Collectors' buying behaviour : collectible model cars

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Collectors' buying behaviour : collectible model cars


Author: Lam, Chu-fong
Title: Collectors' buying behaviour : collectible model cars
Degree: M.Sc.
Year: 1999
Subject: Automobiles -- Collectors and collecting
Consumer behavior
Decision making
Hong Kong Polytechnic University -- Dissertations
Department: Multi-disciplinary Studies
Dept. of Management
Pages: ix, 172 leaves : ill. ; 30 cm
Language: English
Abstract: This study concentrates on understanding the collectors' world. Knowledge of major factors that collectors concern most helps develop collectors' decision making model. Special attention is given to collectible model cars. The reason of choosing collectible items for study is that collecting has become more and more popular recently. However, little research has been done to investigate collectors' decision making. We, therefore, would like to gain insight into the subject and contribute to the body of literature. Through understanding of collectors' mind, an effective marketing strategy can be developed. The objective of this study is to suggest a framework of understanding major factors that may influence collectors' decision and to develop collectors' decision making model. Also, the study tries to provide suggestions and recommendations for launching a marketing program for the collectible model cars market. The other purpose is to try to discover whether there are any differences between the factors that influence consumers' decision making in general and collectors' decision making with regard to collectible model cars. The scope of this study is to obtain better understanding of the collectors' decision making through analyzing the effects of sociological, economic, psychological, personal and retailing factors so as to recommend a suitable marketing strategy to marketers. The core segment selected for this study is model cars' collectors in Hong Kong. They are in the middle class and the buyers are usually single with secondary education level and earn around HK$20,000 per month or less. Collecting is a special type of consumption behaviour. Collectors participate in the collecting activity for the fulfillment of their self-esteem needs. Their major concerns are uniqueness, design and quality of products. Therefore, in terms of product strategy, it is recommended to produce not only products with good quality and design, but also products with variety and limited edition in order to attract collectors. Besides, good services should not be ignored. In pricing decision, we find that most of collectors are willing to pay around HK$100.00 to HK$300.00 per item. Actually, if products are good, they are willing to pay more. Therefore, marketers should highlight special characteristics of their products, and price them carefully. With regard to promotion and communication decision, it is recommended to have them done through special professional magazines and Internet. Advertisements should emphasize the fulfillment of collectors' self-esteem needs. Having nice and outstanding shop image also help attract collectors. In terms of distribution decision, the findings of this study suggest it will be effective to sell collections through specialty stores and department stores. Besides, setting up collectors' club would be good for marketers to promote their products and give collectors updated information. It is found the closer the marketers to the collectors, the more they understand their behaviour, and the better the market opportunities will be gained. Therefore, marketers should try their best to keep in close touch with collectors.

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