2- Marketing Strategy: It can be defined as Firm’s plan to unify its all the targets and goals of Marketing into one single strategic plan. An amazing marketing strategy can be achieved by analyzing the market and paying attention on its product, and the needs of its users to attain the sustainability and the higher profits. It can be further identified with set of segments on which Marketing depends upon, via focusing on targeted markets by posturing the product or its services under positioning method. Segmenting, Targeting & Positioning It assists the organization to indentify customer needs, opportunities in the market, and plan accordingly to target specific areas for better business. It can be classified in behavioral, demographical, psychographical, and geographical aspects of segmentation.
1.0 Introduction Consumer behaviour research attempts to understand the buyer decision-making process, both individually and collectively. It studies individual consumer characteristics such as demographics and behavioural variables in an attempt to understand people’s wants. Consumer behaviour research allows for improved understanding and forecasting concerning not only the subject of purchases but also purchasing motives and purchasing frequency according to Schiffman and Kanuk (kanuk, 2007). For companies to attain commercial success, it is important that managers understand consumer behaviour. The relationship between consumer behaviour and marketing strategy is emphasised because the success of companies.
Definition: Perceived value” is an important marketing concept. It lies at the heart of marketing and deals solely with the customer 's perception of a product (Walter Johnson, 2015). The perspective as which every customer see things are different from each other. Customer Perceived Value should easily refer to the extent to which a customer believes that a given product will satisfy his or her needs. The satisfaction of customers need based on the product and service offered by a company in relation to their brand and marketing from customers’ point of view is known as perceived valued.
With the continual pressure of competition, success and innovation, it is important for companies to focus on concepts that will allow them to be prosperous. These concepts include knowing about the consumer, motivation, problem recognition, psychographics and marketing ethics. Focusing on these five strategies may help a company create a better business plan and overcome challenges. Consumer behavior is the study of how a consumer buys products, the consumption, and disposition of goods, services, time and ideas by human decision-making units. Consumers should be a primary focus for companies therefore it is important to understand the attitude of people when they buy, consume and dispose of products or services.
Having a positive consumer-based brand equity can lead to long term revenues, greater margin profit and success in term of marketing communication. To develop successful strong brand equity, it involves several stages that have been assembled as a set of brand building blocks. The brand building blocks also aims to identifies areas of strength and weakness as well as to provide guidance to marketing activities. Professor Kevin Lane Keller introduced a pyramid model known as customer based brand equity model that focusing on understanding how customer felt, recognize, heard etc. on the particular brands based on their experiences using the brand over the time.
Every time you speak to somebody about your company you are carrying out marketing. When you bring your company up when talking to somebody you have created the opportunity to promote or ‘market’ your company and in turn create sales. A company's marketing strategy is a statement of all of a company's marketing goals and a plan of how a company will carry out all of these goals .It will help a company to focus in on what needs to be done in relation to marketing. (Iyamabo and Otubanjo, 2013)The best marketing strategies are carried out by conducting extensive market research and finding out which product mix is the best for you in order to achieve maximum profit potential and keep your business afloat. It will show you the best ways to communicate
This is important for brands, which have only minor physical differences and consumed in a social setting where the brand can create a visible image about the consumer itself. According to Kohli and Thakor (1997), brand name is the creation of an image or the development of a brand identity and is an expensive and time consuming process. The development of a brand name is an essential part of the process since the name is the basis of a brand’s image. Brand name is important for the firm to attract customers to purchase the product and influence repeat purchasing behavior. Consumers tend to perceive the products from an overall perspective, associating with the brand name all the attributes and satisfaction experienced by the purchase and use of the
What they think, what they choose, what they aspire to. How they act, how they react, how they spend. And behind what’s and the how’s, it’s always about the whys. Everyone needs insights to inform their business decision; marketing, brand, communications, product development, innovation and research. Knowing the consumer and the choices they make is critical for you and your business.
Many things combine to build up the behavior of any individual. The first thing which influences the consumer behavior and shapes it is his culture. Culture builds the strong perceptions of the products in the mind of the customers (hye-Shin Kim, 2008). According to Rai, 2013, there are several national and international brands which people recognized and have strong perception in their minds. These perceptions are pinched in their mind because of their culture, life styles and surroundings.