Principles of UNIT II ANALYSING MARKETING OPPORTUNITIES

Size: px
Start display at page:

Download "Principles of UNIT II ANALYSING MARKETING OPPORTUNITIES"

Transcription

1 Principles of UNIT II ANALYSING MARKETING OPPORTUNITIES BABY THOMAS /15/2016 BABY THOMAS

2 UNIT II ANALYSING MARKETING OPPORTUNITIES Learning Objectives 1. Pricing strategies 2. Marketing environment 3. Buyer behavior: meaning and factors influencing buyer behavior 4. Buying roles 5. Buying decision process 6/15/2016 BABY THOMAS

3 WHAT IS PRICING? Pricing is the process of determining what a company will receive in exchange for its product. 6/15/2016 BABY THOMAS

4 Pricing Strategies 6/15/2016 BABY THOMAS

5 1. Penetration Pricing Penetration pricing is a pricing strategy in which the price is set low to penetrate the market to secure high volume. It is typical in mass market products like chocolate bars, food stuffs, household goods, etc. Penetration pricing strategy is suitable for products with long anticipated life cycles. It is useful for launching a product into a new market. 6/15/2016 BABY THOMAS

6 2. Market Skimming Market skimming is a pricing strategy in which high price is set to skim the profit from the market. It may generate low volume of sales. Skimming strategy is suitable for products that have short life cycles or which will face competition at some point in the future (e.g. after a patent runs out) Examples include: Play-station, jewellery, digital technology, new DVDs, etc. 6/15/2016 BABY THOMAS

7 3. Value Pricing Value pricing is a pricing strategy where price is set in accordance with customer perceptions about the value of the product. Examples include status products/exclusive products like premium cars. 6/15/2016 BABY THOMAS

8 4. Loss Leader Loss leader is a pricing strategy where goods or services are deliberately sold below cost to encourage sales elsewhere. Loss leader pricing strategy is typical in supermarkets, e.g. at Christmas, selling bottles of gin at 3 in the hope that people will be attracted to the store and buy other things. Purchases of other items more than covers loss on item sold e.g. Free mobile phone when taking on contract package 6/15/2016 BABY THOMAS

9 5. Psychological Pricing Psychological pricing is a pricing strategy that is used to play on consumer perceptions. For example the goods are priced at 9.99 instead of 10! 6/15/2016 BABY THOMAS

10 6. Tender Pricing Many contracts awarded on a tender basis Firm (or firms) submit their price for carrying out the work Purchaser then chooses which represents best value Mostly done in secret 6/15/2016 BABY THOMAS

11 7. Price Discrimination Charging a different price for the same good/service in different markets Requires each market to be impenetrable Requires different price elasticity of demand in each market 6/15/2016 BABY THOMAS

12 8. Destroyer Pricing/Predatory Pricing Deliberate price cutting or offer of free gifts/products to force rivals (normally smaller and weaker) out of business or prevent new entrants Anti-competitive and illegal if it can be proved 6/15/2016 BABY THOMAS

13 9. Cost-Plus Pricing Calculation of the average cost (AC) plus a mark up AC = Total Cost/Output 6/15/2016 BABY THOMAS

14 MARKETING ENVIRONMENT The forces that directly and indirectly influence an organization s capability to undertake its business. Components of Marketing Environment 1. Internal environment : Forces and actions inside the firm that affect the marketing operation composed of internal stake holders and the other functional areas within the business organization. 2. External environment 2.1. Micro environment - The factors in the immediate environment 2.2. Macro environment - Broad forces which shape the character of opportunities and threats. 6/15/2016 BABY THOMAS

15 Marketing Environment Macro environment Micro environment Cultural Political Public Competitors Intermediaries Internal environment Men Money Machinery Materials Markets Company Customers Suppliers Demographic Economic Technological Natural 6/15/2016 BABY THOMAS

16 1. INTERNAL ENVIRONMENT All factors that are internal to the organization are known as the 'internal environment'. They are generally audited by applying the 'Five Ms' which are Men, Money, Machinery, Materials and Markets. The internal environment is as important for managing change as the external. As marketers we call the process of managing internal change 'internal marketing. 2. EXTERNALL ENVIRONMENT All factors that are external to the organization are known as the external environment'. They are broad forces which shape the character of opportunities and threats. The external environment comprises 6/15/2016 BABY THOMAS

17 2.1. Micro environment The forces close to the company that affects its ability to serve. It comprises all those organizations and individuals who directly affect the activities of a company. All factors which impact directly on a firm and its activities in relation to a particular market. 1. Suppliers 2. The marketing channel 3. Customers. 4. Competitors 5. Public 2.2. Macro environment Macro environment refers to those factors which are external to company s activities and do not concern the immediate environment. It comprises general forces that affect all business activities in market. They are cultural, political, technological, natural, economic and demographic. 6/15/2016 BABY THOMAS

