...Module tutor: Kandis Watson Course: MBA Word count: 2,854 I. According to Bloisi, W., Cook, C.W. and Hunsaker, P.L (2003), consumer market refers to the purchase of goods and services purely for personal consumption. Consumer market and consumer buying behaviour must be studies and understood before an appropriate marketing plan can be developed. In general, organisations and companies need to know and understand the behaviour not only for their own customers but also for all consumers. Multiple roles of Consumers As users of a product, consumers are concerned with product features, thus users define what is needed from a product. Payers are consumers who pay for the product and are primarily concerned with its price and other financial considerations (reasonable life cycle of the product, cost of maintenance, cost of consumables, etc). Buyers focus on the logistics of the products (online, by phone, mail or retail center).In a particular purchase situation, the roles may be filled by a signal individual or by multiple people, for example, a parent may decide on the type of baby food that they wish to purchase but their partner may also beinvolved in the decision making or transaction, while the baby is the ultimate user of the food. The stages of consumer buying process The consumer buying process: Irrespective of the particular role, consumers constantly face a number of choices: -Whether to purchase -What to purchase. -Where to purchase. -From which supplier or...
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...MARKETING FOR MANAGERS (MKTG5009) TRIMESTER 3 2015 Individual buying behaviour vs Group buying behaviour ASSIGNMENT 1 ROBIN KARUMBA STUDENT ID: 18331141 WORD COUNT: 1450 EXCLUDING REFERENCE Introduction The consumer buying behaviour varies from one customer to another. (Graves 2013) states that it is difficult understanding human emotions effect on the buying decision process yet because we humans have very similar neural wiring we tend to make similar mistakes what he calls ‘mind gap’. This is what leads us to walk out of a shop believing we bought what we wanted. This study will attempt to understand behavioural difference between individuals and group consumers based on influence from various environmental factors. This raises the need for consumer behaviour analysis using a nominated product buying decision process. In this research I’ll use my past experience in the purchase of a laptop for university purpose and a large quantity of laptops for an organisation I worked for. This document this will be categorised into individual and Organisation buying decision process The Individual Analysis * Understanding the customer: influences Personal and Social To get an accurate individual analysis, it is important to understand the consumer demographics and background that influences the decision process. The Organisation * Understanding the customer: influences Buy class and product type The organisation is a multinational food and beverage industry...
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...Stages of consumer buying decision process Posted on September 12, 2012 by shma The marketer is responsible for selling the goods in the market so he must have the knowledge how the consumers actually make their buying decisions. For this he must study the consumer buying decision process or model. It involves five stages. 1.) Need recognition:- consumer buying decision process starts with need recognition. The marketer must recognize the needs of the consumer as well as how these needs can be satisfied. For example if a person is hungry then food is desired or if it is a matter of thirst than water is desirable. 2.) Information search:- in consumer buying decision process information search comes at second number. In this stage consumer searches the information about the product either from family, friends, neighborhood, advertisements, whole seller, retailers, dealers, or by examining or using the product. 3.) Evaluation of alternatives:- after getting the required knowledge about the product the consumer evaluate the various alternatives on the basis of it’s want satisfying power, quality and it’s features. 4.) Purchase decision:- after evaluating the alternatives the buyer buys the suitable product. But there are also the chances to postpone the purchase decision due to some reasons. In that case the marketer must try to find out the reasons and try to remove them either by providing sufficient information to the consumers or by giving them guarantee regarding...
