What Role Does the Porsche Brand Play in the Self-Concept of Its Buyers?
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What role does the Porsche brand play in the self-concept of its buyers?
When the Porsche Company was started, it arrange a unique market approach. There were no market researches, no specific market explorations, but instead of that, the company created a car, which they supposed would be a dream for some people. In this case, Porsche permits his customers to develop a self-concept of wealth and success. Porsche was developed to be a rather unusual product, than the average vehicle. It was also developed for the higher-classes. Its customers buy Porsche because they want to be seen and want to show off with their wealth and success. That is one of the reasons why Porsche realize that customers buy Porsche for its appearance rather than functionality. Most Porsche buyers are not moved by information but by their feelings. A Porsche is like a piece of clothing – something the owner “wears.”
The brand allows people to live through an image that is developed by the brand, which is aimed at reflecting ones success and wealth. By creating significant reputation about its product and the name it fulfill customers needs and self-concept. Porsche sells its products to a certain class of individuals who want to stand above everyone else.
Porsche had realized that it needed to improve its sales level and therefore the company has extended its market by taking the mass class in consideration. The result of this consideration was the release of social models, which were 10,000 less expensive than the Porsche 911. The other alternative way of market policy was the release of Cayenne and Panamera. These cars differ from classic Porsche in terms of its size and other technical aspects. The company aimed at improving its reputation after some image losses by focusing on poor. Besides improving reputation, the company was aiming at extending its market. By launching types of Porsche like the Cayenne and the Panamera, the company gets the opportunity to venture into new segments of the market. Which directly had a positive impact on the companys sales and reputation. This strategy has helped Porsche a lot, because Porsche is now not completely focusing on a narrow customer group any more, but on a wider range of target audience.
As a conclusion, there is every reason to say that the Porsche Company did several tactical steps to change its image. On the one hand, new image helped it to increase sellings, but on the other hand the Company lost its most orientated social segment. Finally, it managed to change its way and to return the first image. The company started to produce cars for wealthy and does the same nowadays.