Consumer behavior has strong implications when determining and formulating a marketing strategy to capture and create value for the Nationwide Auto insurance product in the market in the automotive industry.
A successful marketing strategy driven and influenced by internal elements such as attitude, lifestyle, and motivation provide the marketer with the best components to formulate the right marketing strategy to address the marketing needs of the consumer and to achieve measureable marketing objectives (Petty & Cacioppo, 1981).
These components influence the potential points of entry into the market, the mode of entry, the marketing models, and the product positioning matrix to adopt when formulating a strategy to enter the motor vehicle insurance industry. The marketing strategy formulated must reflect how the underlying elements of attitude, lifestyle, and motivation affect consumer behavior.
Attitude
According to Petty and Cacioppo (1981), attitude is strongly influenced by a person’s experience with a product or service and is strongly related to the buyer or consumer behavior and the beliefs customers about the product. Belief is a crucial component that influences “learned attitude” which could be important when formulating a marketing strategy. On the other hand, experience can create a negative or positive attitude toward a product and influence consumer behavior (Petty & Cacioppo, 1981).
The negative or positive attitude customers experience with the Nationwide Auto Insurance product underlies its influence on acceptability in the market, an attitude which can be deep seated and influential to the psychology of the customer. In that case, the positive attitude contributes positively to creating product loyalty, strong brand engagement, positive buyer behavior, and influence on others to buy the Nationwide Auto Insurance product.
Attitude influences the levels of involvement in the Nationwide Auto Insurance and the experiential perceptions on the marketing strategies which influence positive customer behavior. That enables the marketer to create a marketing model that ultimately leads to positive buyer behavior, strong brand engagement, positive customer experience, and positive perceptions about the Nationwide Auto Insurance product. That ultimately influences positively or negatively influences exposure stimuli and interpretations (Petty & Cacioppo, 1981).
Lifestyle
Lifestyle has strong influence on the marketing strategy developed for the Nationwide Auto Insurance product based on product considerations. That is because consumer lives have strong influence based on their background incuding where they live, income levels, and education (Petty & Cacioppo, 1981).
The impact of lifestyle factors on the marketing strategy include identifying the best approach to segment people according to their values and beliefs, their level and rate of expenditure, and any lifestyle attribute related to the frequency with which people interact with and use the motor vehicle (Marketing Teacher, 20102). Other factors that impact on the marketing strategy include income levels, education levels, culture, buyer power, and social groups.
Motivation
When formulating a marketing strategy with the aim of achieving marketing goals, motivation influences need, desire, need based segmentation, provides better understanding of motivation, and customer identify with a product.
Analytically, the strategy should therefore include approaches that include identifying and integrating components that affect individual consumer behavior based on psychological motivational elements which include self-expression need for assertion, consistency and other theoretical components that affect consumer behavior. The marketing strategy should include psychological factors to create consumer involvement in the marketing of insurance products to achieve marketing goals (Marketing Teacher, 20102).
References
Marketing Teacher: Consumer Behavior Internal Influences – Motivation. (2012).
Petty, R. E., & Cacioppo, J. T. (1981). Attitudes and persuasion: Classic and contemporary approaches. Dubuque, IA: William C. Brown.