18 BUYER BEHAVIOR Buyer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. 6/15/2016 BABY THOMAS

19 Factors influencing Consumer Behavior /15/2016 BABY THOMAS 2016

20 Factors Affecting Consumer Behavior Social Factors Reference groups are groups that form a comparison or reference in forming attitudes or behavior. Family is the most important consumer-buying organization in society. Social roles and status are the groups, family, clubs, and organizations to which a person belongs that can define role and social status. Culture is a shared set of beliefs, values and patterns of behaviour common to a group of people. Subcultures are groups of people within a culture with shared value systems based on common life experiences and situations. For example: Chinese, Indians, Malays, Eurasians Social classes are society s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors. Social classes are measured by a combination of occupation, income, education, wealth, and other variables. The major social classes are upper upper class, upper middle class, middle class, upper lower class, lower lower class. Cultural Factors 6/15/2016 BABY THOMAS

21 Personality refers to the unique psychological characteristics that lead to consistent and lasting responses to the consumer s environment. Self-concept refers to people s possessions that contribute to and reflect their identities. Motivation: A motive is a need that is sufficiently pressing to direct the person to seek satisfaction. Personal Factors Psychological Factors Abraham Maslow s Hierarchy of Needs People are driven by particular needs at particular times. Human needs are arranged in a hierarchy from most pressing to least pressing. Perception is the process by which people select, organize, and interpret information to form a meaningful picture of the world. Learning is the changes in an individual s behavior arising from experience. 6/15/2016 BABY THOMAS

22 Beliefs and Attitudes Belief is a descriptive thought that a person has about something based on knowledge, opinion and faith. Attitude describes a person s relatively consistent evaluations, feelings, and tendencies toward an object or idea /15/2016 BABY THOMAS 2016

23 BUYING ROLES Five roles people might play in a buying decision Initiator Influencer Decider Buyer User A person who first suggests the idea of buying the product A person whose view or advice influences the decision A person who decides on any component of a buying decision: whether to buy, what to buy, how to buy, or where to buy The person who makes the actual purchase A person who consumes or uses the product or service 6/15/2016 BABY THOMAS

24 BUYING DECISION PROCESS Five stages in the buyer decision process 1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior /15/2016 BABY THOMAS 2016

25 The Buyer Decision Process 1. Need Recognition Need recognition occurs when the buyer recognizes a problem or need triggered by internal stimuli and external stimuli 2. Information Search Information search is the amount of information needed in the buying process and depends on the strength of the drive, the amount of information you start with, the ease of obtaining the information, the value placed on the additional information, and the satisfaction from searching /15/2016 BABY THOMAS Evaluation of Alternatives Evaluation of alternatives is how the consumer processes information to arrive at brand choices. 4. Purchase Decision The purchase decision is the act by the consumer to buy the most preferred brand. The purchase decision can be affected by attitudes of others and unexpected situational factors 5. Post-Purchase behavior The post-purchase behavior is the satisfaction or dissatisfaction the consumer feels about the purchase. It is the relationship between consumer s expectations and product s perceived performance

26 Principles of BABY THOMAS /15/2016 BABY THOMAS

Chapter Five. Consumer Markets and Consumer Buyer Behavior. I t s good and good for you. Chapter 5- slide 1

Chapter Five. Consumer Markets and Consumer Buyer Behavior. I t s good and good for you. Chapter 5- slide 1 I t s good and good for you Chapter Five Consumer Markets and Consumer Buyer Behavior Chapter 5- slide 1 Consumer Markets and Consumer Buyer Behavior Topic Outline Model of Characteristics Affecting Consumer

More information

Marketing Principles

Marketing Principles Unit 14: Marketing Principles Unit code: F/601/0556 QCF level: 4 Credit value: 15 Aim This unit aims to provide learners with understanding and skills relating to the fundamental concepts and principles

More information

Professor Vipin Unit 2. Consumer Behavior in Retail Business. Consumer Buying Decision Process

Professor Vipin Unit 2. Consumer Behavior in Retail Business. Consumer Buying Decision Process Consumer Buying Decision Process Unit 2 Consumer Behavior in Retail Business These stages were first introduced by John Dewey (1910).The stages are: 1. Problem/Need recognition 2. Information search 3.

More information

Consumer Markets and Consumer Buyer Behavior. Chapter 6

Consumer Markets and Consumer Buyer Behavior. Chapter 6 Consumer Markets and Consumer Buyer Behavior Chapter 6 Definitions Consumer Buying Behavior Buying behavior of individuals and households that buy products for personal consumption. Consumer Market All

More information

MMK101 SUMMARY NOTES Marketing Fundamentals Exam Preparation

MMK101 SUMMARY NOTES Marketing Fundamentals Exam Preparation MMK101 SUMMARY NOTES Marketing Fundamentals Exam Preparation LINK TO PROQUEST EBOOK THROUGH DEAKIN PORTAL (Armstrong et al 2017, Principles of Marketing, 7th edition) LO = Learning Objective Word count:

More information

Unit 4: Marketing Principles

Unit 4: Marketing Principles Unit 4: Marketing Principles Unit code: F/601/0556 QCF level: 4 Credit value: 15 credits Aim This unit aims to provide learners with understanding and skills relating to the fundamental concepts and principles

More information

Focusing the Marketing Mix on the Customer. Fashion consumer and business buyer behavior

Focusing the Marketing Mix on the Customer. Fashion consumer and business buyer behavior Consumer behavior: decision-making process and actions of buyers Recognition of desire or need for a product Search, evaluation, use, and disposal of particular item Diverse options bring marketing challenges

More information

As a part of the organization, have you ever wondered about:

As a part of the organization, have you ever wondered about: Introduction As a part of the organization, have you ever wondered about: Who are the consumers of your products and services? Why do these consumers buy your brand and not that of the competitors? How

More information

affordability budgeting Method in which companies budget for marketing based on what they believe

affordability budgeting Method in which companies budget for marketing based on what they believe Glossary -1 Glossary for Wood, The Marketing Plan 2e affordability budgeting Method in which companies budget for marketing based on what they believe they can afford. (Chapter 10) annual plan control

More information

7. Family is one of the factors that influence consumer behavior. A. social B. personal C. business D. cultural

7. Family is one of the factors that influence consumer behavior. A. social B. personal C. business D. cultural 1. is never simple, yet understanding it is the essential task of marketing management. A. Consumption pioneering B. Brand personality C. Understanding the difference between primary and secondary data

More information

MIDTERM EXAMINATION Fall 2008 MGT301- Principles of Marketing (Session - 2)

MIDTERM EXAMINATION Fall 2008 MGT301- Principles of Marketing (Session - 2) MIDTERM EXAMINATION Fall 2008 MGT301- Principles of Marketing (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one If the company s sales are slow down, and profits level off or decline. At which

More information

5/3/2010. MNM202-Y The nature of marketing

5/3/2010. MNM202-Y The nature of marketing The nature of marketing Marketing Management MNM202-Y dtoitm3@unisa.ac.za Marketing is the process of planning and executing the conception, pricing, marketing communication and distribution of ideas,

More information

To stay in business by a-rac0ng and retaining customers To benefit from understanding consumer problems To establish compe00ve advantage because it

To stay in business by a-rac0ng and retaining customers To benefit from understanding consumer problems To establish compe00ve advantage because it By Miss Timy Tan To stay in business by a-rac0ng and retaining customers To benefit from understanding consumer problems To establish compe00ve advantage because it is interes0ng! Because no longer can

More information

MGT301 Solved 3 rd Quiz solved By Cuter Killer and Masood Khan June 2011

MGT301 Solved 3 rd Quiz solved By Cuter Killer and Masood Khan June 2011 Test marketing Evaluation of competitors Question # 5 of 15 ( Start time: 09:09:50 PM ) Total Marks: 1 Gathering of primary data by asking questions from concern people about their knowledge, attitudes,

More information

Individual and Psychological Influencing Buying Decisions. Week 10

Individual and Psychological Influencing Buying Decisions. Week 10 Individual and Psychological Influencing Buying Decisions Week 10 1 Objective Identify and understand the individual factors and psychological factors that affect consumer buying decisions. To understand

More information

Price means different things to different people: Buyers Price is the opportunity cost. Price represents revenue, and so affects profits

Price means different things to different people: Buyers Price is the opportunity cost. Price represents revenue, and so affects profits Price Price means different things to different people: Buyers Price is the opportunity cost Sellers Price represents revenue, and so affects profits Government Changes in price affect inflation Therefore,

More information

FEEDBACK TUTORIAL LETTER ASSIGNMENT 1 SECOND SEMESTER 2018 MARKETING PRINCIPLES MPS512S

FEEDBACK TUTORIAL LETTER ASSIGNMENT 1 SECOND SEMESTER 2018 MARKETING PRINCIPLES MPS512S FEEDBACK TUTORIAL LETTER ASSIGNMENT 1 SECOND SEMESTER 2018 MARKETING PRINCIPLES MPS512S 1 1 ASSIGNMENT ONE QUESTION 1 (15 Marks) Discuss 4 segmentation strategies that Thomas shop can use to establish

More information

Lecture Guide. Marketing: Essentials 6e

Lecture Guide. Marketing: Essentials 6e Lecture Guide for Cloe - Lascu Marketing: Essentials 6e 489 Slides Written by the textbook authors Use as flash cards for terminology & concept review Use for notes during instructor lectures Affordable:

More information

Chapter Three. Analyzing the marketing environment

Chapter Three. Analyzing the marketing environment {MARKETING MANAGEMENT } Chapter Three Analyzing the marketing environment A company s market environment consists of the actors and forces outside marketing that affect marketing management s ability to

More information

Marketing: Managing Profitable Customer Relationships 1

Marketing: Managing Profitable Customer Relationships 1 Marketing: Managing Profitable Customer Relationships 1 Learning Objectives After studying this chapter, you should be able to: 1. Define marketing and outline the steps in the marketing process 2. Explain

More information

Chapter 2 Market analysis

Chapter 2 Market analysis Chapter 2 Market analysis Market analysis is concerned with collecting and interpreting data about customers and the market so that businesses adopt a relevant marketing strategy. Businesses carry out

More information

Introduction to Psychology. Lecture no: 43 TRY TO FIND ANSWERS TO THESE QUESTIONS:

Introduction to Psychology. Lecture no: 43 TRY TO FIND ANSWERS TO THESE QUESTIONS: Lecture no: 43 TRY TO FIND ANSWERS TO THESE QUESTIONS: Why do manufacturers advertise their products? Why do advertisers use models in the advertisements? Why do advertisers use cartoons rather than human

More information

CIM Level 4 Certificate in Professional Marketing

CIM Level 4 Certificate in Professional Marketing CIM Level 4 Certificate in Professional Marketing Marketing (2100) Time: 14:00 16:00 Date: 30 June 2015 The examination comprises 50 compulsory questions Section 1 40 stand-alone multiple choice questions