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...Lecture 1 INTRODUCTION TO SALES MAG’T Nature of Personal Selling and Sales Management Personal Selling involves the two way flow of communication between a buyer and the seller, often in a face to face encounter, designed to influence a person’s or group’s purchase decision’ (Roger A. etal). It is a highly human intensive activity. The tasks involved in managing personal selling include; Setting objectives, organizing the sales force, recruiting, selecting, training, compensating sales people and evaluating the performance of the sales people What does sales management involve? 1. Planning the selling programme 2. Implementing the programme 3. Controlling the personal selling effort of the firm The role of Personal Selling in Marketing * Sales people critical link between firm and its customers * In the customers’ eyes sale people are the company * Play dominant role in the overall marketing programme. Relationship Selling: a practice of building ties to customers based on sales person’s attention and commitment to customer Involves mutual respect and trust. Focuses on creating long term customers, not on one time sale Partnership Selling/Enterprise Selling Buyers and sellers combine their expertise and resources to create customized solutions. Commit to joint planning, sharing of customer competitive and company information for mutual benefit X’tics of Modern Selling * customer retention and deletion * Data base...
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...SAMPLE ANSWER 01 CAM CAM Diploma Marketing and Consumer Behaviour December 2010 Contents Task 1: Marketing Principles Task 2: Communication Task 3: Communication, Advertising and Media Task 4: Consumer Behaviour Task 5: Channel Behaviour Appendices: Background information to THE AGE Appendices to task 2 4 - 14 15 - 20 21 - 31 32 - 43 44 - 47 48 - 54 References 55 - 57 Task 1 Word count 1618 Marketing Planning Planning is an essential task to ensure THE AGE continues to be a market leader. Drummond et al (2005) suggest planning should be systematic and structured, and is required in order to adapt to the changing business environment. The corporate objectives are at the heart of the marketing planning process (Brassington et al, 2000). The marketing plan will contribute to the corporate plan by developing specific functional strategies and tactics to achieve the corporate objectives. Figure 1.1 demonstrates the process. THE AGEs corporate plan is ‘to build on profits from the previous year and continue to be Britain’s number one quality selling newspaper’. From this, the marketing plan could be ‘to increase the number of subscribers’. Marketing planning process diagram A common framework to use in the planning process is the SOSTAC model, see figure 1.2 Marketing planning process • • Situational Analysis – The first stage of the planning process is to look at where the THE AGE is now - Britain’s number one selling quality newspaper with...
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...its products or rendering its services to the customers. Various marketing concepts hold that customers will generally not buy a product they don’t know or they have not been asked/convinced to buy. It is therefore the role of the marketing function in any business to fill this gap and complete the business operation. Definition of Marketing The Chartered Institute of Marketing of the United Kingdom defines marketing as, “The management process which identifies, anticipates, and supplies customer needs efficiently and profitably.” Kibera (1996) defines marketing as “the performance of business and non-business activities which attempt to satisfy a target individual or group needs and wants for mutual benefit or benefits.” Kotler (2006), the American marketing guru provides the definition of marketing as “A social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.” Kotler and Armstrong (2008) define marketing as “The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.” Core Marketing Concepts 1. Needs – The basic concept underlying marketing is that of human needs. Needs comprise of those things that human beings feel they cannot do without e.g. food, clothing, shelter, safety, education etc. 2. Wants – Are forms of human needs that improve on their well being...
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...Marketing is the process by which companies determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development (market survey). It generates the strategy that underlies sales techniques, business communication and business developments. It is an integrated process through which companies build strong customer relationships and create value for their customers (value for money products) and for themselves (profits). Marketing is used to identify the customer (target market), satisfy the customer (customized product), and keep the customer (quality products). With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable. The term marketing concept means that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than its competitors. Further definitions: Marketing...
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...Account-based marketing Ethics · Effectiveness · Research Segmentation · Strategy · Activation Management · Dominance Promotional content Advertising · Branding · Underwriting Direct marketing · Personal sales Product placement · Publicity Sales promotion · Sex in advertising Loyalty marketing · SMS marketing Premiums · Prizes Promotional media Printing · Publication · Broadcasting Out-of-home advertising · Internet Point of sale · Merchandise Digital marketing · In-game advertising In-store demonstration · Word-of-mouth Brand ambassador · Drip marketing v · d · e Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development.[1] It generates the strategy that underlies sales techniques, business communication, and business developments.[1] It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.[1] Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the customer as the focus of its activities, marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries.[citation needed] The adoption of marketing strategies...
