Instant Pot’s Pressure Cooker
Section 1: Motivation and Involvement
Maslow’s Hierarchy of Human Needs and Its Application
The company will largely focus on the production of luxurious multi-functional pressure cookers. Although times have changed and other effective cookers are penetrating the global market, the target market for this luxurious multi-functional product will remain to be wealthy individuals. The product’s superior smart features, including it being multi-functional, having large Liquid Crystal Display screens, having wireless connectivity and Bluetooth, and its ability to speed up cooking time, will give the consumers the satisfaction of associating themselves with not only the instant pot pressure cooker but also its extra-added psychological benefits will remind the customers that they are in an exclusive group of wealthy individuals.
The company will utilize the consumer’s esteem needs, a level of Maslow’s Hierarchy of human needs to market and position its product. The target market will certainly be segmented on a psychographic basis to create a sense of pride and exclusivity amongst individuals who associate themselves with the instant pot pressure cooker product. Consumers’ lifestyles and motives will determine the segmentation of the target market. As such, the company will appeal to its customers with a status related to their motives. the next segmentation approach that the company will use is demographic segmentation. This type of segmentation approach depends on various consumers’ characteristics, including income, gender, age, family size, and area of residence. The features that will be integrated into the marketing and positioning of the product will include income and family size. The firm will focus on the production of small-sized, medium-sized, and compact cookers that are suitable for different family sizes. Another variable that will be important in this segmentation is the consumers’ income. The company will use the consumer’s income data to determine the right prices, features, and sizes of the instant pot pressure cookers.
Using customer’s esteem needs, a level of Maslow’s Hierarchy of Needs, the company will segment and position itself in the minds of customers by integrating various features such as wireless connectivity, liquid crystal display, Bluetooth, and others. Consequently, the company can position itself as the leader in the production of luxurious multi-functional pressure cookers. Besides, the enterprise will have to sponsor innovation programs and events that will enable the customers to share their opinions about some deficiencies they experience with the product, and suggest what the company possibly improve to satisfy their esteem needs. The firm will also have to rely on efficient and effective marketing techniques to ensure to create a sense of high class among the wealthy people who will associate themselves with the instant pot pressure cooker product.
Consumers of the Instant Pot Pressure Cooker product will possibly experience avoidance-avoidance motivational conflict because the appliance has the same design as the other pressure cookers produced by various companies, such as Midea Electrical, Foshan Shunde, Prestige Pressure Company. Besides, these companies also target wealthy people. Therefore, the prospective consumers will experience some challenges in choosing a company from which to pressure cookers. To solve this problem, the marketer will have to explain to the customers the importance of purchasing the instant pot pressure cooker from the company -the product relies on technological advancement unlike pressure cookers from the mentioned companies. Many people in today’s market usually prefer purchasing high-quality products associated with lower prices compared to those that are costly. Therefore, the marketer will have to reduce the mentioned motivational conflict by setting a lower price for the Instant Pot Pressure Cooker than that set by the other pressure cooker companies.
Involvement Profile for A Typical Consumer
The target market for the Instant Pot Pressure Cooker Company will be the topic of discussion amongst marketers. The arising issue will most likely be if the company values the low-income target segments. To ensure that the individuals from the low-income segments can also have a sense of pride and exclusivity with this product, the marketer will have to first engage customers from various levels of target markets in pricing and marketing strategies. Doing so will enable the marketer to come up with the most affordable price tags that would allow even individuals from low-income target markets to associate themselves with the product. Thereafter, the marketer will have to address that issue in the form of a proposal to the company. However, in the process of setting an affordable price for various sizes of the instant pot pressure cookers, the company must not compromise the quality and design of the cookers as those are some of the features that create a sense of class and exclusivity amongst the customers.
