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Consumer imagery in consumer behavior
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- 3. What is consumerimagery? Consumers formulate perceived images about product, services, prices, product quality, retail stores and manufacturers, this phenomenon is called as consumer imagery.
- 4. ISSUES IN CONSUMERIMAGERY Product positioning and repositioning Perceived quality Perceived risk Price-quality relationship Perceived price
- 5. PERCEIVED POSITIONING • Themarketer creates an image of the product/service offering and/or the brand in the mind of a consumer. • Positioning is how consumers perceive a product relative to the competition. • Companies want to have a distinctive image and offering that stands out from the competition in the minds of consumers.
- 6. Tagline: Use of sloganrepresenting the brand promise Perceptual map: • A two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors, based on criteria important to buyers. • The criteria can involve any number of characteristics—price, quality, level of customer service associated with the product, and so on.
- 8. PRODUCT REPOSITIONING • Theproduct/service offering may require a repositioning with change in the market like, entry of competitor brands, changing customer preferences etc.
- 9. PERCEIVED PRICE • Themanner in which a marketer prices a product and creates an image to have an impact on consumer decision making. • Example: 20% off at store ABC. Sold elsewhere at Rs. 500. Such slogans tend to communicate “value” to the customer, through perceptions of increased savings and low price.
- 10. • The mannerin which a consumer perceives a product to be Fair/unfair: Perceived fairness of price leads to customer contentment and subsequent satisfaction. High, medium or low priced: Plausibly low; when prices fall well within the range of market prices e.g. Seasonal prices Plausibly high; when prices are such that are near the outer limits of the range, but within reasonable limits, within believability e.g. Implausibly high; prices are such that they lie much above the realm of reasonableness, and the consumer's perceived range of acceptability e.g. Helmets prices
- 11. Discount levels: Bundlepricing:
- 12. PERCEIVED QUALITY • Consumersjudge the quality of the product offering on the basis of internal and external cues • Internal cues; the physical characteristics internal to the product or service, like size, color, etc. • Extrinsic cues; that are external to the product or service, like price of the product, brand image, retail store image, or the country of origin.
- 13. Quality on intrinsiccues • Aroma: bakery products • Flavor: ice creams etc. • Color: mouthwash • Fragrance: soaps etc. Quality on extrinsic cues • Price: the higher the price, the better the quality: Dell, Sony • Brand image: Samsung • Manufacturer’s image: BMW, • Retail store image: spencer, shopper’s stop • Country of origin: electronics: Japan; rubies: Myanmar; gold: Dubai
- 14. PRICE-QUALITY RELATIONSHIP • The higherthe price, the better is the quality e.g. Apple • Marketers relate the increased price to the product/service attributes, features and the overall benefits that the offering provides. • When a consumer has prior experience with the brand or is familiar with the brand name and the brand image, price would become a less important factor in the assessment of quality. E.G. Maria B.
- 15. PERCEIVED RISK • Itrefers to a feeling of uncertainty that arises within an individual when he fails to predict the consequences of product choice, usage and resultant experience. • Reasons: Lack of information, newness of the product/service offering, complexity of the offering, high price, etc.
- 16. Functional Risk Physical risk SocialPsychological Financial Time
- 17. TYPES OF PERCEIVEDRISK 1. Functional risk: uncertain about the product’s attributes, features and overall benefit Example: will the microwave oven function well once I take it home? 2. Physical risk: the dangers that the product usage could bring with itself. Example: will it lead to shocks and short circuit in times of voltage fluctuation? 3. Financial risk: the consumer assesses the benefit versus cost of the product Example: is the microwave at Rs. 20000, will it serve me for 5 years?
- 18. 4. Social risk:this is the kind of risk that a consumer faces when he doubts the product purchase and usage to sanctions and approval by the social group or class to which he belongs. Example: will my old mother approve of such a product and at this high price (would she consider it worthy)? 5. Psychological risk: this kind of a risk is perceived when a consumer fears social embarrassment. Example: is the microwave aesthetically appealing enough not to cause ridicule? 6. Time risk: the consumer is uncertain and doubts whether his time has been wasted by making a wrong choice or that he would have to spend time again if the product does not perform as expected. Example: will the microwave oven function well or would I have to replace it soon?