Porsche
BU1008- MARKETING FUNDAMENTALS
ASSIGNMENT
Porsche: Guarding the old
While bringing in the new Q 1: From the case identify and briefly explain three specific factors that may influence a consumer to purchase a Porsche (hint: select specific influences from the social and psychological group) Factors influencing the consumer behavior are the situational, group and individual. (Elliott, Rundle-Thiele & Waller, 2010, pg.104). Kotler and Armstrong (2012, pg.186) state customers of Porsche are strongly influenced by the group and individual factors. Aspirational reference group, motivation and beliefs and attitudes are the influencing factors under the group and individual factor.
The reference group is a social factor where the individual or group looks for guidance for appropriate beliefs attitudes and values. Aspirational reference group are “groups of which the individual would like to be considered a member” where the individual likes to adapt the values, attitudes and behavior of the Aspirational group (Elliott et al, 2010, pg110). Customers of Porsche are a small group of financially successful and high achievers in their field of work. They see themselves apart from the real world, which inspires people to different levels (Kotler et al 2012, pg 186). Porsche decided to extend outside the box, they brought in a new model that was less expensive to expand its sales volume and spread out their range of customers and it became the top selling model of Porsche and also increased the sales by a decent margin. Though success was seen by Porsche, loyalists never accepted these models as real Porsche and felt their exclusivity was glided away. Due to tough competition and struggling economy, the company recognized the errors and targeted the high end market to avoid bankruptcy. (Kotler et al, 2012 pg.186). The consumers of Porsche prefer to be different and stay exclusive. This refers to Aspirational reference group.
Motivation is used to describe the
ASSIGNMENT
Porsche: Guarding the old
While bringing in the new Q 1: From the case identify and briefly explain three specific factors that may influence a consumer to purchase a Porsche (hint: select specific influences from the social and psychological group) Factors influencing the consumer behavior are the situational, group and individual. (Elliott, Rundle-Thiele & Waller, 2010, pg.104). Kotler and Armstrong (2012, pg.186) state customers of Porsche are strongly influenced by the group and individual factors. Aspirational reference group, motivation and beliefs and attitudes are the influencing factors under the group and individual factor.
The reference group is a social factor where the individual or group looks for guidance for appropriate beliefs attitudes and values. Aspirational reference group are “groups of which the individual would like to be considered a member” where the individual likes to adapt the values, attitudes and behavior of the Aspirational group (Elliott et al, 2010, pg110). Customers of Porsche are a small group of financially successful and high achievers in their field of work. They see themselves apart from the real world, which inspires people to different levels (Kotler et al 2012, pg 186). Porsche decided to extend outside the box, they brought in a new model that was less expensive to expand its sales volume and spread out their range of customers and it became the top selling model of Porsche and also increased the sales by a decent margin. Though success was seen by Porsche, loyalists never accepted these models as real Porsche and felt their exclusivity was glided away. Due to tough competition and struggling economy, the company recognized the errors and targeted the high end market to avoid bankruptcy. (Kotler et al, 2012 pg.186). The consumers of Porsche prefer to be different and stay exclusive. This refers to Aspirational reference group.
Motivation is used to describe the
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