Section 2: Personality
Personality Theories or Traits
Many people in today’s society like to associate themselves with trendy kitchen appliances such as pressure cookers. These appliances’ popularity has increased because of their significance during cooking: they are energy efficient as they use 50 to 70 percent less energy compared to other conventional cooking methods, such as boiling of food. Moreover, pressure-cooked foods are believed to retain vitamins and their flavor compared to other cooking methods such as food-boiling and they do not use water in which the food vitamins and minerals may dissolve, thus helping in retaining food flavor. Considering these pros and other features of instant pot pressure cookers such as wireless remote controller, Bluetooth, and liquid crystal display, many will associate themselves with this luxurious multi-functional pressure cooker. The market for this product will be controlled by various drivers, such as the amount of disposable income amongst households. The drivers will likely be associated with various personality theories, such as Freudian and Horney’s non-Freudian theory. The Freudian theory states that three related parts including id, ego, and superego often control the human conscience (Solomon, Russell-Bennett & Previte, 2012). This personality trait concept will be of importance to the marketer as it will help him or her to understand the consumers’ attitudes towards instant pot pressure cooker products and the strategies that the company will need to put in place to win the minds of the customers. Horney’s non-Freudian theory is another personal trait theory that will help the marketer to come up with effective strategies related to marketing and positioning of the company’s product. According to this concept, consumers’ behavior is categorized into three groups, including compliant, aggressive, and detached. Horney’s non-Freudian theory will help the marketer to understand how the company can improve the consumer’s behavior to associate themselves with instant pot pressure cooker brands rather than associating themselves with other related brands.
Print advertisements can be used to promote the instant pot pressure cooker, but they have to be crafted properly. Companies use print ads to create brand recognition, capture the consumers’ imagination, and persuade the customers to associate themselves with their products, particularly trendy products. To retain the old customers and attract new customers, an instant pot pressure cooker company will have to create effective prints that capture the customers’ attention, have clear messages, and are easy for the consumers to remember. Examples of great prints that would be most appealing to consumers with similar personality traits are as shown below;
Figure 1: Starbucks Print
Figure 2: Starbucks Print
The key of the print ads is to inform the consumers that Starbucks is offering the best quality coffee. The prints would appeal to customers who have similar traits. For instance, customers who want to associate themselves with class, happiness, and excitement.
Brand personality is the key ingredient for the company to position its product accurately in the consumers’ minds. Brand personality is referred to as the set of consumers’ traits or behaviors associated with a particular company (Davies et al., 2018). To ensure customers’ loyalty towards this particular brand, the company will have to consistently improve the quality of its product, integrate the use of modern forms of technology, and effectively price its pressure cooker product.
Section 3: Perception and Positioning
Attribute-Based Perceptual Map
Instant Pot Pressure Cooker
Low-Quality High Quality
Foshan Shunde Pressure Cooker
Figure 3. Perceptual Map
Based on the above perceptual map, the Instant pot pressure company will have to set lower prices than Foshan Shunde to reposition its product among the consumers. However, first, the company will need to engage all its stakeholders in price-setting to ensure that all target markets including low-income market segments, can afford to purchase the luxurious multi-functional pressure cooker (Schiffman, Kanuk & Das, 2006). While setting affordable prices for its product, the firm will have to maintain and constantly improve the quality and efficiency of the pressure cookers to create a sense of pride and exclusivity amongst the customers.
Extrinsic and Intrinsic Cues
Consumers purchasing behaviors are often driven by intrinsic and extrinsic cues thus the corporation can use these factors to evaluate the quality of the product. Consumers’ intrinsic cues are often driven by internal factors, such as the sense of prestige, consumer satisfaction, and mastery level. The company will have to use the mentioned consumer intrinsic cues to assess the quality of its pressure cooker product. Besides, public recognition and the need for customers to or not to associate themselves with this particular product are some of the extrinsic cues that the company will use to assess the quality of the product (Sarkar & Rawani, 2017). As a marketer, I will utilize the mentioned extrinsic cues to educate the consumers about the importance of purchasing and associating themselves with the product, and inform them of some of the product’s details that they may not be aware of.
Based on the price-quality relationship, as a marketer, I will develop a proposal for the company that focuses on the need of setting lower prices and maintaining high-quality products to enable the firm to enter and expand its operations into new markets and increase its profitability. By setting low prices and maintaining high quality for the products, individuals from the low-income market segments will feel valued by the enterprise. Besides, by setting lower prices and ensuring that the quality of the product is not compromised in the process, the company will maintain a competitive advantage over others producing pressure cookers, such as Foshan Shunde.
The company will have to face business risks during the marketing and position of its pressure cooker product. This is a type of risk that an instant pot pressure cooker company will have to take to maximize the sale of its products and profitability. To maximize the sale of its products and profitability, the company must spend heavily on creating print ads to capture the attention and inform the consumers about the existence of this particular brand. It will also help the enterprise to attract new customers, and enter into new markets.
