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
Marketing Principles
Sales Promotion in Marketing
Promotion is an umbrella term that describes all of the activities considered necessary for marketing communication. Promotional plan covers all phases of communication between the seller and the potential consumer. It addresses advertising and sales promotion and other forms of promotion. Sales promotion has grown in importance for all the retailers worldwide. There is a rapid growth of sales promotion which is due to rise in advertisements and pricing; because of the clutter of various commercial messages has made the sales promotional substantial, thus it helps to make the difference among these commercials in the market and focuses on the promotions to reach the target audience. Sales promotion is a composite of activities that round out the advertising and personal selling components of business. Sales promotion is an initiative undertaken by organizations to promote increase in sales, usage or trial of a product or services. Sales promotion is an important Continue reading
Solomon Model of Comparison Process – Model of Consumer Behavior
Solomon Model of Comparison Process explains some of the issues that are addressed during each stage of the consumption process (Prepurchase issues, Purchase issues, Postpurchase Issues). The ‘exchange’, in which two or more organizations or people give and receive something of value, is an integral part of marketing. He also suggested that consumer behavior involves many different actors. The purchaser and user of a product might not be the same person. People may also act as influences on the buying processes. Organizations can also be involved in the buying process. Much of marketing activity, they suggest, concentrates on adapting product offerings to particular circumstances of target segment needs and wants. It is also common to stimulate an already existing want through advertising and sales promotion, rather than creating wants. The value-expressive function is employed when a consumer is basing their attitude regarding a product or service on self-concept Continue reading
Product Oriented vs Market Oriented Marketing
Marketing can be characterized as the organization fulfilling client and market needs by creating value through communicating and working with client. Different businesses have different types of marketing strategies. Business can develop new products considering either a market orientated or a product orientated approach as it attracts customers by satisfying their needs and demands rather than trying to push buyers with sales. In today’s competitive world it is vital for a business to carry out a thorough market research before implementing any strategy. This article will revolve around two strategies – market and product orientation along with its importance and leading factors that must be overlooked before making any decision. A market orientated approach means that a business responds to what clients need. The choices are taken based around data about the clients’ needs and wants, instead of what the business believes is appropriate for the customer. An organization which Continue reading
Nicosia Model of Consumer Behavior
Nicosia Model of Consumer Behavior was developed in 1966, by Professor Francesco M. Nicosia, an expert in consumer motivation and behavior. This model focuses on the relationship between the firm and its potential consumers. The model suggests that messages from the firm (advertisements) first influences the predisposition of the consumer towards the product or service. Based on the situation, the consumer will have a certain attitude towards the product. This may result in a search for the product or an evaluation of the product attributes by the consumer. If the above step satisfies the consumer, it may result in a positive response, with a decision to buy the product otherwise the reverse may occur. Looking to the model we will find that the firm and the consumer are connected with each other, the firm tries to influence the consumer and the consumer is influencing the firm Continue reading
Concepts of Marketing: Product and Selling Concepts
The marketing concept and philosophy is one of the simplest ideas in marketing because it states that the organization should strive to satisfy its customer’s wants and needs while meeting the organization’s goals. In general terms, the customer is known as the king because they are the one who decide the quantity and price for the following products. As a philosophy, marketing is based on thinking about business in terms of customer needs and their satisfaction. Marketing differs from selling because it is not concerned with the values that the exchange is all about. Apart from that, the implication of the marketing concept is very important for management. It is not something that the marketing department administers or is it the sole domain of the marketing department. In other definition, Marketing is the process of teaching consumers in terms of choosing the products which brings benefits to them and can Continue reading