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Values & Self - Coggle Diagram

- - - - can help to explain how values link to attributes in products and services
      - Researchers can work backward to uncover the values that drive consumer decisions
      - Value laddering
      - Several potential levels
        
        Attribute (tangible feature)
        
        Performance benefit (functional consequences)
        
        Instrumental Value (psychological or social benefit that accrues from that performance)
        
        Value (underlying value that is reflected in psycho-social consequence)
- - - - altruistic reasons
      - agnostic reasons
    - - depends on the situation and the relationship between the gift giver and the recipient
      - The gift may also symbolise a particular meaning to the receiver.
    - - an important element of the gift selection process
      - consumer’s culture can influence decisions about the value of a gift
    - - The amount of time spent searching for a gift symbolises the nature and intensity of the giver’s relationship with the recipient
  - - - Some kinds of gift-giving situations or recipients are exempt from reciprocation.
      - Expectations of reciprocation depend on the culture and the relationship between the giver and the recipient
  - - - promote products for gift-giving occasions and gift-giving occasions
    - - Technology has created major changes in the gift-giving process.
      - growing use of plastic and digital gift cards
    - - some charities ask consumers to instead give gifts to people in need.
- - - - shop more frequently
      - put a high value on price and convenience
      - due to economic reasons, many consumers have been delaying their economic independence
      - important target market
        
        spend money on their own and also influence billions of dollars in family purchases
      - often early adopters of new technology
      - many millennials are debt-averse—and have low financial literacy
      - Marketing Implications
        
        Brand Loyalty
        
        Positioning
        
        Advertising Messages
        
        Traditional and Social Media
        
        Other Marketing Activities
    - - strongly value individualism and want the freedom to do what they want, when and where they want
      - grew up with TV and tend to watch it more, increasingly active in social media although they use it less than the younger segments
      - "sandwich generation"
      - Marketing Implications
        
        a lot of buying power -> target for many products and services
        
        heavy consumers of financial services
        
        Some firms are developing specially for the needs of baby boomers
        
        Personal care products, fitness, goods and services, cosmetic surgery and similar offerings are especially attractive to boomers
    - - information-processing skills tend to deteriorate with age
        
        engage in simpler, more schematic processing
      - many are working later in life out of need, to add to their retirement accounts, or to fund special purchases
      - rekindle their interest in self-expression and affiliation
      - Marketing Implications
        
        represent a critical and growing market for health-related products and services and for retirement communities, as well as for recreational goods and services
        
        While some seniors want the latest technology, others care more about basic functionality
        
        Many seniors are heavy Internet and social media users to stay in touch with family members and friends
        
        Advertising and Media
        
        Distribution, Sales and Promotions