More information

FOR MORE PAPERS LOGON TO

FOR MORE PAPERS LOGON TO MGT301 - Principles of Marketing Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases

More information

Summary. H.J. Leavitt model of organization. Model of organization: organizational structure. Model of organization: people

Summary. H.J. Leavitt model of organization. Model of organization: organizational structure. Model of organization: people H.J. Leavitt model of organization Summary Mission goals and objectives Goals hierarchy Tasks Goals, objectives & Tasks People Individual values, beliefs, attitudes, motives, competencies Group behaviour

More information

and satisfying customer needs profitably about customers, competitors and market trends through collecting primary and secondary data

and satisfying customer needs profitably about customers, competitors and market trends through collecting primary and secondary data The management process that is responsible for anticipating, identifying and satisfying customer needs profitably Marketing The process of gaining information about customers, competitors and market trends

More information

CONSUMER BEHAVIOR - 2

CONSUMER BEHAVIOR - 2 CONSUMER BEHAVIOR - 2 1. INTRODUCTION Hello students, welcome back to the discussion on consumer behavior. In the last session, we had discussed about introduction and definitions of consumer behavior,

More information

Chapter 11. Customer-Driven Marketing

Chapter 11. Customer-Driven Marketing Chapter 11 Customer-Driven Marketing Learning Objectives 1 Define marketing. 5 Describe marketing research. 2 3 4 Discuss the evolution of the marketing concept. Describe not-for-profit marketing and nontraditional

More information

400 Solved MCQs of MGT301 Principles of Marketing By

400 Solved MCQs of MGT301 Principles of Marketing By 400 Solved MCQs of MGT301 Principles of Marketing By http://vustudents.ning.com Question No: 9 ( Marks: 1 ) - Please choose one Some banks have increased their market share by offering accounts especially

More information

400 Solved MCQs of MGT301 Principles of Marketing By

400 Solved MCQs of MGT301 Principles of Marketing By 400 Solved MCQs of MGT301 Principles of Marketing By http://vustudents.ning.com Question No: 9 ( Marks: 1 ) - Please choose one Some banks have increased their market share by offering accounts especially

More information

Psychographic Segmentation

Psychographic Segmentation Psychographic Segmentation By Jim Mintz, Managing Partner, CEPSM Psychographics marketing Psychographics marketing may be a concept that you are not fully aware of, but it is an essential part of marketing.

More information

SECTION 3 CONSUMER BUYING BEHAVIOUR.

SECTION 3 CONSUMER BUYING BEHAVIOUR. SECTION 3 CONSUMER BUYING BEHAVIOUR INTRODUCTION v As many as 95% of new products introduced each year fail, according to Cincinnati (Ohio, US) research agency AcuPoll (2010). v Why do so many new products

More information

Economics of Buyer's Behaviour

Economics of Buyer's Behaviour Economics of Buyer's Behaviour Shalini Yadav N5 Northern Book Centre New Delhi Preface ' vii 1. INTRODUCTION " 1 What is Buyer's Behaviour? 2 Difference between Buyers and Consumers 3 Importance of Buyer's

More information

Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing)

Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) THE BUYING PROCESS Why do we need to understand the buying process of customers? THE BUYING PROCESS Why do we

More information

Chapter 2 The Marketing Environment

Chapter 2 The Marketing Environment Chapter 2 The Marketing Environment 1 Learning outcomes Describe the role that the marketing landscape plays and the influence that it exerts on the organisation Explain the interfaces between marketing

More information

Marketing Process and Consumer Behavior

Marketing Process and Consumer Behavior Marketing Process and Consumer Behavior Manil De Mel -Dip in Mktg, CPM(Aisa Pacific) MBA(Aus) Mphi(Tokyo) Lecture no 09 What is Marketing According to Philip Kotler, The term Marketing is defined as a

More information

MARKETING CYB1B /CPZ3D / CPG1B UNIT : I V

MARKETING CYB1B /CPZ3D / CPG1B UNIT : I V MARKETING CYB1B /CPZ3D / CPG1B UNIT : I V UNIT I SYLLABUS Introduction to Marketing Meaning & Definition of Marketing Functions of Marketing Marketing orientation Role and importance of Marketing Classification

More information

Principles of Marketing

Principles of Marketing Principles of Marketing Part1 1 Lesson 1& 2 Understanding Marketing Management Lesson1 & 2 Understanding Marketing Management defining marketing the marketing concept orientations toward the marketplace

More information

Marketing Principles is a nine-credit mandatory module which sits within the suite of Level 3 modules.

