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 Concepts
Role of Leadership and Culture in Promoting Innovation and Creativity
Organizational culture is a very important factor that affects the innovation and the creativity of an organization. Google for example, wouldn’t be so successful in technological innovation without its excellent organizational culture that gives the opportunity to its employees to work hard and innovate. Leadership has also a strong effect on the organizational culture of a company. A good leader must encourage, motivate and inspire his employees to be more creative and innovative. When Steve Jobs left from Apple, the organizational culture of the company was no longer the same and Apple failed to maintain its great success. Leadership and The Example of Apple Leadership is defined as a persons ability to anticipate, envision, maintain flexibility, think strategically and work with others to initiate changes that will create a viable future for the organization. The role of an organizational leader is to define the organizational goals, formulate plans and organize 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
Market Research – Definition, Classification and Process
World is changing very rapidly with every passing day. The things which people only dreamed about a few years back are appealing reality today. Companies, their functions and their operations have improved tens of times and this advancement is increasing with every passing day. Same happened with people. Their level of awareness towards products and behavior is now quite thoughtful and demanding. Today’s buyers have forced all the business to make necessary changes. They are very cautious and take a lot of time to make decisions and want everything to be quick and easy. Understanding customer satisfaction, product launches, effectiveness of pricing, product, distribution and promotion activities, countering competitors techniques, assessing market potential, and predicting consumer behavior etc. have become extremely challenging and is often a cause of the decline of an organization. To deal with such problems, organizations conduct Market Research. Market research is an evaluation system which helps Continue reading