BCO225 Consumer Behavior

Introduction

In this paper the discussion is about Versace Italian Luxury Company is been done. Versace Italian Luxury Company was founded by Gianni Versace in the year 1970. The company mainly targets the upper-middle-class customers of both the gender with high appeal for the trendy and innovation clothing. Recently Versace has expanded its product line by launching dog apparel in order to provide the best for pets. The company has launched products for pets matching human clothing like raincoats, dog shirts, dog beds, dog collars, dog leashes, and dog bathrobe. The company has decided to open the booking for the product before the release of the product (Copeland, Ciampaglia and Zhao 2019). The purpose of the report is to identify consumer behavior regarding the newly launched product line of dog apparel.

Discussion

The Category Of Adopters Who Signed Up For Early

The individuals who will be availing the product by doing early sign up for the product belongs to two groups the innovators and the early adopters.

The innovators are the ones who are fond of trying new products. They are by nature the ones who like to take the risk and are the ones who are excited to try new products or ideas (DU et al. 2021). They mainly belong to the higher class as a result they are wealthier and can afford the product at any cost. Similarly over here the primary target of Verseca is the upper-middle-class customers as a result they have made the right decision to open the early sign for the new product line.

The other group who will avail the product are the early adopters the individuals who love to be the influencer and like to lead others to buy the product (Ryu 2018). They are the one who buys the product early and likes to give the review to others regarding the product. Versace also targeted this type of customers by opening their early sign-up for their new product line.

The Reason Behind Versace Offering Early Sign-Ups.

The reason behind Versace offering early sign-ups because before the launch of the new product line in order to gauge the interest of the customers, generate a list of potential customers, and also create the pre-launch hype. This also helps the company to collect information about the users’ activity, why they are selecting the product, and the time they are spending to select the product, all this helps the company to identify the purchasing pattern of the customer. This organization whose growth is the primary priority focus on this type of method (Haro 2018).

Cause-Related Marketing

This type of marketing is mainly a mutually beneficial collaboration between the company and the non-profit organization in order to promote the sales of the product of the company which will help in achieving the cause of the non-profit organization this is known as cause-related marketing (CRM) (Lerro et al. 2019). Similarly here Verseca partnered with Society for the Prevention of Cruelty to Animal in order to sell its new product line for the pet apparels which is meant for taking care of the pets.

Sceptics

The individuals who do not trust on anything easily they are the person who made their decision based on the evidence which is available to them. They are fonder of inquiring before purchasing the product. This type of customer is very hard to be convinced by the company about anything (Greaves et al. 2018). So Verseca cannot create any interest in the mind of this type of customer by partnering with Society for the Prevention of Cruelty to Animal also because they only trust the evidence which they can see.

Balancers

The individuals are positive in respect to the sceptics, they have a positive attitude which is resulted in the forming of the perception that the company is doing something for the good cause for which they usually respond (Sindhu 2020). They always wanted to be part of any good cause, but usually, when it comes to making the purchase decision they focus mainly on the price, quality, and convenience to make the purchase decision. So Verseca can create interest in the mind of this type of customers by partnering with Society for the Prevention of Cruelty to Animal also because they are found to participate in the good cause but before purchasing they will be looking at the price, quality, and convenience of the offering.

Attribution-Oriented Consumers

This group of customers is the one who tries to find out the firm's real motivation behind selling the product. They are not like the sceptics they don’t deny all the facts rather they are willing to consider the firms some unselfish motives. But in the decision regarding the purchase, they are fonder of looking at the attributes of the product before availing it (Rohit and Panda 2018). So Verseca can create interest in the mind of this type of customer by partnering with Society for the Prevention of Cruelty to Animal also because they are looking for the unselfish motives of the company.

Socially Concerned Consumers

This type of customer’s response positively towards the issue which they mainly care for as a result they set their concerns and suspicion away while contributing towards the issue. They are the only group that supports the cause if they care for it whole heartedly (Han and Stoel 2017). So Verseca can create interest in the mind of this type of customer by partnering with Society for the Prevention of Cruelty to Animal mainly the ones who have pets.

