Marketing Process: Page 8 of 8
The key considerations for marketers who need to plan the marketing strategy of consumer durables are:
- Building and protecting brand reputation for reliability and performance
- Creating brand loyalty as consumers are usually out of the market for some time
- Transferring consumer brand loyalty across product categories (e.g. cookers, fridges, freezers)
- Longer consumer buying process that moves slowly through the product/brand research and consideration phases
- The need for rich product information to assist the buying decision process
- Price is manipulated to either ‘skim’ or ‘penetrate’ the market
- Combo (combination) offers with the potential to offer added value e.g. kettle plus toaster package; washing machine plus tumble drier bundle offer and so on.
The importance of product innovation
The opportunitytodifferentiate products in consumer durables markets is rare, and, brand loyalty among consumers is low with price, performance and features all influencing their purchase. This is because similar companies are targeting the same consumer segments and identifying the same value proposition by meeting the same needs, wants and fears.
Click anywhere on this image to read how electrical giant Indesit approach product innovation