Psychographic Analysis Of Cruisers's Hierarchy Of Needs

The main prospective of every business is to understand its competitors, their market share and always try in increasing own market share. They need to work in increasing sales of goods, which is also making strong monopoly market to survive for “CANHOLE” among their competitors.

Entry of Substitutes

In retail industry, the barriers to entry are always high. As we know it need high investment, research and development of the production and innovation is essential. There will also be fixed cost by existing industries so there is preventive economic of scale for new comers. They also buy large volume of product in cheap price and sell it. Thus, any new industry coming as new entrant should be aware of this fact.

Promotion is the important element

The value of this model lies in the way it presents motivation on a hierarchical scale, so that each need must be satisfied before a consumer moves up the pyramid. Cruisers use Canhole products satisfy evolved needs such as self-development. Nevertheless, people will not consider these products unless their more basic needs are satisfied. Luckily, in Cruiser’s target audience, this tends to be the case! Much of Canhole marketing plays on a basic security need, emphasizing the risks associated with not using their

Price can sometimes be an indicator of quality with a higher price indicating higher quality (Mowen & Minor, 1998). Consumers perceive that a higher price can be attributed to the higher cost of quality control. Some consumers are highly price sensitive (elastic demand), whereby a high price may shift consumers to competitive brands (Mowen & Minor, 1998). Therefore, price can have a positive or negative influence on customers.

In order to achieve success, they have to use a “customer centric” strategy, tailoring and delivering products to specific people. However, most of all, speed and change must be a constant in marketing planning, because people make up markets. Change is the constant. Only by incorporating this, a company can achieve and sustain competitive advantage. Henceforth, are given examples of companies that are ahead of the curve, in terms of fulfilling customer