The Group i Belongs To

The group I belong to is Balancer Consumer because I hold the same perspective as the balancer group hold unlike the sceptics, I have a positive attitude which is resulted in the forming of the perception that the company is doing something for the good cause for which I usually respond. I always wanted to be a part of any good cause, but before making the purchase decision I like to look at the price of the product, quality of the product been offered whether it is value for money and convenience how much I have to travel for availing the product. Here according to the case, I would be very interested to look at the offerings of Verseca mainly because I have a pet and as they are telling that the products are meant for treating the pet with care, though the decision of mine regarding the purchase of the product will solely depend on the price, quality of the product.

The Generalized Group Best Target Market For Versace Dog Apparels

The generalized group who will be the best target for Versace dog apparel can be identified by the segmentation of the customers. The segmentation method the company will follow are:

• Geographical Segmentation: the company mainly target the peoples of the urban or cities rather than the rural or outskirt customers.
• Demographic Segmentation: the company mainly target customers who have a good income, belong to an upper middle class or rich community, the uses online media (An et al. 2018)
• Behavioral Segmentation: the company will also target the persons who are fond of animals or have pets (Maccarrone-Eaglen and Schofield 2019).
• Psychological Segmentation: the company also targets the owner of pets who are more concerned about their status and are fond of showing off the brand in-front of others (Althammer et al. 2021).

This is the four type of segmentation which can be the best-targeted group for the Verseca product. But according to me, the segmentation done based on the behavioral aspect will be the best target for the products because they are the ones who are in the fond of the cause for which the product is been sold and also they will buy the product in order to fulfill their need rather than for showing off the brands.

But though the behavioral segment group will be best for the company through the company should not focus on only one group they should focus on the other group as well mainly the group with demographic segmentation as they are the core customers of the company’s other product line and also the group who are more fond of their social status because the product of the company belongs to a brand which is generally adopted by this group of customers. So it is necessary or rather viable to focus on the other groups as well.

Conclusion

In the paper the detailed discussion is been done about the new product line introduced by Verseca is been discussed in detail. From the report, it is been identified which type of consumers will avail the products and which group of people the company should target for becoming successful.

Reference List

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Althammer, S.E., Reis, D., van der Beek, S., Beck, L. and Michel, A., 2021. A mindfulness intervention promoting work–life balance: How segmentation preference affects changes in detachment, well‐being, and work–life balance. Journal of Occupational and Organizational Psychology.

Copeland, L., Ciampaglia, G.L. and Zhao, L., 2019. Fashion informatics and the network of fashion knockoffs. First Monday.

DU, C.T., NGO, T.T., TRAN, T.V. and NGUYEN, N.B.T., 2021. Consumption Value, Consumer Innovativeness and New Product Adoption: Empirical Evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 8(3), pp.1275-1286.

Greaves, S., Smith, B., Arnold, T., Olaru, D. and Collins, A.T., 2018. Autonomous vehicles down under: an empirical investigation of consumer sentiment.

Han, T.I. and Stoel, L., 2017. Explaining socially responsible consumer behavior: A meta-analytic review of theory of planned behavior. Journal of International Consumer Marketing, 29(2), pp.91-103.

Haro, P., 2018. Product Launch Plan for 3aS Partners.

Lerro, M., Raimondo, M., Stanco, M., Nazzaro, C. and Marotta, G., 2019. Cause related marketing among millennial consumers: The role of trust and loyalty in the food industry. Sustainability, 11(2), p.535.

Maccarrone-Eaglen, A. and Schofield, P., 2019. Compulsive buying among young adults: a behavioural segmentation. Young Consumers.

Ryu, H.S., 2018, January. Understanding benefit and risk framework of fintech adoption: Comparison of early adopters and late adopters. In Proceedings of the 51st Hawaii International Conference on System Sciences.

Rohit, D. and Panda, R., 2018. Cause-Brand Association: A Review. Journal of Management Research (09725814), 18(1).

Sindhu, S., 2020. Cause-related marketing—an interpretive structural model approach. Journal of Nonprofit & Public Sector Marketing, pp.1-27.

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