Marketing Process and Consumer Behavior

Transcription

1 Marketing Process and Consumer Behavior Manil De Mel -Dip in Mktg, CPM(Aisa Pacific) MBA(Aus) Mphi(Tokyo) Lecture no 09

2 What is Marketing According to Philip Kotler, The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others is known as Marketing

3 What is Marketing An organizational process, creating, communicating, value to the customers and managing customer relationships in a way that will benefit the organization and its stakeholders.

4 What is Marketing

5 What is Marketing (CIM) The management process responsible for identifying, anticipating and satisfying customer requirements profitably'

6 What is Value Relative comparison of a products benefits vs its cost and utility ability to satisfy a human need or a want

7 Types of products Consumer goods products purchased by consumers for personal use Industrial goods products purchased by companies to produce other products Services - products that do not have a physical feature that can be purchased.

8 Relationship marketing and customer relationship management A well defined marketing strategy that emphasizes building lasting relationships with customers and suppliers

9 Customer relationship management (CRM) An organized method that the firm uses to build information connections with clients, so that stronger company client relationships are developed.

10 Marketing environment 1.Political legal 2.Social cultural 3.Technological 4.Economic

11 Marketing Mix Product price place promotion people processes

12 Target marketing and marketing segmentation Target marketing a group of people who has similar needs and wants can be expected to show interest in the same products. Market segmentation process of dividing a market in to categories or customer types. Product positioning - process of fixing, adapting, and communicating the nature of a product.

13 Types of segmentation Geographic segmentation Demographic segmentation Psycho graphic segmentation Behavioral segmentation

14 Understanding consumer behavior A study of the decision process by which people buy and consume products.

15 Consumer buying process Problem/need recognition Information seeking Evaluation of alternatives Purchase decision Post purchase evaluation

16 What is a product feature Tangible and intangible qualities that a Company builds in to A product. Key attributes Developing a new product Product life cycle Product motility rates Branding

17 Pricing, Distribution and Promoting products Manil De Mel -Dip in Mktg, CPM(Aisa Pacific) MBA(Aus) Mphi(Tokyo) Lecture no 09

18 Price What the company will get in return to the product they sell Process of pricing determining what is the best value to get in return of the products company will sell 1.Market share objectives 2.Business or profit maximization objectives

19 Price setting process Fixed cost + variable cost + any other cost = total cost total cost + desired mark up + taxes = selling price Mark up the amount added to the items purchase cost to sell at a profit Revenue - Selling price * the total number of units sold

20 Break even point and analysis Break even point - total cost = total revenue (No loss or no profit ) Break even analysis for a particular selling price assessment of sellers cost vs revenue at various sales volumes Price skimming setting a high price initially to cover new product cost or to improve consumer perception and to generate a high profit. Penetration price - setting a low price initially some times even at a loss to penetrate deep in the market.

21 Break even point and analysis Break even point - total cost = total revenue (No loss or no profit ) Break even analysis for a particular selling price assessment of sellers cost vs revenue at various sales volumes Price skimming setting a high price initially to cover new product cost or to improve consumer perception and to generate a high profit. Penetration price - setting a low price initially some times even at a loss to penetrate deep in the market.

22 Fixed vs dynamic (fluctuating prices) This is used mainly for online businesses as the price will depend on the number of buyers seeking the product on line where people can bid their own price.

23 Distribution The process of taking a product or a service from the manufacture to the end user Company

24 Intermediary The individuals or other Company's that help the organization to take their products to the end users most effectively

25 Channel or Channels of distribution The individuals or other Company's that help the organization to take their products to the end users most effectively Intermediary Company Consumer

26 Types of intermediaries Wholesaler Stockist Agents Commission agents Local distributors Super markets Hyper markets Specialty stores E marketing and e commerce

27 Promotion Manil De Mel -Dip in Mktg, CPM(Aisa Pacific) MBA(Aus) Mphi(Tokyo) Lecture no 09

28 Promotion The aspect of the marketing mix concerned with the most effective way to communicate about and selling your product

29 Promotion The aspect of the marketing mix concerned with the most effective way to communicate about and selling your product Product positioning - the process of establishing a identifiable product image in the minds of the consumers

30 Types of promotion Advertising print media electronic media digital media Publicity and public relations Direct marketing (or interactive) Sales promotion Personal selling Above the line ATL Below the line BTL