Table of Contents
Consumer behavior has become an important subject and a critical consideration for different companies. Scholars have exhibited interest in understanding the different factors that motivate individuals to purchase particular goods and services. It is evident that people have varied motivations for making different purchases. Understanding the significance of these factors can help companies develop products that customers will be likely to purchase. The manner in which individuals purchase, dispose, or even use different products defines consumer behavior (East, Wright, & Vanhuele, 2008). There are both external and internal factors that may influence an individual to acquire a certain product. Internal factors include a person’s self-concept and other psychological factors. On the other hand, external factors include cultural influences, environmental aspects, situational factors, as well as economic status. Understanding consumer behavior needs adequate information regarding how each of these factors affects the ability of a customer to purchase a product or service. Understanding consumer behavior helps in highlighting the preferences of a specific target group as well as the factors and attitudes that influence buying decisions. Undoubtedly, a person’s perception, belief systems, opinions, and convictions towards a certain product are likely to determine whether the person will acquire the product or not. On the other hand, the packaging and design of the product, as well as its potential benefits and the value it can add to a customer’s life, are other factors that determine consumer behavior.
Hydro-flasks have gained popularity in the twenty-first century. Many people exhibit a remarkable interest in acquiring hydro-flasks. Particularly, hydro-flasks have superseded the traditional water bottles because of their radically distinctive features. It is imperative to understand the factors that actuate people to acquire hydro-flasks. For a critical understanding of the factors that determine whether a person will purchase a hydro-flask or not, it is imperative to highlight the primary reasons why a person would require the hydro-flask. The target market for this unique product constitutes individuals between 20 and 45 years who have an active lifestyle (Schiffman & Wisenblit, 2015). Personal factors are likely to influence the purchasing decision of hydro-flasks. People’s disposition towards an active lifestyle may compel them to own the unique water bottle that has a temperature shield. Between the ages of 20 and 45, people seem to be conscious of their health and their needs for water. Particularly, active individuals who participate in sports and other fitness activities are likely to buy the hydro-flask. Such individuals have firm convictions of themselves and a positive self-concept that motivates them to take care of their bodies. For this reason, they are likely to purchase the hydro-flask to ensure that they have a good supply of their favorite drinks and water.
A person’s awareness of the technology used in the production of hydro-flasks is likely to exhibit interest in purchasing the product. Particularly, people who recognize with gratitude the insulation used in the manufacture of hydro-flasks and its function are likely to purchase the unique bottle. A person’s lifestyle is a key determinant of their willingness to purchase a certain product. Individuals interested in having the required amount of water during the day to sustain their health represent a greater percentage of customers purchasing hydro-flasks. As individuals engage in different activities, they need to have a reliable bottle of carrying their water for the day. People who hike mountains, ride bicycles or are active in jogging exhibit a great interest obtaining the hydro-flask. Individuals who go for summer hikes, camping trips, and outings in the snow purchase the hydro-flask to maintain the temperatures of their drinks. The market segment that purchases hydro-flasks is comprised of working class individuals who have to balance their work responsibilities with the healthy lifestyle and create family time (Rajagopal, 2010). Such individuals require devices that have the capacity to increase the level of efficiency in their lives. For this reason, they are likely to appreciate a hydro-flask that will make their life comfortable by maintaining the temperature of their drinks. A hydro-flask will come in handy when they need a hot cup of coffee. Moreover, the hydro-flask will help them access a refreshing cup of cold water. The lifestyle of these individuals does not allow them to waste time warming drinks or to freeze them when they have important responsibilities.
The cost of the hydro-flask determines the willingness of an individual to purchase it. For example, customers will easily purchase an item that is cheap, and that is likely to have minimal adverse effects on their financial budget. However, if a product is expensive, then customers consider its functionality and ability to meet a specific need. The hydro-flask is quite expensive compared to the normal water bottles. Individuals who choose to pay the price of obtaining a hydro-flask have the conviction that its functionality will satisfy their needs. Customers are likely to conduct a remarkable amount of research on the technology used in the development of the hydro-flask to determine its ability to meet their needs (Krarup & Russell, 2005). Many customers explore the unique features of a hydro-flask before making a purchase. In some cases, customers buy hydro-flasks because they need them to satisfy a specific need. In this case, the cost may become less significant because of the apparent need. The specific reason for buying a hydro-flask determines the urgency of obtaining it.
