Digital Marketing For Marketing Strategies Relationship

Social factors that influence consumers behavior

Discuss about the Digital Marketing for Marketing Strategies Relationship.

The study or the research executed ion the individual customers, groups or organizations the habits of buying, using and disposing ideas, thoughts goods, and services for providing a greater level of satisfaction after fulfilling their needs and wants. The research also includes the actions of the consumers in the marketplace and identification of the objectives for the fulfillment of those objectives. The marketing of the organizations try to figure out the reasons and the causes that tend or influence the consumers to buy a particular product. And by development of this understanding the marketers will be able to produce the goods and services as per the needs and the requirements of the consumers (Solomon, Russell-Bennett & Previte, 2012). On the basis of the role theory it can be specified that the consumer’s plays different roles in the market place and all of them are very much significant. The process starts from the information provider i.e. is the company, from the service user to the buyers and continues to the disposer. These are the roles which are to be played by the consumer in the process of decision making for buying a product. The present report has been focused on Tarocash which is a multinational brand name and a manufacturing unit of the Men’s clothing. The company is an Australian chain for men’s clothing and wants to target the consumers for the new range of formal apparels. The company wants to launch new and reasonable range of the formal pants and shirts for men with its own brand name. The company knows that the consumers like to look presentable and feel good when they are out. The company also knows that the consumers don’t want to waste whole day in just finding the right gear, so Tarocash is the brand which will provide friendly service, advice which can be trusted. The firm will have to focus on the specific consumer segment which is the men as the company is in the business of manufacturing men’s clothing. The further analysis has been executed on the various social factors that influence the consumers in making decision of buying a product and also the impacts of the same has been explained.

Consumers have to be considered as the king of the market and he is the one who dominates the market and the market trends (Schiffman & et al, 2013). The consumers play and have great impacts on the demand and supply chain of any economic system. The producers won’t be able to fulfill their objectives if there will be no demand from the side of the consumers. The consumers are the decision maker in the system and have rights for taking various types of decisions. For instance, the decision of buying a product or not in a store or shop, what and when to buy etc

Theories adapted by marketers for enhancing marketing strategies

Consumer Behavior can be referred to the efforts made to the study and also identifying the buying tendencies of consumers for an. Ultimate consumption. There is a great influence on the decision making process from the number of factors such as cultural, social, personal and psychological. These all components in whole have great impacts on the buying decisions of the consumer. Human beings are considered to be the biggest social animals. It has become a basic necessity of having people around to talk to and have conversations, interactions and discussions on various issues so as to get the best solutions for the same. As residing in a society is has become of very much significance for the individuals to follow the rules and regulations which has been prescribed by the law (East, Wright & Vanhuele, 2013). The below mentioned explanation is done for social factors which have a potential for influencing the consumers behavior:

Reference groups: Each and every individual is connected to some people and these peoples are capable of influencing the individual (Educba. 2016). The concept reference groups constitutes of the  people, by the individuals make comparison such as colleagues, family members, relatives, friends, superiors an senior employees at the workplace frequently comprises of reference groups. Further the reference groups can be sub-divided into two groups which are mentioned below.

Primary Group –These are the group which consists of the people with whom t interacts with on a regular basis. These groups play a significant role in influencing the individuals. Further the group has been sub-categorized in the following components:

• Friends
• Family Members
• Relatives
• Colleagues

The below describes are the reasons due to which the consumers are influenced by these groups:

These group members have already used the brand or the product and they re well known about the goods or the service (Muruganantham & Bhakat, 2013).

The individuals are all aware about the product and related details. They also have a complete description of then regarding the characteristics and the specifications of the goods and services.

For instance, a consumer wanted to buy a formal shirt from the store of Tarocash and purchased the same. And this was done as one of the family members have already used the product of the same brand and was satisfied with the quality and price of the shirt. Here the reason for the decision for the purchase became the influence from the family member. The individuals have a tendency to pick a product which has been recommended by a family or friend (Chand. 2017).

In case of family group, A married individual will be more likely to buy a product which would benefit not only to him but also have some benefits for the interest if the other family members. Family also significantly influences the individual in his decision making process of buying. For instance, A buyer with a family of wife and children’s at home would search for a scheme in which he can buy for them rather than spending just on himself. After getting married most of the decisions are being influenced by the family members (East, Wright & Vanhuele, 2013).

The below mentioned are the different stages through which every individual goes and presents varied purchasing requirements in each stage:

Bachelorhood: Purchasing of motorcycles, cell phones, alcohol (Spends generously)

Newly Married: An individual at this stage is more likely or interested in buying a new house, a vehicle, household merchandise (Spends sensibly)

Family with Children: Now at this stage the individual is more into making investments and securing his and his family’s future by purchasing products (Ryan, 2016).

Empty nest (Children getting married)/Retirement/Old Age: At this stage an individual makes purchases of medical essentials, Health related Products, and other related items.

Secondary Groups –These are the groups which form indirect connections with the buyers. These groups constitute of the individuals who are more formal and there are less chances to have interaction with these groups, For example- religious groups and associations, some public and political groups and Clubs etc.

Role in the Society-Each and every member in the society plays a double role which depends on the group which the individual belongs or is connected to (Hollensen, 2015).