Marketing Principles is a nine-credit mandatory module which sits within the suite of Level 3 modules. Module Specification: Marketing Principles Marketing Principles is a nine-credit mandatory module which sits within the suite of Level 3 modules. To gain the CIM Level 3 Foundation Certificate in Marketing

More information

Topic 1: MMK266 Summary Notes. What is Consumer Behaviour? CONSUMER BEHAVIOUR SUMMARY NOTES

Topic 1: MMK266 Summary Notes. What is Consumer Behaviour? CONSUMER BEHAVIOUR SUMMARY NOTES MMK266 Summary Notes Topic 1: What is Consumer Behaviour? Consumer behaviour: Consumer behaviour is defined as the behaviour that consumers undertake in searching for, purchasing, using, evaluating and

More information

29/09/ Analyzing Consumer Markets. Chapter Questions. Consumer Behavior

29/09/ Analyzing Consumer Markets. Chapter Questions. Consumer Behavior 1 6 Analyzing Consumer Markets Chapter Questions How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How

More information

Consumer Decision Making

Consumer Decision Making Nonstock/Jupiterimages Lamb, Hair, McDaniel Consumer Decision Making Chapter 6 Copyright 2012 by Cengage Learning Inc. All rights reserved 1 Cultural Influences on Consumer Buying Decisions Identify and

More information

PERSONAL SELLING (PART-3) PRODUCT KNOWLEDGE

PERSONAL SELLING (PART-3) PRODUCT KNOWLEDGE PERSONAL SELLING (PART-3) PRODUCT KNOWLEDGE 1. INTRODUCTION Hello students, Welcome to the series on personal selling. Today we are going to study about Product knowledge in personal selling. Definition

More information

CUSTOMER ANALYSIS. Course: Marketing Management.

CUSTOMER ANALYSIS. Course: Marketing Management. CUSTOMER ANALYSIS Course: Marketing Management Traditional vs Modern Customer-Oriented Company Organization Who is customer? Initiator User/consumer Purchase, use and consumption Influencer Purchaser Decider

More information

CHAPTER 13 Building Customer Relationships

CHAPTER 13 Building Customer Relationships Part 4 Focusing on the Customer: Marketing Growth Strategies CHAPTER 13 Building Customer Relationships Longenecker Moore Petty Palich 2008 Cengage Learning. All rights reserved. PowerPoint Presentation

More information

Marketing Management (MKT600) M B A. Anna Zarkada

Marketing Management (MKT600) M B A. Anna Zarkada Marketing Management (MKT600) M B A Anna Zarkada Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall 5-2 Developing Exchange Relationships Theories Who are the buyers? What do buyers want?

More information

PRICING AND ITS MODELS

PRICING AND ITS MODELS PRICING AND ITS MODELS Dr. K. Saravana Kailas Head, Department of Commerce, Govt. Arts and Science College, Kadaladi 623 703 Introduction Pricing is the most vital and highly demanded component within

More information

1 MIDTERM EXAMINATION 2009 MGT301-

1 MIDTERM EXAMINATION 2009 MGT301- Paper 1 MIDTERM EXAMINATION Fall 2009 MGT301- Principles of Marketing (Session - 3) Question No: 1 ( Marks: 1 ) - Please choose one Relationship marketing is a consistent application of up to date knowledge

More information

Review. Organization model. Environment. Organizational Goals & Tasks. People. Management. Organizational Structure. Technology.

Review. Organization model. Environment. Organizational Goals & Tasks. People. Management. Organizational Structure. Technology. Review Organization model Environment Organizational Goals & Tasks People Management Organizational Structure Technology Environment Principles of Business/ slide no 2 1 Model of organization: people The

More information

Pricing strategies

Pricing strategies Pricing strategies 2017-18 PRICING STRATEGIES Pricing strategies: pricing policies used by a business when deciding what to charge for its products pricing strategies for new products (e.g., market skimming,

More information

The Changing Marketing Environment 2-1

The Changing Marketing Environment 2-1 The Changing Marketing Environment 2-1 Chapter Goals To gain an understanding of: The concept of environmental scanning. How external forces influence a firm s marketing program: Demography, economics,

More information

Lecture 1: Introduction to Marketing; The Marketing Environment and Market Analysis Chapters 1.

Lecture 1: Introduction to Marketing; The Marketing Environment and Market Analysis Chapters 1. Lecture 1: Introduction to Marketing; The Marketing Environment and Market Analysis Chapters 1. What is marketing? Marketing- the activity, set of institutions, and processes for creating, communicating,

More information

TARGET MARKET. A. Demographic Segmentation: i. Age: By Ceren Yetener& Damla Üstünes

TARGET MARKET. A. Demographic Segmentation: i. Age: By Ceren Yetener& Damla Üstünes TARGET MARKET By Ceren Yetener& Damla Üstünes In order to determine the target market of Drops, firstly by using Demographic Segmentation, Cultural Segmentation, Personal Segmentation, and Psychological

More information

Factors Affecting Consumer Behavior

Factors Affecting Consumer Behavior Factors Affecting Consumer Behavior DR. NILESH B. GAJJAR M.Com. (A/c), M.Com. (Mgt.), M.Ed., M. Phil., G.Set., Ph. D. Assistant Professor, S. V. S. Education College, (M.Ed.) P. G. Dept., Nagalpur, Mehsana,

More information

Preliminary Certificate in Marketing 30 th September, 2017 Examination PCM III th Intake, 27 th Year

Preliminary Certificate in Marketing 30 th September, 2017 Examination PCM III th Intake, 27 th Year Preliminary Certificate in Marketing 30 th September, 2017 Examination PCM III 2017 95 th Intake, 27 th Year Candidate s Registration Number (As per in the examination admission form / Student ID) 0 0

More information

Entrepreneurship and New Venture Management 5 th edition

Entrepreneurship and New Venture Management 5 th edition Entrepreneurship and New Venture Management 5 th edition Solutions to self-assessment questions 1) Chapter 1: Entrepreneurship defined Entrepreneurship is the process of commercialising ideas (innovations)

More information

Contents. Chapter 1 Introduction. Chapter 2 Marketing Process and Environment

Contents. Chapter 1 Introduction. Chapter 2 Marketing Process and Environment Contents Chapter 1 Introduction Meaning of Marketing... 1 Marketing Definitions... 1 Implications of the Various Definitions of Marketing... 4 Core Concepts of Marketing... 5 Marketing Management Concept...

