Consumer Trends and Chapter 1 Flashcards
- Beyond Human
The Beyond Human trend shows how people are beginning to accept that robots or other artificial intelligence (AI) can perform certain tasks traditionally done by humans.
Businesses are moving Beyond Human, creating sustainable
growth opportunities with technology to make life easier.
Improved day-to-day life and personalised experiences are driving wider acceptance of AI-driven robots.
In a time-constrained world, the Beyond Human trend shows how technology can make the complex
simple.
- Catch Me in Seconds
Swipe, click and scroll are now the main reflexes to search for information among Catch Me in Seconds consumers. With improved technology, accessibility and usage, consumers can find immense amounts of information with fewer barriers.
Catch Me in Seconds consumers want brands to make their information, product or service as accessible as possible in a short timeframe to compete with other demands.
Increasingly, consumers are turning to trusted
sources to help sift through the immense amounts of information available and make decisions quickly.
Attention spans are not only becoming shorter, but the Catch Me in Seconds trend is also causing
consumers to be more selective when sifting through considerable amounts of information in a matter
of moments.
This exemplifies the Catch Me in Seconds trend because
consumers can visualise a product and make a quick purchasing decision directly from a post. Instagram is
leveraging its platform utility and popularity to diversify into e-commerce.
We see brands leveraging the Catch Me in Seconds trend to capture attention. Through “drops,” brands
are making their merchandise available exclusively for a short period of time. Here, the product is only
accessible to those with not just the money, but also the time to make the purchase. For more widely
available products, people are willing to pay a premium price to have quicker access.
- Frictionless Mobility
Consumers want the freedom to move around cities as they please. Frictionless Mobility is now the
expectation as consumers use navigation apps to plan their journey and want real-time updates on the
best way to get from A to B whether it is by train, taxi, electric bike, scooter or a combination of them
all. Consumers want their transportation across cities to be modular and personalised to their individual
needs in 2020.
Istanbulkart
What is consumer behavior?
“why people buy”
It is easier to develop strategies to influence consumers when you know the reasons why people buy specific products or brands
Primary activities include:
Obtaining
Consuming
Disposing
Consumer behavior is “individual and unique”.
Obtaining
How you decide you want to buy Other products you consider buying Where you buy How you pay for product How you transport product home
Consuming
How you use the product How you store the product in your home Who uses the product How much you consume How product compares with expectations
Disposing
How you get rid of the remaining product
How much you throw away after use
If you resell items yourself or through a consignment store
How you recycle some products
Consumer Influences
Culture Ethnicity Personality Values Life-stage Family Income Feelings Attitudes Opinions Available resources Motivations Past experiences Peer groups Knowledge
Organizational Influences
Brand Product features Advertising Word of mouth Promotions Retail displays Prices Quality Service Store ambiance Convenience Loyalty programs Packaging Product availability
Consumption Analysis
“why and how people use products in addition to why people buy”
Includes issues that arise after the purchase process occurs – thus affecting how people buy and the satisfaction they receive from their purchases
Methods of Studying Consumer Behavior
Observation
Interviews and Surveys
Experimentation
Consumption research
Challenges for the Future
Gathering and interpreting correctly the information that organizations need to meet the sophisticated needs of organizations in the twenty-first century.
Developing effective consumer research methods to keep abreast of the rapid changes in consumer trends and lifestyles.
Understanding consumer behavior from a broader perspective as an important part of life in its own right.
Underlying Principles of Consumer Behavior
The consumer is sovereign
The consumer is global
The consumer is different; consumers are alike
The consumer has rights
Consumer Behavior Determines the Health of a Nation
COVID-19 has resulted in economically unhealthy nations
Purchasing results in money going into the industry
Increased spending results in circulation of money, leading to a healthy economy
Economy came to a standstill due to the lack of demand for products and services
Buying frenzy = economic health
An economy’s health is determined by the consumption taking place in the nation
Consumer Behavior Determines the Success of Marketing Programs
The success of any marketing program is not determined by the company that designs it but rather by the consumer
The consumer decides whether a brand will stay in the market or not
“The consumer can fire us all”
