• Enhancing the brand image of the product as well as the corporate image of the business. 2. Explain and outline the main methods of above-the-line promotion • Informative advertising – the focus here is to provide information about a products features, price, or other specifications to consumers • Persuasive advertising – this aims at convincing customers to buy one
According to Barksdale and Darden(1971),it stated that the customer focus represent on identifying the customers’ needs and satisfying them in meeting the organizational goal. It is one of the marketing strategy as it would help in achieving a better success for the consumers. Therefore, the process of linking this strategy to the customer could be divided into two steps: (a) identifying the core process, defining the key outputs of these processes, and defining how much cost or profits could be reduced or increased; (b) identifying and defining the customer needs, requirements, and expectation (Banuelas and Antony, 2002 cited by Tritos, 2005). Therefore, we need to build up relationship with them in order to know what they want and able to satisfy their needs. The construct of customer focus is a staple of relationship marketing, which refers to “the process of identifying and establishing, maintaining, enhancing, and when necessary terminating relationships with customers and other stakeholders”(Gronroos, 2004 cited by Augustine, 2011).
In other words, what was meant by Belch and Guolla is that a Consumer Behaviour is the study on how consumers purchase a product, what product were to be purchased, when does the consumers need the product and why that specific product, which the final results leads to personal satisfaction of wants and needs. Consumer Behaviour considers a wide range of factors influencing the consumer, and acknowledges a broad range of consumption activities beyond purchasing. These activities commonly include; need recognition, information search, evaluation of alternatives, the building of purchase intention, and an act of purchasing, consumption and finally
Farahmand and Chatterjee (2008) conceptualize price within the auspices of the value assigned to something bought, sold or offered for sales, expressed in terms of monetary units. It also pertains to how buyers view a product’s price, as high, low or fair, which ultimately affects consumers’ willingness to buy the product (Ahmad & Vays 2011). Pricing is a crucial strategic variable due to its direct relationship with the company’s goals and its interaction with other marketing mix elements (Yesawich 2004). Pricing enables companies to segment markets, define products, create incentives for consumers and even send signals to competitors (Atchariyachanvanich & Hitoshi 2007). Goods and services must be priced in a way that achieves profitability for the company and satisfies customers, in addition to adapting to various constraints such as competition (Sahay 2007).
The retail outlets can be located where there is a concentration of the target population. c) Understanding customer behaviour: Segmentation helps a retailer to gain insight into why it dose. The buying behaviour of the target segment can be understood once the market is segmented. This can help in the development of an effective marketing strategy. d) Merchandising decisions: Segmentation helps a retailer in merchandise decisions.
Then sales representatives can get knowledge what are the product features, what is the quality of the level, what are the benefits of the product etc. 3.2. Price Price is the value of product. It is satisfy both customer and producer expectation. Wewe Company uses the price to motivate their sales representatives by categorizing the price from lower level to higher level.
Marketing Mix Marketing mix is our strategy that we used to set of actions or tactics to make our business success in the market. There are 4Ps of marketing mix which is price, product, promotion and place. a) Price Price is the value that we put for our product and we need to make sure it is the right price. The cost of production, willingness to pay, segment targeted, the supply and demand in the market, and indirect and direct factors are contributed to setting the price of our product Advance Slim. Pricing also helps in increasing the image of Advance Slim and differentiate it with others product.
The study of consumer behaviour helps us improve marketing strategies and campaigns by understanding how consumers think, how they select between different alternatives (e.g. Brands, products, shops), how a consumer is influenced by their environment (e.g. Culture, peers, religion), how
Based on all these factors the manufacturer will benefit from this strategic planning model that involves retailers at the collection stage, using appropriate motivation and incentives, and then using the network 3PL of RSP to recover the products to the manufacturer. The proposed model where retailers aid in the collection and marketing of the collection process will improve the Supply Chain performance in terms of cost, environment image and customer responsiveness. The model has been termed as MIP model by the author and can be used to plan the amount the incentives to be given to the retailer and then integrates the total
1.1 Meaning of Marketing The action of business for promoting and selling product or services, including market research and advertising. 1.2 Meaning of Marketing Mix The marketing mix refers to the set of action, or tactics, that a company uses to promote its brand or product in the market. The 4ps make up a typically marketing mix- Product, Price, Promotion