The five stages of the consumer decision making process include; Problem recognition, information search, information evaluation, purchase decision, and evaluation after purchase. This is just a general model of the consumer decision making process and it emphasizes that the buying decision making process starts before the actual purchase and continues even after the purchase. It also encourages the marketer to focus on the complete buying process and not just on the purchase decision. 1. Problem Recognition Consumers recognize a problem as a need or want. Of course, the most frequent problem occurs when consumers realize they are out of the product. For example, when the gas tank gets near empty, or you run out of lunch meat for your sandwiches, or when your car is due for maintenance. Problem recognition also occurs when a consumer receives new information about a good, service, or business. New fashions, for example, can make 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.
Classification of Advertisement Copy
It is true that copy writing is an art and the copywriter has a very important role to play in advertising creativity. Copy writing does not admit any stereotyped rules and classification. There are various styles in which a copy can be prepared and presented. The following classification of advertisement copy may be studied; 1. Descriptive Copy — This type of copy describes the pertinent and relevant characteristics features of the product. It is very simple and of non- technical nature. It does not have any specialty which can attract the attention of the target consumers or may compel them to read it. It is very much similar to a press account or news item simply giving relevant information to the public without any stylish touch. 2. Scientific Copy — Such types of copies are technical in nature and generally used by drugs and pharmaceutical firms elaborating the propositions of Continue reading
Marketing Orientation Approach to Business
There are three types of business orientation which are production, sales and marketing orientations. They usually develop in stages orderly and in hierarchy. Production orientation is the primary purpose business in the nineteenth centuries. It refers to the firms which concentrate on improving the efficiency of the production in order to break down cost. Firms produce goods which they could produce well. Sales orientation is a concept that demand has to be created by using sales techniques. The sales department was interpreted to be most important to organization’s successful and survival. Scant attention was paid to the final consumer’s need, but it was understood that goods and services did not sell themselves without effort. Finally marketing orientation is an approach which most firms use nowadays. It focuses on consumer needs. This shift in thinking led to the growth of marketing research to decide unmet consumer needs and systems for pleasing Continue reading
Approaches to Studying Consumer Behaviour
Consumers possess considerable discretion to make independent and autonomous choices about what they will and will not buy, from whom they will buy, as well as from whom they will not, and this purchasing power leaves most businesses that are not monopolies little choice but to adopt a consumer orientation, meaning that they must resolutely focus on understanding customers in order to more effectively fulfill their needs. Specifically, in marketing, a good understanding of customers’ lives to the maximum extent possible is crucial to ensuring that the most appropriate products and services are being marketed to the right people in the most effective way possible. Influencing consumers’ behavior, and in particular, their purchasing decisions, is at the focal point of all the effort and resources that are devoted to marketing and because of this fact, marketers will require an in-depth understanding of the principles and motivations behind consumers’ behavior if Continue reading
Micro Environment in Marketing
The micro environment in marketing consists of five components. The first is the organization’s internal environment–its several departments and management levels–as it affects marketing management’s decision making. The second component includes the marketing channel firms that cooperate to create value: the suppliers and marketing intermediaries (middlemen, physical distribution firms, marketing-service agencies, financial intermediaries). The third component consists of the five types of markets in which the organization can sell: the consumer, producer, reseller, government, and international markets. The fourth component consists of the competitors facing the organization. The fifth component consists of all the publics that have an actual or potential interest in or impact on the organization’s ability to achieve its objectives: financial, media, government, citizen action, and local, general, and internal publics. So the microenvironment consists of six forces close to the company that affect its ability to serve its customers: The company itself (including departments). Suppliers. Marketing Continue reading
Customer Centric and Market Driven Approaches to Marketing
With the increasing pace of commercialization of economy, international and domestic market environment has changed dramatically-the termination of seller’s market and shortage economy, the arrival of buyer’s market and surplus economy. Consumers have become the leading role within transaction relationship. Companies must spare no efforts to please consumers, provide consumers with satisfactory products. Nowadays, concerning corporate marketing concept, there are customer centric and market driven. Customer centric refers that the enterprise takes the fulfillment of customer demands and the increase of customer value as business starting point. It stressed that the organization should avoid separating the actual demand from customers and subjective assumptions of the market. A customer-centric approach can add value to a company by differentiating themselves from competitors who do not offer the same experience. In essence, customer centric means the modern marketing concept that build a long-term and stable business relationship through provide customers more value and Continue reading