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...products and services at the lowest possible cost. (APCON, 2002). Frank (2005) defined advertising as the aim to persuade people to buy. Advertising is the dissemination of information concerning an idea, service or product to compel action in accordance with the intent of the advertiser. Advertising is any paid form of non-personal communication about an organization, product, service, or idea by an identified sponsor, (Alexander, 1965:9). The economic importance of advertising can’t be over emphasized. Advertising and promotions are an integral part of our social and economic system, evolving into a vital communications system that gives businesses and consumers the ability to deliver carefully prepared messages to target audiences. Expenditures in advertising and promotions have experienced tremendous growth in recent years. Between 1980 and 2002, their combined expenditure increased from $102 billion to $490 billion in the United States, (Belch & Belch, 2004:5). This represents a compound annual growth rate of 7.4%, and a substantial...
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...1 What is Management? – The Management Process Today Management is the planning, organizing, leading and controlling of human and other resources to achieve organizational goals efficiently and effectively Achieving high performance: a manger’s goal Organizational performance is a measure of how efficiently and effectively managers use resources to satisfy customers and achieve organizational goals. Efficiency is a measure of how well or how productively resources are used to achieve goals; o Organizations are efficient when the amount of input resources or the amount of time needed to produce a given output of goods or services is minimized Effectiveness is a measure of the appropriateness of the goals that managers have selected for the organization to pursue and of the degree to which the organization achieves its goals o Organizations are effective when appropriate goals are chosen and achieved High effectiveness Low efficiency A product that the customer want, but that is too expensive for them to buy A low-quality product that customers do not want High efficiency A product that customers want at a quality and price that they can afford A high-quality product that customers do not want - Low effectiveness Managerial Functions … are planning, organizing, leading and controlling → how well managers perform these functions determines how efficient and effective their organizations are Planning … is a process that managers use to identify and select appropriate...
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...INE S S S CHO O L JÖNKÖPING UNIVERSITY The traditional vs. the online market A study of consumer behaviour and consumer preferences in the purchase of high-involvement products Bachelor Thesis within Business Administration Author: Denis Čelhasić Tommy Grdić Lukas Özer Tutors: Maya Paskaleva Olga Sasinovskaya Jönköping January 2008 ii Acknowledgements First of all, we would like to express appreciation to our academic tutors, Olga Sasi-novskaya and Maya Paskaleva, for providing valuable feedback and guidance on our work. We would also like to thank Robert Bengtsson, CEO at MindValue AB in Gothenburg, Sweden, for supporting us throughout the research by sharing ideas and vital information concerning the marketing industry on the Internet, as well as the operations of MindValue AB itself. We would further like to take the opportunity to send gratitude to the interview-ees making it possible for us to retrieve the information essential for conducting this study. Finally, our thanks goes to Carl Emil Svedin, legal counsel at Saab AB in Linköping, Swe-den, for taking his time to validate the credibility of our translations made of the transcripts from the interviews. Denis Čelhasić Tommy Grdić Lukas Özer January 2008 Jönköping International Business School iii Bachelor Thesis in Business Administration Title: The traditional vs. the online market: A study of consumer be-haviour and consumer preferences in the purchase of high-involvement products Authors: Čelhasić Denis, Grdić...
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...University of Halmstad School of Business and Engineering “Master of Science in International Marketing” Master’s degree level Dissertation Assessing Youth’s Buying Behaviour towards Sports Shoes (A Case Study of Nike) Dissertation in “International Marketing”, 20 Swedish credits (30 ECTS) Author: Srungaram Narsimha Vamshi Krishna Supervisor: Venilton Reinert Professor: Svante Andersson S.S.No. 810609-3035 Contents Pg No. 0 Acknowledgement Abstract 1. Introduction and background 2. Purpose of the study 3. Literature review a. Types of consumer’s buying decision behavior b. Complex buying behavior c. Dissonance d. Variety 4. The buying decision process a. Introduction of buying decision process b. The buying decision process c. Evaluation of alternative d. Purchase decision e. Post purchase behavior 5. Theoretical frame work a. Consumer involvement theory 6. Consumer behavior models a. Introduction and Intergradations of three models b. Hierarchy needs of consumer behavior model c. Consumer behavior model d. Lens model 8. Nike’s Introduction (Nike’s Case Studies) a. Financial performance b. Employees c. Contract factories d. Nike branding 9. Methodology of the Study a. Introduction b. Method c. Types of research d. Research approach e. Population and sample f. Instrument to collect the data g. Research validity and reliability 10. Analysis of the study a. Graphical analysis 3 4 4 8 8 10 10 10 11 10 10 11 11 12 12 12 12 14 14 15 16 18 19 19 20 20...
