Market Segmentation by Jerry W. Market segmentation is a much broader concept, however, and it pervades the practice of business throughout the world. What is market segmentation?
Twitter follow us Consumer Behaviour and the Marketing Strategy by Adelene Wed 29 Jun Consumer behaviour is the study of the way people seek, purchase, use, evaluate and dispose of products and services.
It is the phycology of marketing, and it is used to determine why consumers seek one product alternative from the other. But why do consumers seek and purchase products? This is linked to the ideology of needs and wants. Needs and wants exist if a consumer is unsatisfied, consumers seek and purchase the products that can provide them with maximum satisfaction.
Consumer behaviour can be used by marketers to create the marketing strategy; targeting each consumer effectively once they understand their needs and wants through the research of consumer behaviour. What is the marketing strategy? It is a strategy used to maximise limited resources of an organisation to increase its opportunities in sales and achieve a sustainable competitive advantage.
A marketing strategy is created by market research, which the needs, attitudes and competitors products are evaluated, as well as the packaging, sales and distribution of a product.
How to research the consumer Use primary and secondary research. Marketers must analyse their consumers, as well as using secondary information to make decisions to target their market. They may do this through: Marketers may also make decisions for their marketing strategy based on the consumers demographic information.
This information includes the consumers: This is known as segmenting the market. This information is used to predict purchasing habits of the consumer and make key decisions in the product they are selling, such as pricing. For example, marketers targeting consumers will a low income in a low socio-economic area will have to be particularly price conscious when pricing their items.
Marketers must also understand the values of the consumer; this will provide them with more success in their marketing campaigns. An example of this is quality; when targeting consumers who value quality, marketers must sell them products that deliver and re-enforce their values.
Values impacting consumer choices are their knowledge, beliefs, morals and customs, it has a significant impact on the products consumers seek and purchase. Benefits for an organisation When the marketing strategy and consumer behaviour are intervened, marketers can expect success in their sales, higher profit margins and competitive sustainability in the market place.
Once marketers understand this, it is most likely their message will be delivered to the correct target market, resulting in an end sale.
Overall, consumer behaviour is the study of people that is used the market place as a marketing tool to reach out to target segments.
Where would we be without it?Strategic Planning (Business Toolkit) - Compilation of Strategic Planning frameworks, Strategic Planning templates, Strategic Planning tools, McKinsey Strategic Planning presentations.
SWOT Analysis SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues.
Consumer Behaviour and the Marketing Strategy by Adelene Wed 29 Jun Consumer behaviour is the study of the way people seek, purchase, use, evaluate and dispose of products and services. It is the phycology of marketing, and it is used to determine why consumers seek one product alternative from the other.
Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more. Using SWOT Analysis to Develop a Marketing Strategy By: Adam Colgate SWOT analysis is a straightforward model that analyzes an organization's strengths, weaknesses, opportunities and threats to create the foundation of a marketing strategy.
Many of the strategies and tactics outlined in a marketing plan center on communication with consumers once they move into the information search process. Competitive analysis is a common strategy used to understand what competing brands offer .