Question

Is the concept of ‘conspicuous consumption’ still viable as a marketing variable today? Why/not? Also, explain the impact of this variable on consumers.

Answer 1

Yes the concept of still viable as the marketing variable even though the Millenials now are getting more sensible with regards to the irrelevant show off but still there is a large conspicuous population which marketers target for their product. Also, important facet of this is that conspicuous product is available at all the levels because of multiple level of sections in the society.

Conspicuous marketing revolves around 4 P's Place , Product,Price,Promotion

Place- The location for the product display or the product store should appear to be premium and should be at the uptown location

Product- Product should be differentiated and should appears to premium which reflects the amount spent on the same

Price- Pricing should be at premium to comparable products and premium should depend upon the type of product

Promotion- Promotion should be to attract consumers with conspicuous spending and should be at the locations which is exclusive and premium.

Conspicuous spending is still a prelavent phenomenon where the consumer gets attracted to these show offs and the marketing campaigns which reflect exclusivity in the products and reflect the tonnes of dollar spend on them and can easily identifiable as the class products.