Case Analysis of

THE MUST-KNOW MAN : A PROFILE OF PRODUCT INFLUENCE

Nilesh Narayanan ICICI-NU MBA

INTRODUCTION


Market study conducted by Yankelovich Clancy Shulman for Popular Mechanics discovered the existence of Purchase influencer(Opinion Leaders) in market. The study sought to find the extent of influence of these Must-Know Men(purchase influencers)in the buying decision and how these influencers perceived and evaluated existing brands.

The study was conducted by six focus groups in various regions of the country. Survey was done through telephonic interview of 1500 men with income of $20,000 and above.

BRAND RANKING MUST-KNOW MENS HOME VIDEO ASSESSMENT Brand rating done at Consumer Level Awareness & Recommendation Sony Ranked 1st because its consumer awareness is very high(Excellent 57%, Good 27% and only 11% consumers are unfamiliar). Pioneer Ranked 2nd because it is rated excellent by 43% consumers. Panasonic Ranked 3rd because it is rated excellent by 31%.

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4. Mitsubishi Ranked 4th because it is rated excellent by 27% 5. Magnavox Ranked 5th because it is rated excellent by 27% 6. Hitachi - Ranked 6th because it is rated excellent by 18% 7. Sharp Ranked 7th because it is rated excellent by 15% 8. Samsung Ranked 8th because it is rated excellent by 5%

SURVEY FINDINGS
As per the report, buying decisions of both the product category are influenced highly by the Specialist/Professional(Opinion leaders). In case of Power tool, 41% buying decisions are very often influenced by opinion leader and 42% for Home Video.

MARKETING STRATEGY
Marketing strategy would be to reach the target audience - opinion leaders/Purchase influencers. Designing advertising and promotional programs to persuade consumers to tell your friends how much you like our product. Direct marketing programs(Simulated informal communication) that is sufficiently interesting and informative to provoke consumers into discussing the benefit of the product with others.

Create product specific opinion leaders to carry the word to the public.

ADDITIONAL INFORMATION
Whether price of the product influence the buying decision. Whether product features/performance influence the buying decision. Whether offers(discounts/warranty) attached to the product induce buying decisions

PROCESS TO COLLECT THE ADDITIONAL INFORMATION Taking feedback from consumer at the point-of-sale itself. Contacting existing set of customers, who are presently using the product.

QUESTIONNAIRE
Please rate the following factors which influence your purchase decision. (Strongly agree-5, Agree-4, Neutral-3, Disagree-2, Strongly Disgree-1)

No 1 2 3

Factors Price of the product Features of the product Discount/Offers/Warranty

Rate

THANK YOU