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Compose a 6500 words assignment on the impacts of the recent recession on consumer behaviour with airline industry. Needs to be plagiarism free!
Compose a 6500 words assignment on the impacts of the recent recession on consumer behaviour with airline industry. Needs to be plagiarism free! In marketing management customers are the key concern. This means that understanding the behaviour pattern of the customers is essential for the managers. Traditional marketing management emphasized on product features and competitive positioning of the product (Abramovich, 2005). The conventional marketing management theory focuses on the customer relationship with the marketers of the company and the product value (Statt, 2011). The purchasing behaviour of the consumers relates strongly to the segmentation of the markets. There are three types of segmentation. geographic segmentation, psychographic segmentation and demographic segmentation. Geographic segmentation means to divide the market area according to the location of the potential customers. Psychographic segmentation means to segregate a consumer’s characteristics and behaviour. Demographic segmentation means the division of consumer groups according to variables such as wealth, gender, age and education level etc (Blythe, 2008). The managers of the company can strengthen their relationship with the consumers. The relational bonding between customers and employees will enable the managers to develop a product which will fulfil the consumer wants and needs. An established connection with the consumer provides the marketers information regarding the consumer behaviour. For example, the marketers would like to repurpose their products and services without hampering the core value of the product. This means that the marketers would meet the consumers’ needs without impacting the brand itself (Bjerre, Knudtzen and Heding, 2008). From basic necessities to luxury items, consumer purchasing behaviour is dependent on psychological influences of the customer which includes brand loyalty, changing attitude of the consumers etc (Vanhuele, Wright and East, 2013). Factors Affecting Consumer Behaviour during Recession 1) Economic Factors i) Personal income: If the personal income of the consumer is high and is not affected by the impact of the recession then the demand of the products will remain high. However, if the income of the consumer is affected by recession then the consumer will not buy the product or depend on its substitute whose price is lower. ii) Family income: The income of the family plays a significant role in the purchase decision making. A rise in the income of the family member will motivate another family member to increase his/her spending however, if there is fall in the income of the family member during recession then the spending of the family will decrease. During recession the family members spend on necessary items. iii) Government policy: During recession the government policy may change and have a significant impact of the economy. An increase in the price of the food items and non food items will make the consumer calculative. When there is a rise in price of the food items then consumers do not decrease their expenditure as food is a necessary item but they decrease their expenditure on other non food items (M.Trehan and R. Trehan, 2007). 2) Socio- cultural Factors i) Family: There is a significant impact of the family size and the structure on the consumer decision making.
