Posts

The buying process

Image
The buyer decision process represents a number of stages that the purchaser will go through before actually making the final purchase decision. The consumer buyer decision process and the business/organisational buyer decision process are similar to each other. Obviously core to this process is the fact that the purchase is generally of  value  in monetary terms and that the consumer/business will take time to actually assess alternatives. For FMCG (Fast Moving Consumer Goods) the purchase decision process tends to be shorter/quicker, and for habitual purchase behaviour or repeat purchases the decision process is short-circuited. An example of a cellular handset will make it clear The first stage is where you feel the need for a handset Why do you need a handset? You want to replace your existing handset as you are bored, it is outdated, a new phone launched in the market has better features etc More importantly you need to be connected to friends, relatives, parents an...
Post a Comment
Read more

Consumer buying process and motives

As we are aware that a consumer is an entity which selects purchases, uses and disposes goods for self or family consumption ( satisfying their needs and wants) Why do consumers buy? When we mention the consumer we are referring to the actual buyer, the person spending the money. But is should also be pointed out that the one who does the buying is not necessarily the user of what is bought and that others may be involved in the buying decision in addition to the actual buyer. While the purchasing process in the consumer market is not as complex as the business market, having multiple people involved in a purchase decision is not unusual. For example, in planning for a family vacation the mother may make the hotel reservations but others in the family may have input on the hotel choice. Similarly, a father may purchase snacks at the grocery store but his young child may be the one who selected it from the store shelf. There are many factors that can affect this process as a perso...
1 comment
Read more

The marketing environment

When determining the best way to market a product, the marketing team must analyze the marketing environment. Obviously, the marketing team must understand the market they wish to sell to, and what is the best way to market to those customers. There are three key steps to analyzing the best marketing environment. 1.  Explain how a company's customers influence its marketing strategy. 2 . Identify and explain the factors in a company's macro-environment. 3.  Understand how marketers use scenario planning to make marketing decisions and strategies. 1. Explain how a company's customers influence its marketing strategy. Successful marketers focus on customer satisfaction and meeting the customer needs that match the company's main competencies. A marketer wants to use their strengths to best serve their customer, as without customers, the company wouldn't be in business. Marketers must learn what their customers want, and then be able to provide a produc...
1 comment
Read more

Marketing mix is a mix of mixes

Image
A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called  marketing mix . The elements of  marketing mix  are often called the four Ps of marketing ( for products) and additional 3 Ps for services. For Goods or Products Product Mix Place Mix Price Mix Promotion Mix For Services People Process Physical Evidence PRODUCT MIX Product mix , also known as  product  assortment, is the total number of  product  lines that a company offers to its customers.  The product  lines may range from one to many, and the company may have many  products  under the same  product  line as well . This will be explained in detail later when the topic product is covered. In any multi brand organizations, there are numerous products present. None of the organizations wants to take the risk of being present in the market with a single product...
2 comments
Read more