More information

FACTORS INFLUENCING CONSUMER BUYING BEHAVIOUR: A REVIEW

FACTORS INFLUENCING CONSUMER BUYING BEHAVIOUR: A REVIEW FACTORS INFLUENCING CONSUMER BUYING BEHAVIOUR: A REVIEW Research Scholar Swami Ramanand Teerth Marathwada University, Nanded (MS) INDIA Consumer buying behavior is the behavior of final consumer. The consumer

More information

CHAPTER 13 MARKETING MANAGEMENT

CHAPTER 13 MARKETING MANAGEMENT CHAPTER 13 MARKETING MANAGEMENT Chapter content Introduction The evolution of marketing thought The marketing concept Defining marketing The components of the marketing process Market research Consumer

More information

Chapter 6. Analyzing Consumer Markets and Buyer Behavior

Chapter 6. Analyzing Consumer Markets and Buyer Behavior Chapter 6 Analyzing Consumer Markets and Buyer Behavior PowerPoint by Karen E. James Louisiana State University - Shreveport 2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management,

More information

Chapter 14 Marketing. Chapter 14 Marketing

Chapter 14 Marketing. Chapter 14 Marketing Chapter 14 Marketing Chapter 14 Marketing Learning outcomes Contextualise the marketing process Explain the target market Discuss marketing strategy Describe the elements of the marketing mix Differentiate

More information

Chapter 4: Consumer and industrial

Chapter 4: Consumer and industrial Chapter 4: Consumer and industrial marketing Chapter 4: Consumer and industrial marketing Essential reading Kotler, P. and G. Armstrong Principles of Marketing. (Upper Saddle River, NJ: Prentice Hall,

More information

CIM Level 4 Certificate in Professional Marketing

CIM Level 4 Certificate in Professional Marketing CIM Level 4 Certificate in Professional Marketing Marketing (2100) Time: 14:00 16:00 Date: 20 July 2016 Multiple Choice Examination The examination comprises 50 compulsory questions Section 1 40 stand-alone

More information

Certified Consumer Behavior Analyst VS-1200

Certified Consumer Behavior Analyst VS-1200 Certified Consumer Behavior Analyst VS-1200 Certified Consumer Behavior Analyst Certified Consumer Behavior Analyst Certification Code VS-1200 Vskills certification for Consumer Behavior Analyst assesses

More information

ANALYZING THE MARKETING ENVIRONMENT

ANALYZING THE MARKETING ENVIRONMENT Chapter 3 ANALYZING THE MARKETING ENVIRONMENT Md. Afnan Hossain Lecturer, School of Business & Economics Source: P. Kotler & G. Armstrong (2015) Principles of Marketing; V.S.Bahar, Presntation, NSU MKT

More information

Consumer Audit Report

Consumer Audit Report Consumer Audit Report Dan Hoff The brand/business that I am choosing to audit for this report is Express. They are a midto-high priced clothing store. They specialize in lavish clothes like dress shirts,

More information

AN IMPACT OF SOCIO- CULTURAL ENVIRONMENT ON BUSINESS

AN IMPACT OF SOCIO- CULTURAL ENVIRONMENT ON BUSINESS AN IMPACT OF SOCIO- CULTURAL ENVIRONMENT ON BUSINESS Dr. Suhasini Parashar Reader Department of Business Administration Maharaja Surajmal Institute ABSTRACT The culture has its own ways of expression,

More information

Customers, Segmentation, and Target Marketing

Customers, Segmentation, and Target Marketing C H A P T E R 5 Customers, Segmentation, and Target Marketing Segmentation and Target Marketing n Concerned with the individuals, institutions, or groups of individuals or institutions that have similar

More information

Positioning Marketing research

Positioning Marketing research Positioning Marketing research Dr. Stephen Fanning Directions Section 1 provided the philosophy Section 2 provided the theory Section 3 is the application of philosophy & theory of marketing. Beginning

More information

Marketing in Hospitality

Marketing in Hospitality Unit 8: Marketing in Hospitality Unit code: Y/601/1793 QCF level: 4 Credit value: 15 Aim This unit enables learners to understand the concepts of marketing, the role of the marketing mix, the marketing

More information

Preliminary Certificate in Marketing 23 rd December, 2017 Examination PCM IV th Intake, 27 th Year

Preliminary Certificate in Marketing 23 rd December, 2017 Examination PCM IV th Intake, 27 th Year Preliminary Certificate in Marketing 23 rd December, 2017 Examination PCM IV 2017 96 th Intake, 27 th Year Candidate s Registration Number (As per in the examination admission form / Student ID) 0 0 0

More information

FOR MORE PAPERS LOGON TO

FOR MORE PAPERS LOGON TO MGT301 - Principles of Marketing When Olympia Carpets develops new carpets that are highly stain resistant and durable, it must educate consumers about the product's benefits. This activity calls for which

More information

Principles of Marketing

Principles of Marketing MKC1200: Principles of Marketing Week 1: Core Marketing Principles... 2 Week 1a: Introduction... 2 Week 1b: Core Marketing Concepts... 3 Week 2: Marketing Environment... 5 Week 2a: Macro environment...

