THEORY AND MODEL Philip Kotler (1995) has developed model of consumer decision making process which is widely used to understanding customers purchasing decision. Kotler (1995) stated that a purchasing decision is determined by the customer’s personal characteristic and evaluation process, along with the external stimulation environment. The detail of theories will be state in the sequel: By theory of Kotler (1995), external stimulation can be divided in two groups. 1. Marketing stimulation which is linked to marketing mix (Price, Place, Product, and Promotion).
What are consumer insights? What types of business challenges can benefit from consumer insights? How are consumer insights obtained? The consumer insights usually helps firms to understand the notion behind consumer attitude, preference and belief for purchase a certain product among the basket of brands available in the market. These insight can be gathered from consumer surveys, both qualitative and quantitative in nature, which can help the company to gather data on the strength and weakness of the brand and product attributes that are associated with frequency of purchase and usage of the product.
Company Positioning 1. Introduction Positioning is a means in which a company differentiates its products and/or services from that of its competitors and then determine the market nince to fill within the broad market (Matzler & Bailom, 2013). In doing so, the company establishes the identity of the product or service in the eyes of the buyer or the customer. This is achieved through a positioning strategy where a company deliberately plans a brand or process so as to make customers buy it all the time. In this cases, everything about the product or services holds weight, even the wordings, as it associates with the consumer in one way or another.
A main component of this is a change in behavior of the consumer resulting from changes in styles and fashions. With the social factor, a business can resolve the socio-economic environment of its market via elements like customer demographics, cultural limitations, lifestyle attitude, and education .These factors help Alphabet Games examine consumer needs and what pushes them to make buys. Among the things that should be studied are country demographics, population growth rates, age distribution, positions toward work, way of life changes, training and ecological and health
These are explained below. B2B’s and B2C’s are both communications directed to people. Whether this be towards a business or to a customer, they are trying to market their products and services to their desired target audience. Another similarity is B2B’s and B2C’S both need to build a brand. If a brand has a good reputation, customers and businesses, are more likely to purchase that brand.
The marketing plan is a crucial outline of the what’s to be expected with the launch of a product. “The marketing plan is the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value” (Tanner, & Raymond, 2013). Its in depth description helps team members know their role and responsibilities, informs stock holders and management of expectations for the product and allows for the company to seek possible investors and begin marketing to the consumers and potential supply chain. The more informative and outlines a market plan the better chances of success because it creates guidelines, goals and supports the functions of launching a new product. Each section and segment of the market plan are made up of different components that all have their own importance, research and strategic information that go into determining the successes of the product and its life span.
In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements. It is the process of splitting the customers, or potential customers, in a market into different groups, or segments, within which customers share a similar level of interest in the same,
Consumers’ purchase decisions are significantly influenced by social value in that consumers perceive various brand images as either congruent or incongruent with the norms of the reference groups to which they belong or aspire (Grubb and Stern, 1971; Solomon, 1983). Usage imagery according to Keller, (2003), relates to the brand imagery associations that indicate under what conditions or situations the brand could or should be used. Usage imagery may be based on the time of the day, week, or year, the location (inside or outside the home), or type of activity (Keller, 1998). 126.96.36.199 Brand
P3.1 Analyze the role of sales teams within marketing strategy. Your sales and marketing team has a substantial influence on the profitability of the business. You have to define roles that reflect the strengths of your products and assign responsibilities for achieving the sales performance required by the company. When your marketing strategy builds on the roles taken on by the members of your team, they can set achievable targets and take responsibility for meeting their objectives Market Segments The roles assumed by the members of your sales and marketing team depend on the products you offer and how you segment your markets. For example, if your products are highly technical, a
Businesses can attract and identify their customers and target market by understanding customers’ needs and wants, also understanding the welfares of their products. There are many ways to identify customers in a consumer market and some of them ways or methods could be using research such as primary & secondary where the business would find out key information based on their customers and also primary research is done by the business whereas secondary research is done already and can be found easily. Businesses can also use socio-economic climate which is when the information is based on their target market allowing the business to put their customers in different types which is called market segmentation. Different target groups are chosen for different products or services as they have different needs and wants from each other where they require different products or services for example; age groups as old people would have different requirements compared to teenagers as they would prefer simple products and technologies whereas teenagers are into advance and new technologies or services which meets their