Marketing
Transcript of Marketing
SUMMARY
core “marketing
concept”
characteristic of consumer behaviour
critical evaluation of
consumer personal buying
behaviour
market segmentation conclusion
Introduction
1. Customer Need, wants and demand
2. Market Offerings- goods, services and experiences
3. Customer ‘Value and Satisfaction’
4. ‘Exchanges’, transaction and relationship
5. Markets
Critical Evaluation of consumer Personal buying Behavior
Consumer
BUYER DECISION PROCESS
Lifestyle
Internal Influences• Personal• Psychological
External Influences• Cultural• Social
Other Influences• Environmental• Marketing
Programs
Buyers’ responses• Product service &
category selection• Brand selection• Reseller selection• Purchase timing & repurchase intervals• Purchase amount
Psychological• Motivation• Perception• Learning (memory)• Beliefs & attitudes
Internal Influences
Personal• Age & lifecycle stage• Occupation• Education• Economic situation
Critical Evaluation of consumer Personal buying Behavior
Cultural• Culture• Subculture• Social Class
External Influences
Social• Household type• Reference groups• Roles & status
Critical Evaluation of consumer Personal buying Behavior
Marketing programs• Marketing objectives• Marketing strategy• Marketing mix
Other Influences
Environmental influences• Economic• Technological• Political
Critical Evaluation of consumer Personal buying Behavior
Critical Evaluation of consumer Personal buying Behavior
Consumer
BUYER DECISION PROCESS
Lifestyle
Internal Influences• Personal• Psychological
External Influences• Cultural• Social
Other Influences• Environmental• Marketing
Programs
Buyers’ responses• Product service &
category selection• Brand selection• Reseller selection• Purchase timing & repurchase intervals• Purchase amount
Lifecycle Stage
“In any event, the life cycle has become one of the main determining factors of families expenditure behavior”
LIFECYCLE MODEL
Young•Single•Married without children•Married with children•Divorced couple with children
Middle Aged•Single•Married without children•Married with children•Married without dependent children•Divorced without children•Divorced with children
Older•Older married
•Older Unmarried
Young: Married with children
• “Couple today work hard and face many obligations, what they need is relief even for a moment from the treadmill of life”
• Lifecycle situation : Stressful lifestyle
: Average financially stable
• Goods and services: Short weekend gateway, Hassle free services such as internet banking
Marketing Model
Middle age: Married without children
“Childless by choice or by chance, have the time and inclination to live for themselves”
• Lifecycle situation : Quality lifestyle
: Financially stable
• Goods and services: Cars, vacation, homes, financial services
Marketing Model
Older: Married
• Lifecycle situation :Retirement lifestyle
:Financially stable
• Goods and services: Healthcare, retirement travels
Survey based on leisure travel
Legend: Married w/o children: Age <55, married and no childrenFull nest I : Age <40, married and children
presentEmpty nest: Age > 55, married and no children
Market Segmentation Define the needs and wants of consumers
**Demographic
Technological
NaturalEconomic
PoliticalCultural
Segmentation
Market Targeting
Next step after Market Segmentation
Standardized Market Targeting
Concentrated Market Targeting
Differentiated Market Targeting
Market Positioning
Influence consumers’ perception
Image or identity in the mind of consumers
SQ uses “copy-positioning” strategy