CHARLES STURT UNIVERSITY
A report on internal and external influences on consumer behaviour in Lacoste
Student Name: Luan
MKT 510 Assignment 2
Lecturer: A. Bull
JAN 27 2011
There are three main aims of this report. It aims to provide a better understanding about the impact of internal and external factors on consumer behaviour. In so doing, Lacose, which produces apparel, was chosen for this. At first, it will examine the segmentation and identify target market for the company. The second purpose is to explain the role of internal and external factors affecting consumer purchasing decision on Lacoste. Due to space limit, only three factors will be considered: two internal factors of perception and motivation and one external factor of lifestyle. Another aim is to make the recommendations for establishing market strategies. Research for this report included a review of current marketing literature and some effective strategies for the future of Lacoste. The results of the analysis are:
* The market segmentation by the Lacoste company are 45-50 year old people, belonging to the high society and the young people from suburbs * The target market for the company is young people with luxury lifestyle * Internal and external factors have a significant impact on consumer behaviour which has been proven in the success in marketing strategy of Lacoste
It is clear that Lacoste has got some success from its knowledge about internal and external factor. However, Lacoste must take consideration to some recommendations below to have the better marketing strategy: *
More promotions and a beautiful website should be used to increase perception of consumer *
Increasing price can have a positive impact on motivation and demand for lifestyle
TABLE OF CONTENT
Background of the report
Lacoste and opportunity
Perception of consumer
External factor (lifestyle)
2.1. Background of the report
Over the decades, understanding consumer behaviour has become extremely important to achieve success for a company. Consumer behaviour is strongly influenced by both internal and external factors. Therefore, researching the internal and external factors is indispensable when the company want to set up a better marketing strategy for consumer behaviour. According to Chester et al. (2007), internal factors include perception, emotion, motivation, learning, memory, personality and attitude while external factor include demographics, lifestyles, household, group influence and culture. Among these factor, perception and motivation for internal factors and lifestyle for external factor has been choose to describe in this report. In the fashion world, Lacoste is one of the most famous brand name with over 50 million products that had been sold in 110 countries in 2005 (Wiki, 2007). This success results from the understanding of Lacoste about the external and internal factors which has a great impact on consumer behavior. The marketing campaigns of Lacoste have crucial influence on consumer perception (Moosmayer , 2010). Moreover, Lacoste attempt to position itself on luxury brands of clothes because consumers have much motivations in purchasing luxury products (Husic, 2007). This report will investigate to how Lacoste uses knowledge about internal and external factors in establishing its strategies and identify some limitations of these strategies. 2.2. Aims
This report explores to what...
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