea that brands can succeed by using a common global strategy to capture demand has turned out to be a myth. Across all the business and product categories we investigated, we found that consumer needs differ from market to market, making a comprehensive, global category playbook ineffective. , suggesting that attitudes and demographics are important but do not adequately describe choices in any category. or purchase context should also be included.

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The challenge is understanding exactly which combination of factors out of hundreds of variables drives demand for a particular category in a particular market. To understand the impact of consumer preferences in specific categories of countries, businesses should encourage comprehensive research that combines understanding of attitudes and demographics with understanding of context.

CCI has studied consumer behavior and purchasing decisions in a given market for many years and uses the company’s Demand Central Growth methodology to understand key options. What has not been attempted is how the balance of three critical dimensions of consumer demographics, attitudes and context is applied across product and service categories and across countries to meet consumer needs. , and in turn influence the choice. (See Attachment 1)

In the fall of 2020, we will launch an extensive study that will ultimately cover the 18 most important markets in the world. The first phase of this research focused on Australia, China, France, Germany, Japan, and the United States. In each market, we interviewed representative consumer groups of various ages and income levels to indicate their level of agreement with 56 attitude statements. We then asked respondents about their top needs that influenced their most recent purchase or consumption decision and their recent purchases or uses across 13 categories: Beverages, Snacks, Meals, Payments, Skin Care, and Health Supplements. . , Streaming, Apparel, Luxury Retail, PC/Tablet, Leisure Travel, Insurance, Automotive.

The principles of the Demand-Oriented Growth methodology allow us to examine the impact of attitudes, conditions and demographics on consumer demand for new purchases and use of products and services, and to fully compare the impact of each. .variable. To do this, we have developed a wealth of understanding of consumer mindsets and advocacy needs across all 13 categories, across countries and generations.

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Marketers have long known that consumer sentiment and values ​​vary from market to market. However, globalization has made it increasingly popular to argue that Generation Z and other demographic groups are distinct segments that share similar attitudes around the world. We decided to explore in more depth the extent to which certain attitudes vary across countries and segments.

In general, we found that consumer attitudes tended to differ from market to market. However, some groups have emerged. U.S. and Australian consumers showed good agreement on almost all dimensions, including agreement that technology will enable a better life and the degree to which they are optimistic about the future. rice field. We also saw a general trend among users in Germany and France. U.S. consumers have very different religious values ​​than other Western countries. (See Attachment 2)

Our research found a clear divide between the East and the West in most respects. Westerners show more individualism and show less concern for how others perceive their purchases or how those purchases reflect their sense of style. When people are asked to rank the lifestyles that matter most to them, Westerners tend to strongly agree with the statement that “it’s important to be individual.” The statement didn’t resonate well in Japan and failed to break into the top 10 in China.

In many cases, the attitudes of Chinese consumers are no different from those of other consumers. For example, they are the most optimistic about the future and the most confident in the effectiveness of technology. Moreover, his 86% of Chinese consumers agree that they care what other people think about their purchases, which is not a major concern in the West. On privacy issues, such as whether they are concerned about data safety and security, Chinese respondents stand out by ranking those involved out of the ordinary. In contrast, in neighboring Japan, respondents were the most optimistic in our survey, unique in that they said they valued only time very much.

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Differences in attitudes among younger users vary by country, as do older groups.

Much has been said about the attitudes and preferences exhibited by the younger generation internationally, including millennials and those under the age of 30 due to their increased connection to the internet and social media. So I wanted to see if the younger generation had a more unified view of the world than older generation members. However, if we compare the cross-country correlations of her under-30 attitudes for all respondents, we find that the differences in young user attitudes differ only by country for the older age groups. In addition, the higher the income group, the more the difference is seen depending on the market. This may indicate that global archetypes are exaggerated, and it is risky to formulate broad strategies for generational mega-segments without considering important local nuances.

Insight 2: Common global strategies are not effective in any of the 13 categories studied.

Just as consumer attitudes vary around the world, so do their needs. This applies not only to products generally adapted to local tastes, such as drinks, snacks and meals, but also to areas such as automotive needs, insurance, PCs and tablets, and even payments where businesses do not spend much time. increase. for localization. I got hurt. (See Exhibit 3.) Only a few categories should remain the same around the world, such as leisure travel, luxury shopping, and streaming content. The source may be the culprit. Netflix, Amazon, and other streaming players offer the same content worldwide, usually with local translations or subtitles. For luxury goods, similarities in global needs may reflect domestic demand for signature products and purchased brands rather than local adaptations. But even in these exception categories, Chinese and Japanese consumers express some specific local needs.

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Our findings show businesses need to be aware of local demand. One-size-fits-all marketing strategies don’t work universally for most categories from businesses to consumers. why,

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