CONSPICUOUS CONSUMPTION
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CONSPICUOUS CONSUMPTION Presented by - Chittaranjan Behra - 12DM001 Subhradip Mishra – 12DM002 Buddhaditya Saha – 12DM003 Pritam Das – 12DM006
Transcript of CONSPICUOUS CONSUMPTION
CONSPICUOUS CONSUMPTION
Presented by - Chittaranjan Behra - 12DM001Subhradip Mishra – 12DM002Buddhaditya Saha – 12DM003Pritam Das – 12DM006
Conspicuous Consumption
Buying expensive items to display wealth and income rather than to cover the real needs of the consumer.
Gain higher social status.
Coined by Thorstein Veblen in his book "The Theory of the Leisure Class" published in 1899.
Behavior not only limited to the rich/upper class but among the poorer social classes and emerging economies.
Characteristics of Conspicuous Customer
Clear positioning.
Time relation is the present.
Able to take risks.
Try new products.
Love symbols of status.
Wants status appreciation.
Buying Characteristics
Do not prefer details.
Importance of the Prestige aspect.
Need to be realistic.
Decide now and want to own it in the same second.
Buy by outward appearance and price rather.
NLP and Conspicuous Consumption
Neuro-Linguistic Programming Model.
Under this consumers are divided in 3 categories depending
on their behavior-
Green
Red
BlueLevel Green component Red component Blue component
Function Tendency to self-preservation
Tendency to self-assertion
Tendency to self determination
Time reference History Today Future
Social relationship
Need for contact Need for contact and dominance
Need for distance
Right Territory (space shareholders)
Status (recognition)
Knowledge (own ability)
4 P’s for and Conspicuous Consumption
Place:
Products not to be in common shop.
Customer wants to have a special feeling walking in this store.
Wants to see the newest products in the display window.
Product:
Product policy- to be better then the equal.
Focus on the exterior design aspect, innovative, eye catching.
Packaging should be carried out thinking about the type of customers.
4 P’s for and Conspicuous Consumption
Price:
Necessary to put a huge effort into the retail pricing strategy, if this will be misevaluated the whole product can flop.
Price may be the price is 3 times or maybe 50 times higher than those of the competitors but should be analyzed.
These customer wants to pay a high price and he wants to display wealth.
4 P’s for and Conspicuous Consumption
Promotion:
The communication should focus on exclusiveness, betterness and conspicuousness.
Should communicate that it separates the buyer from the crowd.
Customer communication at the point of sales.
4 P’s for and Conspicuous Consumption
Conclusion
These customer display to others that there are well off, to feel better them-self.
Fulfill these even at credits.
References
http://www.it-infothek.de/fhtw/semester_4/bwl_4_02.html
Hagen Ziemer, Oxford Brooks University, “Conspicuous Consumption, its Implications and Marketing Implementation.”
http://www.conspicuousconsumption.org/
