Marketing
The Marketing Mix
Marketing Mix- Closer Look
Development of Marketing
The Marketing Concept
It was born out of the awareness that marketing starts with the determination of customer wants and ends with the satisfaction of those wants. The concept puts the consumer both at the beginning and at the end of the business cycle.
Marketing Concept- Changeover
Selling Vs Marketing
Selling Vs Marketing
The Distinguishing Features of the Marketing Concept
Customer Orientation
Integrated Management Action
Customer Satisfaction
Realizing Organizational Goals through Profits
Marketing and its relationship to other functions
Areas of Conflict
Key Marketing Concepts
The Equation, therefore:
Micro Environment Variables
Macro Environment Variables
Sunday, March 21, 2010
Consumer Behavior for Beginners (BBA and Hotel Management Students)
Consumer Behavior
For Beginners (including WBUT HM and BBA)
What is Consumer Buying Behavior?
The Buyer: A Riddle
Evaluation of Alternatives--need to establish criteria for evaluation, features the buyer wants or does not want. Rank/weight alternatives or resume search. May decide that you want to eat something spicy, Indian gets highest rank etc. If not satisfied with your choice then return to the search phase. Can you think of another restaurant? Look in the yellow pages etc. Information from different sources may be treated differently. Marketers try to influence by "framing" alternatives. 4. Purchase decision--Choose buying alternative, includes product, package, store, method of purchase etc.
Types of Consumer Buying Behavior Types of consumer buying behavior are determined by: Level of Involvement in purchase decision. Importance and intensity of interest in a product in a particular situation. Buyers level of involvement determines why he/she is motivated to seek information about certain products and brands but virtually ignores others. High involvement purchases--Honda Motorbike, high priced goods, products visible to others, and the higher the risk the higher the involvement. Types of risk in such purchases: Personal risk Social risk Economic risk
Psychological Influences on Consumer Decision Making
Personality
Examples & Guidelines
Values & Lifestyle
7 Lifestyle Groups
7 Lifestyle Groups
7 Lifestyle Groups
Consumer Perception
Consumer Learning
Motivation
Motivation: Pointers
Motivation: Pointers
Motivation: Pointers
Attitudes
The Attitude Equation
Roles and Family Influences--
Understanding “Family”
“Family Matters”
Family Life Cycles
Two Income Marriages Are Now the Norm
Reference Groups
Determinants of Social Class
Market Segmentation
It is the process of disaggregating the total market for a given product into a sub markets. The heterogeneous market is broken up in the process into a number of relatively homogenous units.
Benefits
Helps distinguish one customer group from another within a given market and thereby enables him to decide which segment of the market should form his target market
The resources of any given firm are usually limited. As such no firm can normally afford to attack the entire market.
It helps in assessment of how far the existing offers in the market from competitors match the needs for the customer segments.
Even Customers and companies can choose each other for mutual benefit and satisfaction
Methods of Market Segmentation
Geographic Segmentation (Region, Continent, Country, State, District, Urban and Rural Characteristics)
Demographic Segmentation (Sex, Group, Family Size, Race, Religion, Community, Language, Occupation, Education Level)
Psychographic Segmentation (Personality Type, Lifestyles, Values Systems)
Buyer Behavior Segmentation (Different customer groups expect different benefits)
Volume Segmentation (Quantity or Potential Quantity of Purchase- Bulk Buyers, Small Scale buyers, Regular Buyers, One time Buyers)
Steps Involved In the Segmentation Process
Assess the differences between one customer group and other in terms of their needs and their likely responses to the product and other marketing inputs of the firm
Based on the above, disaggregate the consumers into suitable segments
Analyze and establish whether it is desirable and possible to formulate separate marketing Programmes and marketing mixes for the different segments
Find out which segments would be happy with the offerings of the firm and could therefore be considered as the natural targets of the firm
Estimate the likely levels of purchase by each of the segments especially the significant and relevant ones
Select those segments which offer higher potential and which would be amenable to the offerings of the firm.
For Beginners (including WBUT HM and BBA)
What is Consumer Buying Behavior?
The Buyer: A Riddle
Evaluation of Alternatives--need to establish criteria for evaluation, features the buyer wants or does not want. Rank/weight alternatives or resume search. May decide that you want to eat something spicy, Indian gets highest rank etc. If not satisfied with your choice then return to the search phase. Can you think of another restaurant? Look in the yellow pages etc. Information from different sources may be treated differently. Marketers try to influence by "framing" alternatives. 4. Purchase decision--Choose buying alternative, includes product, package, store, method of purchase etc.
Types of Consumer Buying Behavior Types of consumer buying behavior are determined by: Level of Involvement in purchase decision. Importance and intensity of interest in a product in a particular situation. Buyers level of involvement determines why he/she is motivated to seek information about certain products and brands but virtually ignores others. High involvement purchases--Honda Motorbike, high priced goods, products visible to others, and the higher the risk the higher the involvement. Types of risk in such purchases: Personal risk Social risk Economic risk
Psychological Influences on Consumer Decision Making
Personality
Examples & Guidelines
Values & Lifestyle
7 Lifestyle Groups
7 Lifestyle Groups
7 Lifestyle Groups
Consumer Perception
Consumer Learning
Motivation
Motivation: Pointers
Motivation: Pointers
Motivation: Pointers
Attitudes
The Attitude Equation
Roles and Family Influences--
Understanding “Family”
“Family Matters”
Family Life Cycles
Two Income Marriages Are Now the Norm
Reference Groups
Determinants of Social Class
Market Segmentation
It is the process of disaggregating the total market for a given product into a sub markets. The heterogeneous market is broken up in the process into a number of relatively homogenous units.
Benefits
Helps distinguish one customer group from another within a given market and thereby enables him to decide which segment of the market should form his target market
The resources of any given firm are usually limited. As such no firm can normally afford to attack the entire market.
It helps in assessment of how far the existing offers in the market from competitors match the needs for the customer segments.
Even Customers and companies can choose each other for mutual benefit and satisfaction
Methods of Market Segmentation
Geographic Segmentation (Region, Continent, Country, State, District, Urban and Rural Characteristics)
Demographic Segmentation (Sex, Group, Family Size, Race, Religion, Community, Language, Occupation, Education Level)
Psychographic Segmentation (Personality Type, Lifestyles, Values Systems)
Buyer Behavior Segmentation (Different customer groups expect different benefits)
Volume Segmentation (Quantity or Potential Quantity of Purchase- Bulk Buyers, Small Scale buyers, Regular Buyers, One time Buyers)
Steps Involved In the Segmentation Process
Assess the differences between one customer group and other in terms of their needs and their likely responses to the product and other marketing inputs of the firm
Based on the above, disaggregate the consumers into suitable segments
Analyze and establish whether it is desirable and possible to formulate separate marketing Programmes and marketing mixes for the different segments
Find out which segments would be happy with the offerings of the firm and could therefore be considered as the natural targets of the firm
Estimate the likely levels of purchase by each of the segments especially the significant and relevant ones
Select those segments which offer higher potential and which would be amenable to the offerings of the firm.
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