The family life cycle model describes the stages through which consumers pass through their lives when they have families. There are different versions of the categorization of the stages but the most common are: bachelor stage, new married couple, fully nest 1, fully nest 2, empty nest, solitary survivor.
1. Bachelor stage in the family life cycle – 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.
2. The newly married couples – 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, and at the same time, they will invest in long term products like good furniture, new home, etc. Once married, they are less prone to impulsive decisions.
3. Families in full nest 1 and 2 – This segment of the family life cycle consists of families already having children. The number of children may vary and hence they are categorised in Nest 1, Nest 2 etc. The purchases of these people are dominated by the children’s needs mostly. Thus, people having 2 kids are likely to save money and spend more in the future of their children (this is most targeted by insurance companies and products like Boost and Complan).
4. The solitary survivor – This can consist of either a widow/widower who are still working or who are retired. Their main focus is on savings and their purchases are dominated by accommodation and medication mostly.
Option 'C' hence is the most appropriate choice here.