Brand Personality
Brands exhibit some form of value to buyers in a multi-dimensional manner. They enhance the personality of those who utilize them. Therefore, the goods’ non-functional traits can influence the purchasing decisions of consumers. This essay conceptualizes on different marketing concepts. The ideology of self-concept determines how the users choose the brands they desire. The phenomenon is hypothesized in four ways: ideal social, social, ideal actual, and actual. Actual self-concept entails how the persons perceive themselves while the ideal social aspect represents how they want others to view them (Challagalla, Murtha & Jaworski, 2014). Based on the age bracket that Tiffany is, she is more likely to buy brands that align with her social surroundings to ensure that she fits in with the other people. She also wants people to think positively about her, and that is why even though her grades are good she cannot join the Honors Society because people think it is for losers.
Motivation Theory
Herzberg and Maslow both provided approaches that describe the factors that motivate individuals. Based on Maslow’s hierarchical paradigm, human beings have five fundamental needs that control their desires. They begin with the basic requirements followed by security needs, social, self-esteem, and self-fulfillment. Herzberg, on the other hand, gave a two-factor theory that indicated hygiene factors and satisfiers as the primary reasons for motivation. The prominent elements involved in Tiffany’s case are self-esteem and self-fulfillment needs of Maslow’s model and recognition and achievement from Herzberg’s model. Self-fulfillment and achievement align to show that people have certain interests and challenges (Challagalla, Murtha & Jaworski, 2014). They also aim to be recognized to maintain their self-esteem levels. Hence, they will focus on the items that give them recognition and self-actualization. The aspect explains why Tiffany prefers to associate herself with particular groups that serve her interests and promote her self-esteem and recognition. Tiffany also has three reference groups that affect how she carries out her purchases. They include her friends, teammates, and parents. She has to try and fit in with her friends’ interests, accomplish the requirements of her team members, and make her parents happy.
Characteristics of Business Markets
Business markets are considered to possess certain similar elements as consumer markets. They involve people who assume purchasing responsibilities and make relevant choices that satisfy their requirements. The demand for the entrepreneurial items is termed as the derived demand that springs from the secondary sources. For the companies, the secondary element is the consumers. Another trait in business markets is fluctuating demand that describes that a change in the requirements of buyers can have huge impacts on the firms that supply the products (Challagalla, Murtha & Jaworski, 2014). Few customers account for most of the purchases in the company; hence, it is advisable to identify them to assist in the measurement of fluctuating demand. The demand also portrays characteristics of being inelastic, that is, not susceptible to rapid changes. People will continue requesting for a particular good. The only difference is where they opt to purchase it. An example of a product with inelastic demand in Tiffany’s case is her phone due to her attachment to the item.
Decision Heuristic
Individuals are often faced with different instances where they have to make decisions every day. Our minds attempt to make the choices easier for us through the use of heuristics. The factors entail the cognitive shortcuts that assist people in making judgments or decisions without spending plenty of time analyzing or researching the situations (Challagalla, Murtha & Jaworski, 2014). For instance, if you are walking along a sidewalk and you see a piano tied above the path, your mind will tell you to evade the area where they piano is directly above you since it might be dangerous. The rope holding the piano could snap at any moment. They are different types of decision heuristics. The first one is availability that is based on the ease of the development of a mental shortcut. Another form is representativeness that enables the individual to make decisions by comparing prototypes. The last type is the baseline that presents choices based on the probability of a particular event happening.
Reference
Challagalla, G., Murtha, B. R., & Jaworski, B. (2014). Marketing doctrine: A principles-based approach to guiding marketing decision making in firms. Journal of Marketing, 78(4), 4-20.
