A. Introduction
Consumer’s life cycle pattern and the Price discount are two crucial factors that can influence the promotion of marketing of consumer products significantly. These types and the nature of impact of these two factors are described below:
B. Life Cycle Pattern
1. Life Cycle Pattern and Targeted Marketing
Consumer is the king in the market system. Marketers must take into consideration the consumer’s buying behavior pattern in order to become a successful marketer. Consumer’s buying behavior pattern depends on consumer’s life cycle pattern of the consumers. Targeted marketing comes to forefront here. That means the marketers must target the specific group of consumers in order to promote marketing of a specific or a specific group of products.
2. Life cycle pattern and Product Choice
The choices of different products is directly associated with different stages of family life cycle pattern of the consumers. The single and bachelor has one type of product choices while the married couples have a different type of choices of products. The family with babies and younger children has a particular type of choices for products. On the other hand, the families with older children having sound financial baking have another specific choices for products. The older or retired families with declining income situation has another typical type of product choices.
B. Price Discount
1. What is price discount?
Price discount is an incentive given to buyers to stimulate product marketing. The various price discount measures include the following:
Cash discount- Marketers or companies offer a price reduction to buyers who pay bills promptly.
Quantity discount- Marketers offers a price reduction to buyers who purchase a large volume of products.
Seasonal discount- Seasonal price reduction is given to buyers who take the opportunities to buy products or services at a particular season or a period of time.
2.What is promotional pricing?
Promotional pricing is offered by companies or marketers in order to increase traffic and promote sales volume of products.
Promotional pricing include the following:
Pricing for special event-marketers determines special prices for a particular season to attract customers.
Cash rebates- Companies or marketers offers cash rebates to consumers for purchasing products within a specified period of time.
Products at reduced price-Many big superstores or departmental stores offer products to consumers at reduced price in order to attract consumers and stimulate sales.
C.General
The above discussions clearly indicate the importance of consumer’s life cycle pattern on targeted marketing.That means the marketers must be vigilant to assess the family life cycle pattern of the consumers in order to best promote their products leading to targeted marketing
Again, the price discounts and the promotional pricing are two strategically important tools used by the marketers or companies to draw traffic and stimulate buys by the consumers in the competitive markets. The consumers can also facilitate their marketing objectives by taking advantages of these price discounts and promotional pricing, as and when necessary.
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