The marketing process has to be understood successful when the marketing advice a targeted consumer to buy the offerings of the organization which they are offering. And the best way for the attainment of this task is to focus on one of the basic needs of the consumers. And for doing same Maslow’s hierarchy of needs is the best approach which can be adopted by the marketers for developing the marketing strategies (Hill, Jones & Schilling, 2014).

Maslow’s hierarchy theory of needs has made identification of the five prime and basic needs which are been experienced by each and every human being. The hierarchy starts with the physiological or basic needs which are required and are essential life survival, needs further it precedes through the consecutive steps which are safety and security, love and belongingness, confidence and finally self-actualization. Maslow through his theory has presented that as the man attains success in meeting the needs at the first level, he starts approaching towards the next level with a greater speed and as compared to the last one and so on reaches to the lat level (Shank & Lyberger 2014). The focus of this approach is on the modern marketing efforts.

Maslow has also described that human behavior and decision-making are the two processes which are motivated by considering any one of the five needs from this hierarchical approach. Key determinant to the potential success of an individual is the capability of effectively appealing any one motivational driver. There are some examples of some services which are non-essential such as massage treatments or custom tailoring and these needs are to be marketed in the fourth or fifth level the theory because at this level the individuals are driven by the needs for an enhancement in their self-esteem and also determining their full potential (Baker, 2014). The same type of marketing strategies cannot be adopted by the marketers in the case of the needs at level one or two.

The marketers of Tarocash can also make use of the 4P’s for building the marketing strategies for presenting the selected product range i.e. is the new range of formal apparels, to the targeted consumers. These 4p’s are to be considered as the basics for each and every marketers, which helps them in building a strong set of marketing strategies for the growth and development of the business activities. The below mentioned are the marketing mixes which can be adopted by the marketing team of Tarocash:

Product: It can be considered as the tangible object or an intangible service which has to be marketed by the business organization towards the targeted consumer. Product design and the other features are its most important factor (Hitt, Ireland & Hoskisson, 2012). For instance the color shades the material of the shirt are the components which are required to be considered while designing the product. However packaging also needs to be taken into consideration while deciding this factor.

Price: The price is the value for the product the customer pays for the product. If the price of the product is more than the benefits for an individual (Belk, Askegaard  & Scott, 2012), it will be unlikely to be adopted or purchased by the consumer, but if the benefits are greater than their costs, then there will be more chances of purchase of the product. So Tarocash should consider an affordable price range for the product.

Place: Place is a word which determines or represents the location from a particular product can be purchased (Ross, 2013). It is also termed as the distribution channels which are to be selected wisely by the marketers of the company so that they will be proved beneficial for the business organization. For instance, Tarocash should set-up the brand stores and the outlets in the most local areas which are easily accessible to the targeted consumer segment and can also make use of the online stores i.e. the online websites and e-malls by making use of the Internet.

Promotion: This factor represents all promotional and the advertisements that a marketer can utilize for creating and increasing awareness about the offerings and also the associated benefits to the target segment. There are four specific components of this factor that are the promoting, public relations, personal selling and sales promotion (West, Ford & Ibrahim, 2015). For instance Tarocash can create influence by using any celebrity for advertising the formal apparels.

The marketing team of Tarocash Limited should focus and should also consider them as important as the social class and the reference groups play a significant role in influencing the consumer’s decision making process. These both groups should be kept on priority while developing the marketing strategies. Also there are a number of theories which can be adopted by the marketing team of the business organization so as the marketing strategies will be enhanced. Maslow’s theory and the 4P’s of marketing mix are the two suggested theories which can be adopted by the marketers.

Conclusion

From the above carried out analysis it can be inferred that there are some factors which play  a significant role in influencing the consumers behavior and which creates an impact over the purchasing or the decision making process. Moreover Tarocash which is a men’s clothing manufacturer wants the marketing team to adapt some theories which will aid them in enhancing and developing a better set of marketing strategies.

References

Solomon, M., Russell-Bennett, R., & Previte, J. (2012). Consumer behaviour. Pearson Higher Education AU.

Schiffman, L., O’Cass, A., Paladino, A., & Carlson, J. (2013). Consumer behaviour. Pearson Higher Education AU.

Solomon, M. R., Russell-Bennett, R., & Previte, J. (2013). Consumer behaviour: Buying, having, being. Pearson Australia.

East, R., Wright, M., & Vanhuele, M. (2013). Consumer behaviour: applications in marketing. Sage.

Muruganantham, G., & Bhakat, R. S. (2013). A review of impulse buying behavior. International Journal of Marketing Studies, 5(3), 149-160.

East, R., Wright, M., & Vanhuele, M. (2013). Consumer behaviour: applications in marketing. Sage.

Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.

Baker, M. J. (2014). Marketing strategy and management. Palgrave Macmillan.

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2012). Strategic management cases: competitiveness and globalization. Cengage Learning.

Ross, D. F. (2013). Competing through supply chain management: creating market-winning strategies through supply chain partnerships. Springer Science & Business Media.

West, D., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford University Press.

Belk, R. W., Askegaard, S., & Scott, L. (Eds.). (2012). Research in consumer behavior. Emerald Group Publishing.

Shank, M. D., & Lyberger, M. R. (2014). Sports marketing: A strategic perspective. Routledge.

Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers. Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

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Educba, (2016), 4 important factors that influence consumer rehaviour, Assessed on 31^st March 2017, fromhttps://www.educba.com/4-factors-influencing-consumer-behaviour/.