More information

Topic 5: Product strategy & New Product Development

Topic 5: Product strategy & New Product Development Topic 5: Product strategy & New Product Development Definitions Product Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want. Service A form of

More information

Postgraduate Diploma in Marketing June 2017 Examination Discovering Marketing Essentials (DME)

Postgraduate Diploma in Marketing June 2017 Examination Discovering Marketing Essentials (DME) Postgraduate Diploma in Marketing June 2017 Examination Discovering Marketing Essentials (DME) Date: 15 June 2017 Time: 0830 Hrs 1130 Hrs Duration: Three (03) Hrs Total marks for this paper is 100 marks.

More information

ANALYZING MARKETING ENVIRONMENT

ANALYZING MARKETING ENVIRONMENT ANALYZING MARKETING ENVIRONMENT Xerox invented photocopying and for decades flat out dominated the industry it had created. But Xerox s harrowing experience provides a cautionary tale of what can happen

More information

Introduction. Market segmentation is defined as:

Introduction. Market segmentation is defined as: Ibrahim Sameer 1 Introduction Market segmentation is defined as: The process of breaking down the total market for a product or service into distinct sub-groups or segments, where each segment might represent

More information

FACTFILE: GCE BUSINESS STUDIES

FACTFILE: GCE BUSINESS STUDIES FACTFILE: GCE BUSINESS STUDIES AS1 MARKETS AND MARKET FORCES Markets and Market Forces Learning outcomes Students should be able to: demonstrate and apply knowledge and understanding of the main features

More information

An overview of marketing - Lecture 1. Marketing

An overview of marketing - Lecture 1. Marketing An overview of marketing - Lecture 1 Marketing Marketing is a social and managerial process by which individuals and organisations obtain what they need and want through creating and exchanging value with

More information

Empirical Analysis of the Factors Affecting Online Buying Behaviour

Empirical Analysis of the Factors Affecting Online Buying Behaviour DOI : 10.18843/ijms/v5i3(6)/08 DOIURL :http://dx.doi.org/10.18843/ijms/v5i3(6)/08 Empirical Analysis of the Factors Affecting Online Buying Behaviour Dr. Swati Sachdeva Khosla, Research Associate, UIAMS,

More information

CHAPTER 5 OVERVIEW OF MARKETING. By: Engr. Muhammad Muizz Bin Mohd Nawawi

CHAPTER 5 OVERVIEW OF MARKETING. By: Engr. Muhammad Muizz Bin Mohd Nawawi CHAPTER 5 OVERVIEW OF MARKETING By: Engr. Muhammad Muizz Bin Mohd Nawawi Definition of Marketing The process by which companies create value for customer and build strong customer relationships in order

More information

Answer ALL questions within Section A and TWO questions within Section B.

Answer ALL questions within Section A and TWO questions within Section B. UNIVERSITY OF EAST ANGLIA Norwich Business School January PG Examination 2016-17 STRATEGIC MARKETING MANAGEMENT NBS-7025A Time allowed: 2 hours Answer ALL questions within Section A and TWO questions within

More information

EXPECTED QUESTIONS RELATED TO MARKETING

EXPECTED QUESTIONS RELATED TO MARKETING EXPECTED QUESTIONS RELATED TO MARKETING 1) Brand Image was put forward by------ogilvy 2) ------operates in the middle end of the market-----two way stretch 3) ------operates in the higher end of the market----downward

More information

CHAPTER 1: INTRO TO INTEGRATED MARKETING COMMUNICATIONS

CHAPTER 1: INTRO TO INTEGRATED MARKETING COMMUNICATIONS CHAPTER 1: INTRO TO INTEGRATED MARKETING COMMUNICATIONS THE ROLE OF MARKETING Marketing: Activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that

More information

Master in Marketing and Communication. Module 5. Consumer Markets and Consumer Buyer Behavior. Module 5 - slide 1

Master in Marketing and Communication. Module 5. Consumer Markets and Consumer Buyer Behavior. Module 5 - slide 1 Master in Marketing and Communication Module 5 Consumer Markets and Consumer Buyer Behavior Module 5 - slide 1 Consumer Markets and Consumer Buyer Behavior Topic Outline Model of Consumer Behavior Characteristics

More information

MM K101:MARKETING FUNDAMENTAL NOTES

MM K101:MARKETING FUNDAMENTAL NOTES MM K101:MARKETING FUNDAMENTAL NOTES Table of Contents Topic 1: What is Marketing?...2-4 Topic 2: Planning Strategy and the Marketing Environment 5 8 Topic 3: Market Research..9 11 Topic 4: Consumer Behaviour..12

More information

MARKETING RISKA SEPTIFANI, STP, MP DEPARTMENT OF AGROINDUSTRIAL TECHNOLOGY FACULTY OF AGRICULTURAL TECHNOLOGY UNIVERSITAS BRAWIJAYA

