Does Personality Matter To Marketing Practitioners

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Personality does not matter to Marketing Practitioners

Ankit Badkur (FT153004)

Assignment 1 Personality does not matter to Marketing Practitioners
The inner characteristics, unique to individuals - define their personality - it reflects the individual differences. Some individuals are very social, some are timid, some adventurous and some methodical. While one's personality is often interpreted by those we interact with, the person has their own vision of their personality - this influences their buying behavior. Thus, a study of personality is very important for marketers, as it can help them differentiate and segment consumers into separate groups on the basis of their personality traits.
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The 4th law in the book - "22 Immutable laws of Marketing" by Al Ries and Jack Trout, talks about consumer perceptions - "Marketing is not a battle of products, it’s a battle of perceptions. There is no objective reality. There are no facts. There are no best products. All that exists in the world of marketing are perceptions in the mind of the customer". For example, consumers are willing to pay Rs 30 for a packet of biscuits of Sunfeast Dark Fantasy (75g), while a similar product Sunfeast Cream biscuit is available for Rs 5 (50g). Sunfeast uses packaging and advertisements to alter the consumer perception for the high price. It is an innovative product, promising a unique experience to the consumer. This biscuit will appeal to a self-indulgent, fun loving adult, who is open-minded, seeks novelty and has high expectations. Thus, the marketer should successfully position the product or service so as to match the consumer…show more content…
Consumers do not buy such products often, e.g. a car or a house - but are highly important to the consumer. Consider buying a car, it is a long term purchase, a consumer will engage in extended problem solving for this purchase, and the car needs to match his personality. A consumer who wants to fulfil has commutation needs might go for a Toyota Etios Liva, an adventurer would prefer an SUV like the Toyota Fortuner and an environmental friendly and tech-savvy buyer can go for a Toyota Prius. A lot of time and thinking goes in to match this type of products with their personality. When there is a mismatch, consumers can start to experience post purchase dissonance. A consumer would not think much about buying low-involvement products; say for example - chewing

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