Search This Blog

Showing posts with label UK. Show all posts
Showing posts with label UK. Show all posts

Wednesday, 6 July 2011

Family Life Cycle (FLC)

Family life cycle is defined as what type of family the target market consumer is in. DINKS are “double income no kids” and SINKS are “single income no kids”. Marketers love to target the DINKS and SINKS because they have lots of discretionary income and no children to spend it on, so they spend their extra money on themselves, their house, their pets and vacations.



Stages of the Family Life Cycle (FLC)

  • Young and single
  • Engaged couples
  • DINKS (Double Income No Kids)
  • SINKS (Single Income No Kids)
  • Married with children: Babies, Toddlers, Elementary School Age (5-7), Tweens (8-12), Teens (13-17), Older
  • Single parents
  • Empty nester
  • Boomerang Kids (adult children who have moved back in with their parents)
    • Extended parents (grandparents raising their grandchildren)
    • Blended Families (stepchildren)
    • Cougar and Silver Fox
    • Recently divorced
    • Same-sex singles/couples
    • Retired - Wealthy or Medicare dependent
    The engaged couples and the recently divorced spend money on similar products, although for different reasons. Engaged couples are buying products to begin a life together and the recently divorced are buying products that they already had and now need to replace. Extended parents are grandparents taking care of their grandchildren. Same sex couples and singles are grouped together whether they have children or not, because of their lifestyle and interests. An empty nester is someone whose children are now grown adults and have moved out of the house. Boomerang kids are adult children who are living with their parents.

Internal Influences - Lifestyle and Attitude


A. Lifestyle

Lifestyle is a common word to explain complicated consumer behaviors. Lifestyle is a way to segment people into groups based on three things: opinions, attitudes and activities. Lifestyle means the ways groups of consumers spend time and money. Lifestyle can include things like bowling, cooking, car racing, kayaking, attending charity events, having pets, interest in politics, watching sporting events and so on
Everyone has two lifestyles-the one they are currently in and the one they want to be in, which is always better than the current one. Marketers exploit this desire to move into a better lifestyle by showcasing people who are better off than the intended target market in their ads. For example most ads targeting children show children that are almost too old for the product, this appeals to younger children who desire to be like them.


B. Attitude

An attitude is an internal evaluation, expressed outwardly about a person, object or issue. There are three components of attitude -affect, behavior and cognition. This sis sometimes called the ABC's of attitude. These three components work together to form a hierarchy of effects:
Purhase
Hierarchy of effects
High involvement
Belief—affect—behavior
Low involvement
Belief—behavior—affect
Experiential
Affect—behavior—belief
Behavioral Influence
Behavior—belief—affect


In a purchase that requires a high level of involvement, such as a car, consumers will consider various choices and develop beliefsabout each choice; then they develop feelings about the products (affect); and finally they act on the behavior and decide to purchase, or not. Whereas with a behavioral influence, the customer will act first (purchase), then develop beliefs about their purchase and that leads to developing feelings about the product or service.

ELM Model

One theory about attitude change is the Elaboration Likelihood Model (ELM). This model shows how attitudes are changed based on the level of involvement in the purchase. As soon as a message is received a consumer begins to process it, depending on the level of involvement and motivation it will then follow one of two routes—the central route or the peripheral route. See Petty and Cacioppo (1981) and Petty, Ostrom and Brock (1981).(
The central route: If the consumer is highly involved in the purchase, then they will put forth considerable effort toward understanding the marketing messages. They will look for cues in the message that pertain to the product, its attributes, and advantages.
The peripheral route: If the consumer is not highly involved in the purchase, or lacks the motivation to process information, they are more likely to pay attention to the attractiveness of the people in the advertisement, images and music, which are all non-product related information. These cues play a major role in persuading consumers to purchase. This usually leads to a product attitude change that doesn’t last.
Social Judgment Theory Another theory for explaining attitude changes, this theory states that consumers compare incoming information to a frame of reference previously formed; The incoming messages are then filtered down two paths—latitudes of acceptance and latitudes of rejection. If a message is accepted then the filtered information has to be close to the original attitude. This is when messages are considered favorable and consumers agree with the message. A message is rejected when it is seen as too far from, or opposed to the original attitude.