WEEK 1: CONSUMER IN PERSPECTIVE Flashcards
1
Q
Consumer is King (qualities)
A
- They demand, don’t want to be
commanded. - age-old mantra reflecting the
importance of customers or consumers in every business
2
Q
Customer is Queen not a King (qualities)
A
- Liberal, educated, suave
- price-sensitive and quality conscious in all buying decisions
- Decision maker of the house
3
Q
Consumer’s Profile
A
- Consumers from womb to tomb
- Depends to a large extent on the
social structure’s complexity.
4
Q
Two Categories of Consumers
A
- Urban Consumers
- Rural Consumers
–– can be further divided into rich/poor
and literate/non-literate.
5
Q
Someone who has access to information and competition.
A
Empowered Consumer
6
Q
Three Partners in the Marketplace
A
- Government
- Industry
- Consumers (Even consumer educators)
–– have historically held this perception
(empowered consumer)
7
Q
Consumers (Brennan and Coppack, 2008).
A
are operating in increasingly complex, dynamic and everchanging knowledge-based economies
8
Q
Types of Consumers
A
- Impulsive Spender
- Minimalist Seeker
- Secure Traditionalist
- Empowered Activist
- Undaunted Striver
- Conservative Homebody
- Digital Enthusiast
- Inspired Adventurer
- Cautious Planner
- Self-care Aficionado
- Balanced Optimist
9
Q
- 16% of Global Population
- WHO THEY ARE:
- Discount- and bargain oriented consumers who
keep up with latest trends; - seeks personalized and
engaging experiences. - HOW THEY SPEND:
- Value for money and
quality are key drivers - seek convenience, which they are willing to pay for.
A
Impulsive Spender
10
Q
13% of Global Population
* WHO THEY ARE:
- Consumers who strive to maintain a modest lifestyle;
- aren’t conscious about self-image.
- HOW THEY SPEND:
- Sticks to essentials
- Open to trying new brand
that fits their needs - Product longevity is
important.
A
Minimalist Seeker
11
Q
- 12% of Global Population
- WHO THEY ARE:
- “actively” avoid shopping
- Usually go for the cheapest
option available - HOW THEY SPEND:
- Frugal consumers
- more comfortable buying offline
A
Secure Traditionalist
12
Q
- 12% of Global Population
- WHO THEY ARE:
- Concerned about
authenticity and global
issues - Considerate of their
behavior and how these
should be aligned with their
values - HOW THEY SPEND:
- Best interest of the
environment at heart, but still affordable
A
Empowered Activist
13
Q
- 11% of Global Population
- WHO THEY ARE:
- trendy consumers
- put premium on their status (online and offline)
- go for experiences and
leisure activities, name brand and luxury products - HOW THEY SPEND:
- Willing to try new brands and products, and pay more for these
- Have growing interest in digital, social media and celebrity endorsements
A
Undaunted Striver
14
Q
- 9% of Global Population
- WHO THEY ARE:
- People who prioritize family and personal matters, and not so much their image
- HOW THEY SPEND:
o Enjoys shopping
experience and browsing
through stores
o In-store promo, popup
shops and limited-time
collections may attract and
lead to occasional impulse
buys
A
Conservative Homebody
15
Q
- 9% of Global Population
- WHO THEY ARE:
- Lovers of all things tech
- Relies heavily on such tools for everyday tasks
- HOW THEY SPEND:
- Highly focused on price and short-term needs
- Buy impulsively when they see a new product that’s priced low
- Willing to spend a little
extra on services
A
Digital Enthusiast