MARKETING RISKA SEPTIFANI, STP, MP DEPARTMENT OF AGROINDUSTRIAL TECHNOLOGY FACULTY OF AGRICULTURAL TECHNOLOGY UNIVERSITAS BRAWIJAYA BASIC UNDERSTANDING OF MARKETING CONCEPTS AND THE DEVELOPMENT IN THE 21ST CENTURY MARKETING RISKA SEPTIFANI, STP, MP DEPARTMENT OF AGROINDUSTRIAL TECHNOLOGY FACULTY OF AGRICULTURAL TECHNOLOGY UNIVERSITAS

More information

Chapter 14 Opinion Leaders and Personal Influence

Chapter 14 Opinion Leaders and Personal Influence Chapter 14 Opinion Leaders and Personal Influence Learning Objectives: To understand who can be called as an opinion leader To understand how opinion leaders persuade others in favour of certain products

More information

Marketing & The Marketing Environment

Marketing & The Marketing Environment Marketing & The Marketing Environment Marketing Definition: The processes for creating, communicating, delivering and exchanging of offerings that have value for customers, clients, partners and society

More information

Creating an inclusive volunteering environment

Creating an inclusive volunteering environment Creating an inclusive volunteering environment Why is creating an inclusive environment important? Understanding the needs of all of your volunteers and making sure they feel valued and respected increases

More information

Introduction to. marketing. theory and practice. Second edition. Adrian Palmer OXFORD UNIVERSITY PRESS

Introduction to. marketing. theory and practice. Second edition. Adrian Palmer OXFORD UNIVERSITY PRESS Introduction to marketing theory and practice Second edition Adrian Palmer OXFORD UNIVERSITY PRESS Preface Acknowledgments Guided tour of the textbook features v vii viii Marketing: the fundamentals 1

More information

Week 1: What is Marketing?

Week 1: What is Marketing? Week 1: What is Marketing? What is Marketing? " The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients,

More information

There are two fools in every market. One charges too little; the other charges too much Russian proverb

There are two fools in every market. One charges too little; the other charges too much Russian proverb There are two fools in every market. One charges too little; the other charges too much Russian proverb WHAT IS PRICE? Price is the amount of money charged for product or service, or the sum of all the

More information

Preliminary Certificate in Marketing 8 th April, 2018 Examination PCM I th Intake, 28 th Year

Preliminary Certificate in Marketing 8 th April, 2018 Examination PCM I th Intake, 28 th Year Preliminary Certificate in Marketing 8 th April, 2018 Examination PCM I 2018 97 th Intake, 28 th Year Candidate s Registration Number (As per in the examination admission form / Student ID) 0 0 0 0 0 For

More information

1) Executive summary. 2) Analysis of the situation and PEST. Example. Questions. Demand trends, social factors, psychographics

1) Executive summary. 2) Analysis of the situation and PEST. Example. Questions. Demand trends, social factors, psychographics 1) Executive summary In In this section, you have to to write a short description of of your project, to to arouse the interest of of your reader Example This Marketing Plan concerns the launch of a new

More information

Contents. Part- I: Introduction to Consumer Behavior. Chapter 1 Consumer Research Chapter 2 Segmenting Consumers 22-40

Contents. Part- I: Introduction to Consumer Behavior. Chapter 1 Consumer Research Chapter 2 Segmenting Consumers 22-40 Contents Preface Part- I: Introduction to Consumer Behavior Chapter 1 Consumer Research 3-21 Chapter 2 Segmenting Consumers 22-40 Part - II: Consumer as an Individual Chapter 3 Motivation 43-66 Chapter

More information

Edexcel (B) Economics A-level

Edexcel (B) Economics A-level Edexcel (B) Economics A-level Theme 4: Making Markets Work 4.1 Competition and Market Power 4.1.1 Spectrum of competition Notes Characteristics of monopoly, oligopoly, imperfect and perfect competition

More information

Consumer attitudes and perceptions on sustainability

Consumer attitudes and perceptions on sustainability Consumer attitudes and perceptions on sustainability June 2010 Contents Summary Page 2 Part I: Methodology 4 Part II: Findings Consumer attitudes towards environmental and ethical topics 5 Environmental

More information

6. MARKETING CONCEPTION A PHILOSOPHY OF BUSINESS, CUSTOMERS AND CONSUMERS, MARKETING AND SELLING, PRODUCT DEVELOPMENT PROCESS - STRATEGY, TACTICS

6. MARKETING CONCEPTION A PHILOSOPHY OF BUSINESS, CUSTOMERS AND CONSUMERS, MARKETING AND SELLING, PRODUCT DEVELOPMENT PROCESS - STRATEGY, TACTICS 6. MARKETING CONCEPTION A PHILOSOPHY OF BUSINESS, CUSTOMERS AND CONSUMERS, MARKETING AND SELLING, PRODUCT DEVELOPMENT PROCESS - STRATEGY, TACTICS What is Marketing Marketing encompasses a wide array of

More information

Principles of Marketing. Organizing the Market Where to Compete?: 3 Mobile Australia

Principles of Marketing. Organizing the Market Where to Compete?: 3 Mobile Australia 325-211 Principles of Marketing Organizing the Market Where to Compete?: 3 Mobile Australia by Scott Emmett and Kevin Fan 1 TABLE OF CONTENTS TABLE OF FIGURES... 2 Executive Summary... 3 1 Introduction...

More information