Section 4: Reinforcing Consumer Learning
How to Apply the Concept of Step-Wise Operant Condition
Whenever a company integrates the use of step-wise operant conditions to introduce or reinforce a consumer behavior, the firm ought to start with a continuous schedule then shift to more of a partial reinforcement schedule. Doing so ensures that the value of the reward of reinforced consumer behavior is not lost quickly. In the case of the Instant Pot Pressure Cooker company, I will use positive reinforcement to reinforce the consumers’ behaviors. Therefore, I will have to lower the price of pressure cookers than other companies that produce related products. Besides, I will have to offer at least a 20 percent discount to all the customers. This trend will extend for a couple of months, then I would lessen it to enable the company to maintain the desired consumer behavior. I would work towards maintaining the desired consumer behavior by constantly weaning off the value of the discounts to a level where maintaining the desired consumer behavior does not need any reward. I would also integrate performing extra services, such as door-to-door delivery services, to help in maintaining the desired consumer behavior.
Section 5: Consumer Attitude Formation/Change
Changing Beliefs About the Brand
One of the factors that contribute to consumers having a poor perception of particular brands is poor management (Chen & Urminsky, 2017). If this factor affects the way the consumers perceive the Instant Pot Pressure Cooker company, I would restructure the firm’s management team to positively influence the customers’ beliefs about this particular brand.
Another reason why consumers have changed their attitudes towards particular brands over the years is that some companies usually spend heavily on marketing and advertising campaigns to increase the sales of their products while forgetting to maintain and improve the quality of their products. In the case of Instant Pot Pressure Cooker Company, I would ensure that the firm effectively utilizes its financial resources to market and advertise its product while maintaining and improving the quality of the pressure cookers it produces. This will ensure that the customers maintain positive beliefs about the company and its product.
I will also attempt to change the consumers’ basic motivational functioning by largely focusing on the customers’ particular needs to ensure that they maintain positive beliefs towards the brand. To achieve this, I will incorporate the functional approach that critiques that consumers’ attitudes are classified into three categories, including value, utilitarian, and ego-defensive functions. For the value function, I will ensure that the consumers purchase the latest designs of pressure cookers associated with modern technology. For the utilitarian function, I will ensure that the customers have a positive experience with the product by consistently offering them extra services, such as door-to-door delivery of the pressure cookers and fixing any cooker problems that customers may experience. When it comes to the ego-defensive function, I will ensure that the customers purchase and associate themselves with high-quality and affordable priced Instant Pot Pressure Cooker products.
Changing Beliefs About Competing Brands
Comparative advertising is one of the most effective tools that companies can use to promote positive consumer beliefs about their competition. In the case of the Instant Pot Pressure Cooker company, I will use the tool to disclose the strengths of the competition, such as Foshan Shunde to ensure consumers are informed about the competition’s pressure cooker product to persuade them to also purchase products from that particular brand. However, changing beliefs about competing brands may be hard at times as consumers may already have a negative belief about a particular brand that no one can certainly persuade them to associate with the company’s product.
Changing the Relative Evaluation of Attributes
Market segments are usually structured in a way that consumers have the freedom to choose and purchase the products they feel are efficient and effective for them. In the case of pressure cooker products, I will urge the consumers to purchase and associate themselves with the brands that give them a sense of pride. Furthermore, I will urge the customers to purchase pressure cookers from companies that sell high-quality products and at a lower price compared to other companies.
Adding an Attribute
To maintain consumers’ positive beliefs towards the company’s product, I would use of cognitive strategy. As such, the company will have to constantly integrate advanced technology to improve the quality of its products, rather than use outdated technology. Improving the quality of the products by the use of advanced technology will ensure that the desired consumer behavior towards the company’s product is enhanced.
The foot-in-the-Door technique largely focuses on the idea that when a consumer is persuaded to buy a given small sample of a product, the seller will convince the customer to buy other related products in large volumes. This technique can be applicable in the case of Instant Pot company whereby the firm can ask customers to use their products for a while without purchasing them, and later bring their feedbacks related to the product’s efficiency and effectiveness. Thereafter, the company can persuade customers to buy the product for long-term use.
Section 6: Communication and Consumer Behavior
Every company ought to integrate marketing and advertising strategies to increase the level of product sales and profitability. In the case of the Instant Pot Pressure Cooker company, I will use televisions and newspapers to market and advertise the firm’s product. These platforms will ensure that information about the brand reaches many people within a short period.
To promote the company’s sales, I will use the comparative advertising tool. This tool will allow me to disclose the company’s strengths and weaknesses compared to its competitions such as Foshan Shunde. Comparing the company’s weaknesses will help the firm identify the gaps within its production of pressure cookers that will need to fill to intensity customer satisfaction.
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