_10_ Marketing _ Consumer Behavior by usmanjee123

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									   MARKETING &
CONSUMER BEHAVIOR
Marketing


•   What is Marketing?

“Delivering customer satisfaction at a profit”
Marketing

   What is Marketing?

   It is a process of planning and executing the
    product, pricing, promotion and distribution of
    ideas, goods and services to create exchanges
    that satisfy individual needs and organizational
    objectives.
Marketing
Marketing:
 The process by which companies create
 value for customers and build strong
 customer relationships in order to capture
 value from customers in return.
The Four Utilities
    Utility: It is the power of a good or service to satisfy a human
     need or want.
    Need: It is the difference between a human‟s actual state and his
     ideal state.
    Want: Things that are desirable for a human in light of his
     experience, culture and personality.

1)   Form Utility: Consumer value created when a product is made
     more satisfying.
2)   Time Utility: Consumer value added by making that product
     available at the convenient time.
3)   Place Utility: Consumer value added by making that product
     available at convenient location.
4)   Possession Utility: Consumer value created when someone takes
     ownership of the product.
Competitive Marketing & Customer Satisfaction
   Competitive Advantage: It is the quality that makes the
    product more desirable than similar products offered by the
    competitor.

   Product Differentiation: These are features that distinguish
    one company‟s product from another company's product.

   Quality : It is the degree to which a product meets the
    expectations of the customer.

   Customer Service: These are the efforts a company makes to
    satisfy its customers by helping them achieve the best value of
    the product they are purchasing.
Strategic Marketing Planning
    Marketing without planning would never give desired
     results.
    Strategic Marketing Planning is a three step process.

1)   Review Your Current Performance


2)   Assess Your Opportunities


3)   Develop the Marketing Strategy
Step 1: Review Your Current Performance
    SWOT Analysis / Self & Competitor
1.   Strengths
2.   Weaknesses
3.   Opportunities
4.   Threats

    Sell more of same product in current market.
    Creating new product for current market.
    Selling same product in new market.
    Creating new product for new market.
Step 2: Analyzing the External Environment
   Political: Government Rules & Regulations.

   Economic Forces

   Social Trends

   Technology
Step 3: Develop the Marketing Strategy
   Market: It is a place where there are
    people with money to buy products to
    satisfy needs and wants.

   Market Share: It is the share of a firm in
    total sales of a market.

   Marketing Strategy: It is the overall plan
    for marketing a product.
Marketing Strategy
   It is the overall plan for marketing a
    product. It consists of three elements.

   Target Market

   Positioning.

   Marketing Mix
Target Market
   These would be the people to whom you would sell or
    people who would buy from you.
   To understand „Target Market‟ we should know about

   Market Segmentation: It is division of market in groups
    in which people have common characteristics.
   Demography & Demographics: To study and divide
    population in statistical characteristics. Like age, gender,
    Buying power, geography, education and nationality.

   * We base our strategy according to our target
    market.
Target Market
   Undifferentiated Marketing: A marketing program that has one
    single standard product for all consumers. It is also known as ‘mass
    marketing’. FMCG Industry

   Concentrated Marketing: A marketing program that is aimed at a
    single market segment. (Niche)

   Differentiated Marketing: A marketing program aimed at several
    market segments and each receives equal importance. Automobile
    Industry.

   Customized Marketing: A marketing program in which each
    individual customer is treated as a separate segment. Builders.
Market Positioning & Marketing Mix
    A place in the mind of a consumer for a specific
     product in comparison to its competitors.

    Marketing Mix

1)   Product
2)   Price
3)   Placement
4)   Promotion
Buying Behavior
   It is about knowing why a consumer selects
    or rejects a certain product.

   Consumer Buying Behavior: It is the
    behavior pattern a customer follows when
    buying various products.

   Choice: Want + Ability to buy + Attitude
    towards product
The Buyers Decision Process
   It‟s a step by step process.

   Step 1: Buyer recognizes a need.

   Step 2: Searches for a Solution.

   Step 3: Gathers information.

   Step 4: Makes a Decision.

   Step 5: Evaluates Decision.
Factors Influencing Buyers Behavior
   Culture

   Social Class

   Reference Groups

   Self Image

   Situational Factors
Marketing Research
    It is the process of gathering information about marketing
     problems and opportunities.

    There are three main kinds of researches that can be
     conducted.

1)   Exploratory: This research can be conducted to know
     the trends of the market.
2)   Descriptive: This is a research for the purpose of
     describing a market and its segments.
3)   Causal: It is used to know the factors that cause a
     particular effect in a market. Example: if you reduce
     price what would be the affect in the market.
The Research Process
    The process is divided into four steps.

1)   Define the Problem

2)   Design The Research

3)   Collect the Data.

4)   Analyze the Data
Assignment 3
   Your company is about to launch a new juice drink. You being the
    marketing manager of the company need to develop a complete
    marketing plan for the product. What is going to be your
    „Marketing Plan‟ strategies?
   You should cover the following.

   Name the Product.

   Target Market

   Positioning.

   Marketing Mix

								
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