Consumer Behavior for Group and Interpersonal -myassignmenthelp

Question: Discuss about theConsumer Behavior for Group and Interpersonal. Answer: External influences Group and Interpersonal influence Reference groups are considered of the segment that helps in providing significant relevance on the consumers and the impact is assessed by the behavior, evaluations and aspirations of the consumers. These groups help in influencing the ways in which the consumers can look for and receive their values for the consumption of the product. It can be seen that most of the customers who are most 35 years of age have covered themselves under the life insurances that will provide them with the group schemes along with super funds (Hawkins, Mothersbaugh and Best 2013). This will help the other customers who are between this particular age group to take up the life insurance plans, as the customers who are already covered in this scheme will help in explaining it in a better way to the other people. The word of mouth policy can help the insurance companies in insuring the customers who are not covered under any plan. Therefore, the influence of the reference groups helps in creating a positive impact on the customers who are yet to approach the life insurance companies for taking up a plan (Oliver 2013). Role of Situational influences The marketers have to identify the factors that will help in attracting the customers towards the product. The factors of culture have to be studied in a proper manner by the marketers, as it is one of the important aspects that help the society in influencing the behavior of the consumers. The cultures of the society constitute of different religions and nationalities, which will help the marketers in selling their products in a better manner. An example of this would be that the marketers can help in designing the products according the tastes and preferences of the reference groups, which will help in attracting more number of consumers (Cohen, Prayag and Moital 2014). The social factors such as the influence of the family needs to be taken in to consideration as well, as the marketers will be able to evaluate the product in a better manner with respect to the roles that the husbands, parents and wives play. The decision to purchase a particular product can be influenced by one of the members of the family, which will help in purchasing of the product (Rani 2014). The marketers need to capitalize on the personal factors of the customers as well such as the lifestyle of the consumers, age and the economic background of the people. the behavior of the consumers are influenced to a great extent, as it will help the consumers in purchasing the services and the goods with the availability of the time. The different cycles of life such as single, unmarried and married people will help the marketers in developing the products in an efficient manner so that it can help in attracting the customers (Lantos 2015). The occupation of the people helps in determining the economic background and the capacity that they have in purchasing the products that are being offered by the marketers. An example of this would be the high and low income group of people respectively, for whom the products have to be designed by the marketers according to their financial conditions. The lifestyle of the customers is also a way of identifying the potential behavior of the consumers, as it helps in determining the society in which the consumers are living. It can be expressed with respect to the surrounding environment of the customers, which will help the marketers in assessing the products that will help in attracting the customers (Muruganatham and Bhakat 2013). Culture and sub-culture Schwartz 10 core values The values that are presented by Schwartz are the motivational goals that help the humans in identifying their basic needs so that the actions can be coordinated in a better manner, which will help the individuals in prioritizing their needs. The values are as follows: Benevolence- The target market of the MLC Life Insurance are the people who are between the age group of 30-39 years and are expected to start a family. This core value will help in the enhancement and preservation of the people with whom the individuals maintain frequent contacts such as their family. Most of the target market that has been identified by the company has started their family or are about to start their family, which will make them responsible for their future (Schwartz et al. 2014). Universalism- The consumers are tolerant and help in the protection of the welfare of the people, as they are raising their own family or are expecting to raise a family. This will help the customers in caring about their surrounding people and the environment. Self-direction- Most of the consumers will have a though process that is pertaining to their independent thoughts about their own family so that they can choose and create their own goals. This will help the marketers in assessing and evaluating the products in a better manner so that the decisions that are taken by the families can be independent in nature. Security- The consumers will be looking for security, as they are willing to settle down as a family. The social as well the family security will increase for the customers when they will purchase the insurance policies from the company, which will help in covering their damages. The planning of the future will be done in a secured manner so that it will help the families to live in a controlled environment (Schwartz 2013). Conformity- The start of the family by the consumers will restrict them from leading the lives that they used to in the previous situations, as it may result in harming the surrounding people due to the violation of the rules within the society. As most of the customers of the target market are obedient and disciplined, it will help in selling of the products of the company. Hedonism- The range of the target market that is the consumers for the life insurance company needs to enjoy their life without any hesitation. The consumers need to indulge themselves in different activities so that they can enjoy their life. Achievement- The families of the target market will help the individuals in achieving their goals in the short run so that it can help them in the future. It will help in making the individuals ambitious and capable so that they can influence the society in a better way. this will help the consumers in planning their future in a better manner so that they can secure it for their next generation. Tradition- The consumers will be familiar with the customs and the rituals that are followed in their homely environment so that they can mutually respect the culture and religion of other people as well. Stimulation- The stimulation needs to be provided by other members in the society in purchasing the product, as they will be able to benefit from the product or the service. It helps the consumers in dealing with their challenges in a normal manner in their regular lives. Power- The status of the consumers in the society and the control that they have over the resources and the people will help them in being recognized within the society. The power to influence the people will help the individual in getting better control over the society (Griskevicius and Kenrick 2013). The target