With the three models discussed in the preceding sections above, one might assume that consumers become aware of and knowledgeable about a brand, develop feelings toward it, form a desire or preference, and then make a purchase (Littlejohn & Foss, 2009; Belch & Belch, 2003). While this logical progression is often accurate, they point out, the response sequence does not always operate this way. This led to Michael Ray and his colleagues to challenge the traditional hierarchy and they developed a model of information processing that identifies three alternative orderings of the three stages based on perceived product differentiation and product involvement. These alternative response hierarchies are the standard learning, dissonance/attribution,
Teunter (2002) and Jha-Dang (2004), however, argue that although early researchers had suggested that the mere presence of a promotion would lead to perceptions of lower quality, results of later studies have shown that a promotion’s information value is context specific. Jha-Dang further pointed out that in today’s purchase environment where most brands promote, it is unlikely that
This is attained by a mutual exchange and fulfillment of agreements”. Relationship marketing is a key factor in the market, it create customer impression and loyalty. Relationship marketing also helps to create good relationship between customer and sellers. A mutually satisfactory relationship makes it possible for customers to avoid significant transaction costs involved in shifting supplier or service provider and for suppliers to avoid suffering unnecessary quality costs. Long-term relationships where both parties over time learn how to best interact with each other lead to decreasing relationship costs for the customer as well as for the supplier or service provider.
Introduction In marketing there are two approaches: a 4-P (price, product, place and promotion) approach to marketing and the value approach (creating, communicating, delivering, and exchanging value). Initially the 4-P approach to marketing was used, but now people tend to use the value approach instead of the 4-P approach. The similarities and differences between a 4-P approach to marketing versus the value approach In the value approach, it consists of creating, communicating, delivering, and exchanging value. Creating means the process of collaborating with suppliers and customers to create offerings that have value. Communicating mean broadly, describing those offerings, as well as learning from customers.
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.
Secondly, businesses need to play to their strengths and not all businesses have the same strengths. Thirdly, many markets are segmented and what is important to one set of customers may be less important to another set. So businesses need to decide which segments of the market they are targeting. Ways of seeking to gain competitive advantage include: offering lower prices, offering clearly superior products at above average prices, delivering products more quickly. offering superior customer service, including after sales service.
(David and Geoff, 2000) Consumer buying behaviour is affected by three main factors which are buying situation, personal influences and social influence level. (Weilbacher et al 2003) Advertisements do not affect the whole; but only what consumers have learnt and perceived about the product. Advertisements main task is to explain the complete idea in different way so products have a livelong impact on consumer mind. To analyze customer behavior more aggressively, firms need to understand some important aspects of consumer behavior that are associated with product so consumer buying behavior can be understood. (Glowa, 2002) A product or service is purchased only when the communication effect is active and is appropriately connected to the brand.
Marketing is defined as a philosophy implemented by a set of processes that focuses on the customers’ satisfaction. It has four major activities that revolve around the consumer value. The activities are creating the products and services, communication, delivery, and exchange. Every company strives to implement the marketing concept to achieve its goals. There are mainly four major philosophies that different companies use to steer their marketing strategies.