HOW MARKETERES USE THE CONCEPT OF FAMILY LIFE CYCLE IN HIGH VISION HOME SECURITY CAMERA

The role of home security camera is basically:

1. To decrease local crime
2. To monitor kids or elderly people.
3. Gathering evidence

Marketers using the concept of FLC in home security camera, according to different stages FLC:

(i) During the bachelor stage people are usually characterized by being interested mainly in appearances. Therefore,
people at this stage tend to invest more in fashionable clothing and vehicles. Impulsive buying as well as premium buying
is a common characteristic of the Bachelor stage.

(ii) In the family life cycle, the new married couples are considered to be in a better financial position in the initial stage
due to the absence of children. It might be possible that both, the husband and wife, are earning members. Thus, the
buying decisions focus on quality and not quantity. A family person will always think about savings and insurances
(iii) High Vision Home Security Camera would definitely fall under NEST 1 stage and that is because, in case Nest 1 the
couple welcomes their first child, and decide if one parent will stay to care for the child or if they will both work and
buy day-care services, which would lead to buying of high vision home security camera because the parents would
want to keep a check on the child and the person in their house be it from there offices, since at least that would give
the parents a feeling of contentment since they are not able to be at home for major part of the day.

(iv) In NEST 2, the youngest child has reached school age, the employed spouse’s income has improved, and the other
spouse often returns to part-or full-time work outside the home. Consequently, the family’s financial position usually
improves, Consumption patterns continue to be heavily influenced by the children.

(v) In case of NEST 3, as the family grows older and parents enter their min-40s, their financial position usually
continues to improve because the primary wage earner’s income rises, the second wage earner is receiving a higher
salary, and the children earn spending an education money from occasional and part-time employment. The family,
purchases another automobiles, buys some luxury appliances, and spends money Education.

(vi) Older married with no children living with them. Financial position stabilizes and there is no expense on children.
The couple is free to enjoy their own pursuits and spend on luxury or self-improvement items and medical care.
(vii) Even in case of older single retired people. Retired people living alone after the death of a partner. Income may
reduce due to retirement. This again changes the consumption pattern and living style of old people. But then if
there are living alone, their children if they are living far then they can as a customer buy the Home security camera
to look after their parents.