Question

Illustrate how the reference group concept mayapplyin practice by explaining how you personally are influenced by some reference group for some product. What are the implications of such behavior for marketing managers?

Answer 1

Explanation:

A reference of individuals or groups that influence our opinion or belief attitude and behavior. They often as serves as our role model and inspiration. Marketers see the reference groups as important as they influence how consumers interpret information and make purchasing. Reference group influence what type of product you will purchase and which brand and product you mostly choose.

Type of reference group:

• Normative reference group
• Comparative reference group.

Marketers used the reference group to lend credibility to products and services and help convince potential customers to purchase the product. Celebrity endorsement is a different way to sell the product.