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Review Lecture 2.1 Lecture Review:

Market Concepts of Market Classification of Market

Assignment 14 and 15: Chapter 1 Short Answer Questions and Gold Star Shoes Case Study, Elementary Marketing (G XII), K.D.

Koirala Find an example for each of the market category discussed in the class.

2.2 Introduction to Consumer Market

KAUSHAL RAJ SAPKOTA

FACULTY, MARKETING (HSEB 10+2), ULLENS SCHOOL

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Consumer Market Dominated by products and services

designed for general consumers Final end user Use: For personal and shared uses Different from Industrial Market

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Types of Consumer Market Consumer Products Market: FMCG (Fast

Moving Consumer Goods), consumer electronic goods, cosmetics, jewelry, furniture, air conditioners

Food and Beverages Market: dairy products, bakery products, packaged food products, Beverages, Beer, Alcohol, meat products

Retail Market: Supermarkets, Departmental Stores, Food Chain Outlets, Specialty Stores and Franchise Stores

Transportation Service Market: Postal Services, Courier Services and Logistic Services

Source: Economy Watch

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Types of Consumer Market FMCG (Fast Moving Consumer Goods)

High volume, low price, fast repurchase Noodles, biscuits, newspapers

Consumer Durables low volume, high unit value Fridges, game consoles, television sets, furniture,

vehicles

Soft Goods Similar to consumer durables but have faster

replacement cycle Clothes, shoes

Services: Restaurants, banks, schools

Source: www.tutor2u.net

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What influences consumer behavior? Cultural Factors

Subcultures, social class

Social Factors Family, social roles, social status, reference

groups

Personal Factors Age, occupation and economic circumstances,

personality and self concept, lifestyle and value

Source: Marketing Management, a South Asian Perspective, Kotler et al., 14e

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Buying Decision Process Problem Recognition Information Search (Sources of Information) Evaluation of Alternatives (Parameters) Purchase Decision Post-purchase Behavior

Source: Marketing Management, a South Asian Perspective, Kotler et al., 14e

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Marketing Mix in Consumer Market Product Mix (Use centered) Price Mix (Competitive Prices) Promotion Mix (Mass Media, BOGOF) Distribution Mix (Wide access to consumers)

Note: Compare and contrast with the marketing mix in Industrial Market

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End of the lecture Lecture Review:

Consumer Market and its types Buying Decisions Process

Thought of the day:

“Business has only two functions, marketing and innovation”- Milan Kundera