Consumer behavior is an attempt to understand & predict human actions in the buying role. It has assumed growing importance under market-oriented or customer oriented marketing planning & management. Consumer behavior is defined as “all psychological, social & physical behavior of potential customers as they become aware of, evaluate, purchase, consume, & tell others about product & services”. Each element in this definition is important. Consumer behavior involves both individual (psychological) processes & group (social processes). Consumer behavior is reflected from awareness right through post-purchase evaluation indicating satisfaction or non-satisfaction, from purchases Consumer behavior includes communication, purchasing & consumption behavior Consumer behavior is basically social in nature. Hence social environment plays an important role in shaping buyer behavior. Consumer behavior includes both consumer & business buyer behavior In consumer behavior we consider not only why, how, & what people buy but other factors such as where , how often, and Continue reading
Marketing Management
Marketing management combines the fields of marketing and management. Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. Doing so requires attention to six major areas – markets, products, prices, places, promotion, and people. Management is getting things done through other people. Managers engage in five key activities – planning, organizing, staffing, directing, and controlling. Marketing management implies the integration of these concepts.
Knowledge of Sub-Cultural Groups and Market Segmentation
The segmentation of the market involves the dividing of entire market into small customers groups who have different type of responses for different marketing strategies for particular service or product. In this way the organization can design the marketing policies according to the particular needs and requirements of each segment in order to have more profitability by more generating favorable responses than by simply applying a single marketing policy for whole market. The market segmentation is mostly done at the level of customers. But in case of international marketing sometimes markets are also segmented on the basis of whole countries by considering the aspects that are common among countries. This type of segmentation is not proved that much successful as countries have great variation in them and it is difficult to take meaningful averages. The most suitable basis that is used to segment the markets is customers and their unique Continue reading
Seven Steps in Organizing a Successful Event
To market events (Read: Event Management — A Modern Strategic Marketing Tool), one should be well organized, with the required infrastructure that the target clientele will find it worthwhile to invest their time and resources in anticipation of assured results. To achieve this objective, a suitable event strategy should be designed and developed for organizing a successful event. There are seven important steps in organizing a successful event. Step 1: Planning Prior planning prevents poor performance. No event manager should be complacent or procrastinating. Nothing should be left to chance, only to regret later. Planning, hence, is essential for organizing a successful event in all respects. Before starting any event, a bit of research would help. One should start sufficiently early so that there will be ample time to complete the assigned project. It would help to have a briefing note or a checklist listing out the objectives and goals Continue reading
Customer Confidence Winning Strategies Adopted by Organizations
The concept of winning customer confidence has received much attention among various stakeholders such as customers, shareholders, investors, and the government as they strive to establish whether their interest is being taken into account. Companies use multiple tactics to convince potential and existing consumers concerning why their products stand out from that of other competitors. Various customer confidence winning strategies such as celebrity and expert endorsement, attitude changing, low involvement, and high involvement approaches to make the advert more appealing, hence, this helps in boosting sales. Companies invest a substantial amount of resources in employing these criteria to keep the targeted audience hooked, in turn, this aids in increasing sales as well as the market share. Despite being costly, advertisers find it worthwhile to apply these techniques, i.e., celebrity endorsement since it helps to boost sales and it allows customers to make it a point of reference. Many of the Continue reading
Effects of Self Reference Criterion in International Marketing
If you take a look around yourself you will find how many goods and services are solely produced in your own country around you? Your clothes might be produced in India, your cell phone from China, your computer in Taiwan; your Coffee might be from Latin America. Whatever we talk about music, clothes, movies or our soft drinks for everything there are good chances that most of these products are produced in somewhere else in the globe. This is the global market place where good price and quality is welcomed by consumers irrespective of the region of its origination. In this scenario the need is to adopt the marketing practices that are effective beyond the borders so the importance of international marketing cannot be denied. International marketing is not an easy task. The international marketer has to face many obstacles in the way to achieve his goals. One of the Continue reading
Product Concept and Selling Concept in Marketing
The term marketing can be described as the management process through which goods and services move from concept to the customer. As a philosophy, marketing is based on thinking about the business in terms of customer needs and their satisfaction. In other definition, Marketing is the process of teaching consumers in terms of choosing the products which brings benefits to them and can be described as an organizational function and a set of process for creating, communicating, and delivering value to customers and for managing customer relationships in various ways that benefit the organization and its stakeholders. As for organizations or sales person, marketing is everything that the consumer encounters when it comes to your business. For examples such as advertising, to what they hear, to the customer service that they receive, to the follow-up care that you provide. It’s all known as the part of marketing subjects or criteria Continue reading