The influence of reference groups and opinion leaders has a significant effect on the purchasing of a hydro-flask. Celebrities spotted with hydro-flasks at different occasions exert a reliable measure of influence on the people. Fitness trainers have also become brand ambassadors of the hydro-flask. Pinion leaders have given their views concerning the unique capabilities of the hydro-flask. For this reason, the influences from these reference groups and opinion leaders have motivated individuals to own a hydro-flask. Many of these reference groups place emphasis on the temperature shield used in the manufacture of the hydro-flasks. The emergence of the product on social media platforms has also increased the probability of individuals owning one (East, Wright, & Vanhuele, 2008). Environmental factors also influence the buying decision. Particularly, individuals living in very cold areas need the hydro-flask for keeping their hot beverages. In temperate regions, it becomes possible to keep cold water at low temperatures so that it can effectively quench one’s thirst.
Competitive Insights Learned from the Consumer Behavior Patterns
Understanding consumer behavior helps companies to develop smart strategies. Particularly, the consumer behavior patterns exhibited by people who purchase hydro-flasks indicate that there is a need to work on improving the insulation technology. Consumers expect a high level of efficiency in ensuring that the beverages remain hot for 12 hours and that the cold ones can maintain their temperatures for over 24 hours. Many consumers become desperate hen the hydro-flask does not deliver their expectations. Improving the insulation technology will give the company a competitive advantage because the new products will be reliable. As a result, consumers will want to switch to a brand that manufactures outstanding hydro-flasks. Consumer behavior patterns also indicate that customers purchase the hydro-flasks for carrying around different beverages (Schiffman & Wisenblit, 2015). It is apparent that introducing different sizes of the hydro-flasks will be beneficial. Particularly, it will help customers purchase their preferred size, in agreement with their needs. Fitness trainers require a larger size of a water bottle that does not compromise the temperatures. Having different sizes will ensure that such individuals can purchase the big size while other customers continue purchasing the medium size. From the consumer behavior patterns discussed, one of the smartest strategies would be to reduce the costs of production and provide the hydro-flasks at discounted prices. A remarkable percentage of potential customers cannot afford the hydro-flask. Reducing prices will ensure that hydro-flasks are affordable to people of different socioeconomic statuses. These insights are of critical importance in helping the company gain a competitive advantage in the market. Moreover, the insights seek to meet customer needs successfully.
The “Big Idea” Concept
The “big idea” concept has gained popularity in the twenty-first century. Companies use it to design an effective marketing strategy or to frame the appropriate message for advertising with a specific target in mind. The big idea concept seeks to attract the attention of the target market. Scholars highlight that the lack of the big idea concept means that it is impossible to register sales. Potential customers will only exhibit interest in products that exhibit a great idea (Rajagopal, 2010). The marketing team of any organization should take the challenge of implementing a big idea that will receive attention in the market. Through extensive research, it is possible to develop a remarkable idea that can prove viable in the market. The process of developing the big idea start with the identification of an existing problem and then the efforts to develop a solution follow.
Marketers emphasize the importance of the big idea concept in drawing the attention of different customers. Before the development of the big idea, a company needs to understand various consumer insights. Understanding such insights can help the marketers unveil the existing problem and develop a potential solution. Companies conduct research through surveys and interviews to demonstrate how they can connect a brand with potential customers (Krarup & Russell, 2005). The big idea attempts to provide a solution to an existing problem identified by a company. The primary focus of the big idea concept is to ensure that a company can provide reliable solutions to customers with specific problems. For the big idea achieve success, there must be a succinct expression of the consumer insight and brand connection.
New Big Idea for Marketing Hydro-Flasks
In the case of hydro-flask, the piercing insight is that many people have varying needs for water and other beverages. Instead of carrying several hydro-flasks, they prefer a large hydro-flask that can cater for their needs (East, Wright, & Vanhuele, 2008). For this reason, they may feel desperate having to carry numerous hydro-flasks. The company has introduced a diverse range of different sized hydro-flasks and consumers can choose their favorite size. By logging into the company website, consumers can describe the features of a hydro-flask that will meet their needs successfully. The company’s succinct expression will be, “We got you covered; hydro-flasks in all sizes”. Evidently, this big idea will resolve the problem experienced by many consumers who would like to have different sizes of hydro-flasks that conform to their unique needs. Particularly, the implementation of this big idea means that consumers can place an order for smaller sized, medium, or the larger sizes of hydro-flasks. The new big idea will resolve the problem associated with size and deliver value to customers.
- East, R., Wright, M., & Vanhuele, M. (2008). Consumer behavior: Applications in marketing. London : SAGE Publications Ltd.
- Krarup, S., & Russell, C. S. (2005). Environment, information, and consumer behavior. Cheltenham: Edward Elgar.
- Rajagopal, T. (2010). Consumer behavior: Global shifts and local effects. Hauppauge, NY: Nova Science Publishers.
- Schiffman, L. G., & Wisenblit, J. (2015). Consumer behavior. Boston : Pearson.