Nation Branding And Place Marketing Viii The Psychology And Demographics Of The Consumer

Nation Branding And Place Marketing Viii The Psychology And
Demographics Of The Consumer

Nation Branding and Place Marketing - VIII .​
The Psychology and Demographics of​ the​ Consumer
The Psychology and Demographics of​ the​ Consumer
The country's customers are its investors,​ tourists,​ traders,​ market intermediaries,​ NGOs,​ and office-holders in​ other countries and in​ multilateral institutions .​
Understanding their psychology and demographics is​ crucial .​
Their interactions with one another take place in​ a​ complex environment,​ affected by governments,​ social forces,​ cultural factors,​ and markets.
The country must clearly identify its clientele: who are they,​ what motivates them,​ what do they do and buy (and how,​ where and when),​ what are their decision-making processes and priorities,​ who influences these and how .​
It is​ important to​ remember that people and institutions buy goods and services to​ satisfy needs .​
Nation branding is​ tantamount to​ casting the​ country as​ the​ superior if​ not exclusive answer to​ those needs it​ can cater to​ or​ even create.
The country's brand manager would do well to​ analyze the​ purchasing process: how,​ when,​ and where transactions are concluded .​
Understanding consumption and investment habits and patterns allows for better targeting and education of​ relevant market segments in​ order to​ influence and alter the​ behavior of​ target customers.
The brand manager must distinguish consumer customers from business customers and from institutional customers .​
Consumer customers purchase goods and services from the​ country for their own consumption .​
Tourists are consumer customers.
Business customers buy goods and services from the​ country on​ behalf of​ third parties .​
Tour operators are business customers.
Institutional customers assemble information about the​ country and analyze it​ in​ order to​ make or​ to​ influence political and credit decisions .​
Banks,​ governments,​ NGOs,​ and lenders evaluate and finance tourism projects based on​ such data.
Business customers operate on​ a​ large scale and are,​ therefore,​ less numerous and less dispersed than consumer customers .​
Consequently,​ it​ is​ easier to​ foster long-term and close relationships with them .​
But,​ being dependent as​ they are on​ end-users,​ theirs is​ a​ volatile,​ demand-driven market .​
Moreover,​ business customers are tough negotiators (though some of​ them seek quality rather than price advantage).
To attract these movers and shakers,​ the​ country's brand manager must constantly monitor the​ global economy as​ well as​ the​ economies of​ the​ nation's main partners .​
Everything,​ from monetary policy to​ regulatory and fiscal developments affect purchasing and investment decisions.
The Encyclopedia Britannica 2018 Edition mentions some additional considerations:
.. .​
Organizational factors,​ which include the​ objectives,​ policies,​ procedures,​ structures,​ and systems that characterize any particular company.. .​
Interpersonal factors are more salient among business customers,​ because the​ participants in​ the​ buying process—perhaps representing several departments within a​ company—often have different interests,​ authority,​ and persuasiveness .​
Furthermore,​ the​ factors that affect an​ individual in​ the​ business buying process are related to​ the​ participant's role in​ the​ organization .​
These factors include job position,​ risk attitudes,​ and income.
Consumer customers are the​ hardest to​ predict and manipulate because they are influenced not merely by hard-nosed intelligence - but also by rumors,​ age,​ education,​ stage in​ one's life-cycle,​ occupation,​ lifestyle,​ self-conception,​ past experiences,​ pecuniary circumstances,​ personal predilections and prejudices,​ as​ well as​ by a​ variety of​ cultural and social factors such as​ one's values,​ perceptions,​ preferences,​ one's status,​ reference groups,​ family,​ and role models .​
Thus,​ the​ customer's idiosyncratic background largely determines the​ economic outcome .​
It is​ here that branding has an​ often decisive role .​
The more costly,​ infrequent,​ and risky the​ purchase,​ the​ higher the​ consumer's emotional involvement in​ the​ buying task .​
The more differentiated the​ country's brand,​ the​ less the​ anxiety provoked by the​ need to​ commit resources irrevocably.

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