market for the company will be covered under the core values as opined by Schwartz because most of the customers want value for their money, which will help the insurance company in designing the products according to the tastes and preferences of the customers. The society that the company will cater to is between the ages of 30-39 years and is expecting a child or already has a sibling. They are full time employees of various companies and the income of the entire household is less than $80,000. The attitudes of the target market are that they have a balance between their work and life and have an idea about the insurance market. These people have a planned future, which will help them progressing in a better manner. The consumers are conscious about the price, as they want the products that will help in yielding value for the price that they pay (Claiborne and Sirgy 2015). The target market have all the values imbibed within themselves, as they are about to start a family. This will help them in increasing the social responsibility within the society so that they can lead a better life. Since they belong to the middle income group, they will try to save for their future by investing in the life insurance plan and make their future secure. The product will appeal to the specific target market because most of the consumers are settling down in their lives, which will help in selling out of the plans. The target market will be willing to purchase the product, as they need to a clear idea about the product that will be circulated in the insurance market. This will help in increasing the level of consciousness among the customers with respect to the product (Mullen and Johnson 2013). Needs and Motives The service that will be provided by the insurance company is available on a ready basis, as it will help the marketers in making the consumers understand about the product. The process of consumption for the consumers will be based on the perception that they have regarding the product issued by the company. The product is then sensed by the consumers, which allows them to understand the viability of the product along with the future need of it. The second stage is the cognitive organizing that helps the consumers in assembling the information of the product in their brains so that it can be recognized in a better manner. Cognitive refers to the process of thinking that is done by the individuals. The stimulus of the consumers will help them in gaining a better insight about the quality of the product so that they are willing to purchase it (Cantallops and Salvi 2014). The theory of hierarchical needs by Maslow can be distinguished by the psychological needs, which are the basic needs of the consumers such as the food, air and clothes that will help them in living in the society in a proper manner. The safety needs are inclusive of the physical and the environmental safety of the consumers so that they can lead a better life. The safety and security that will be provided to the consumers will help them in securing their future in a proper way by investing their income in the right processes. The insurance that will be taken up will help the consumers in securing their future with that of the present, which will give them protection during the time of emergencies or accidents (Lades 2014). The social needs of the consumers will help the consumers in being tied with their close ones and acquire the affection and love for them, which will help them in creating a sense of belongingness. The esteem needs of the consumers helps the consumers in earning self respect and competence in an external manner, which leads to the recognition of the consumers on an external manner. The manner in which the individuals will lead their lives will help them in being recognized within the society. The need of self-actualization helps the consumers in becoming potential for growing within the community or the society where the individual resides. It will help the consumers in gaining more knowledge and accessing more information about the product so that they can sense the benefit of purchasing it (Nwachukwu and Dant 2015). Strategic implication The marketers need to adopt new strategies for the modern era so that it can help in affecting the behavior and the attitudes of the consumers. The marketers need to analyze the taste and preferences of the consumers in the changing time so that the product can be developed in a modern manner. The marketers need to analyze the target segment and decide on the variations that will be made available for the product so that it can help in attracting the customers. They need to come up with different solutions that will help in selling of the product in an easy manner. The channels of distribution need to be evaluated by the marketer so that it will act as an incentive in attracting the customers towards its products. The marketer needs to analyze the online channel as well, which will make it easy for the consumers in accessing the product provided by the company (Rani 2014). Reasoning versus operant conditioning The concept of reasoning helps the individuals in restructuring the process of thinking so that it can help in recombining the information that is present along with the new information that will help the individual in forming new concepts and associations. However, the operant conditioning concept is the response that allows the individual in repeating the same task in the same situation in the near future. The consumers will likely be taking up the insurance policies over a repeated manner if they find that it is suitable for them and will try to make the other members repeat the process. They will firstly try to analyze the information about the policies so that they can have a better knowledge regarding it and will repeat the action over a period to use the benefit that is derived from the policy (Claiborne and Sirgy 2015). Marketing strategy The marketers need to analyze the market segment and gather all the information so that they can design the product in an organized manner. The product has to be understood by the target segment so that they can purchase it. The price needs to be justified for the target segment, as it will help in selling of the product in an easy manner, which will help in increasing the profit of the company. The product needs to be promoted through the various media platforms so that the details about the product can be communicated among the target segment in a proper manner. The use of online and print media will help in promoting the product in a better manner, which in turn will help the consumers in getting attracted towards it (Mullen and Johnson 2013). Conclusion Thus it can be concluded that the marketers of the life insurance company needs to analyze the market for the given target segment in a proper manner so that it can help in selling out of the product. The reasoning and the operant conditioning will help the consumers in analyzing the product before they can purchase it so that the task can be repeated continuously among the different members of the family as well. The theory suggested by Maslow will help the consumers in specifying its needs by the consumers according to the level of importance. Reference List Cantallops, A.S. and Salvi, F., 2014. 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