Consumer Behaviour
Essay Preview: Consumer Behaviour
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BSBMKG507A
Interpret Market Trends and Developments
BSBMKG402B
Analyse Consumer Behaviour
Scenario-based report
Report prepared for
Rodney Sands
Teacher, MKTNG & ADV, GCIT
Student Name: Mikaylah Murphy
Student ID: 4100247810
Due Date: Friday, 11 June 2010
Table of Contents
Executive Summary
Introduction
1.1
1.2
Scope and Rationale
1.3
Sources of Information
Product Findings
2.1
What is Playboy
2.2
The man behind the magazine
2.3
Playboy Today
2.4
The Product
2.5
Circulation
2.6
Characteristics and Data
2.7
Features and Benefits
Market Profile
Target Market
4.1
Demographics
4.2
Psychographics
4.3
Market Segments
4.3.1
Market segment “Something better”
4.3.2
Value segment “Young optimists”
4.3.3
Value segment “look at me”
Factors influencing buying behaviour
5.1
Psychological factors
5.2
Personal factors
5.3
Cultural factors
5.4
Social factors
Product performance (Past and present)
6.1
Shifting Values and Emerging Markets [pic]
6.2
Strategy Shift [pic]
Focus of Appeal
Conclusion
Bibliography
Executive Summary
This report was commissioned to investigate the consumer behaviour, characteristics of buyers and potential buyers of a leading mens magazine, namely Playboy Magazine, which is distributed in 150 countries around the world.
A detailed examination of the products benefits and features has been undertaken to identify the magazines quality, virtue and unique selling points.
An introduction into the Playboy brand and the founder Hugh Hefner, is discussed to provide a well rounded understanding of the foundations in which playboy are built upon.
When analysing the characteristics of the target market, three market segments (as stipulated by Roy Morgan Value Segments) were identified to describe the existing and potential buyers of playboy magazine. These groups included: “look at me” ™, “Young Optimist”™ and Something Better”™. These value segments identify how people think, their aspirations, self-images, and their overall general behaviour which in turn can determine and predict the purchasing behaviour of Playboy magazine. Other factors which influence buyer behaviour include: Cultural, Social Psychological and Personal factors.
Based on these findings, an emotional focus of appeal for the product was chosen. Playboy utilises an emotional appeal to shape the minds of young men, by stimulating the consumers emotions, social and psychological needs through the promotion of the “Playboy Philosophy” and content of the magazine.
The report concludes with an examination of the products past and present sales performance and market position in order to predict future marketing direction and trends of the magazine.
Introduction
1 Aim
This report sets out to examine the consumer behaviour, characteristics of buyers and potential buyers of a leading mens magazine, namely Playboy Magazine, in order to design an innovative promotional strategy aimed at:
âś“ Maximising sales
âś“ Increasing market share
âś“ Successfully introducing the product
âś“ Increasing product popularity
2 Scope and Rationale
The report covers an analysis of the Playboy brand, the founder, and its core tangible product; the Playboy magazine, its features and benefits to the consumer; its target segment; the market place, the factors influencing consumer behaviour; the purchase motivators and the magazines performance history until today.
The introduction looks at the development of the brand and its founder in order to illustrate how these elements combined, created the Playboy Philosophy, to which set the foundation for the brands reputation and recognition, as well as producing one of the largest-selling mens magazines in the world.
When examining the consumer behaviour and the purchase motivators, the focus is placed on how the social, cultural and psychological factors significantly influence the product purchase decision, and how these key components determined the businesses overall marketing focus of appeal.
The report concludes with an analysis of past sales performance in conjunction with an examination of the current buying and behavioural trends of the magazine. These characteristics are strategically examined to forecast future sales performance of the magazine, to determine the most suitable direction of marketing efforts as we move into the 21st Century, and to create an effective