The paper "The Concept of Status Consumption with Regard to How a Marketer Might Be Able to Use Status" is a worthy example of a term paper on marketing. Status consumption is defined as consumers’ behavior of purchasing goods or services with regard to the status they confer and without necessarily considering their social class or objective income (Heaney et al, 2005). It can also be defined as the motivational process by which consumers purchase goods and services intended to display and enhance his or her prestige or status to self and surrounding others significant to him or her (Heaney et al, 2005).
It is done so as to satisfy one’ s ego and influence other people to perceive his or her status in reference to the purchased brand (O’ Cass & McEwen, 2005). The symbolic meanings attached to a brand determine consumer preference for those brands (Shukla, 2010). Consumers purchase these goods so as to meet their social and material needs. According to Heaney et al (2005), status consumption increases the value of the purchased brand. It is a very prevalent practice across the globe (Heaney et al, 2005). Marketing status brand It is very important that a status brand is marketed with regard to consumer social or identity needs.
For instance, British consumers will tend to purchase a product that is associated with popularity gain rather than being noticed by others (Shukla, 2010). As a result, managers may associate the brand with celebrities who have achieved a lot or have been successful in life and are relevant to the brand being marketed. For instance, using a miss world to market an evening dress is likely to impact consumer behavior resulting in more British consumers going for the product (Shukla, 2010).
The consumer in this regard sees the product as a means for him or her to be valued and respected as it is the case with the miss world. The main idea here is to understand the consumer consumption behavior and the reasons behind their purchase for status brands. The symbolic meaning attached to the product will determine the consumers’ willingness to go for the brand. Managers should, therefore, seek to understand the symbolic meaning attached to the marketing of a particular brand from the consumer's perspective (Yiannis and Lang, 2006).
Since individuals in Britain have been exposed to status brands for quite a long time, creativity is required in capturing the market. The aim is to ensure that managers impact the consumers in such a way that they value the product more as compared to other products offered in the market. This would result in the company gaining a competitive advantage in a market where status consumers are targeted (Shukla, 2010).
In the Indian market, the situation is different. Marketing a brand effectively in this market requires that the brand be associated with an occasion. This is because Indians seek status in reference to groups of association and are likely to be influenced as a group and not as individuals. The brand should be solely on ostentation.