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...Marketing Principles] | | Contents Introduction 2 LO 1: Understanding the concept and process of marketing 2 AC 1.1: Explain the various elements of marketing 2 AC 1.2: Evaluating the approach of Amazon towards marketing 3 LO 2: Using the concepts of segmentation, targeting and positioning 4 AC 2.1: Product opportunities in changing family structure providing consumer companies 4 AC 2.2: Identifying appropriate market segmentation 5 AC 2.3: Appropriate targeting strategy for product launching 5 AC 2.4: Buying behavior of customer depending on product. 6 AC 2.5: Amazon Fire product’s position in target market. 7 LO 3: Understand the individual elements of the extended marketing mix 8 AC 3.1: Product development to sustain competitive advantage. 8 AC 3.2 Distribution arrangement providing customer convenience 9 AC 3.3: How prices are set to reflect the organization’s objectives and market condition 9 AC 3.4: Illustrating how promotional activity is integrated to achieve marketing objective 10 AC 3.5: Analyzing the additional elements of the extended marketing mix 10 LO 4: Using marketing mix in different context 11 AC 4.1: Using the 7 P’s, create a table to demonstrate the similarities and differences of the marketing mix at Amazon and Argos 11 AC 4.2: Illustrating differences in marketing products and services to businesses rather than consumers 12 AC 4.3: Argos learning from Amazon’s experience as an international marketer 12 Conclusion:...
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...an increasingly vital ingredient in the success of a business. Good marketing is the result of careful planning and execution. There are two sides to marketing – the formulated side and the creative side. It is important to lay the foundation in marketing concepts, tools, frameworks and issues of the formulated side while at the same time instil the real creativity and passion for marketing, as we shall come to see in this chapter. Social Definition of Marketing Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others. Marketing is increasingly becoming an important function in all organizations to ensure that demand for a product or service persists along with customer retention. Scope of Marketing A good marketer must be able to answer the following questions: What is Marketing? The formal definition of marketing is, Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationship in ways that benefit the organization and its stakeholders. What is Marketed? Some of the common entities that are marketed are goods, services, events, experiences, persons, places, properties, organizations, information and ideas. Chapter 1 - Understanding Marketing Management Who Markets? A marketer is someone who seeks a response, attention, purchase...
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...Effect of Brand Image on Consumer Purchasing Behaviour on Clothing: Comparison between China and the UK’s Consumers By Kwok Keung Tam 2007 A Dissertation presented in part consideration for the degree of “MSc International Business” Table of Content Page numbers Abstract i Acknowledgements ii Chapter 1: Introduction 1.1 The importance of brand image on fashion clothing 1.2 Background information of China and the UK clothing markets 1.2.1 China clothing market 1.2.1.1 Chinese spending habits 1.2.1.2 Impediments to China’s clothing brand development 1.2.2 UK clothing market 1.2.2.1 British spending habits 1.2.2.2 Characteristics of the UK clothing market 1.3 Theoretical framework 1.4 Objectives of the dissertation 1.5 Outline of the dissertation 1 1 2 2 3 4 5 5 6 7 7 8 Chapter 2: Literature review 2.1 Introduction 2.2 The important roles of brand 2.2.1 The characteristics of successful brands 2.3 Brand equity 2.3.1 Brand awareness 2.3.2 Perceived quality 2.3.3 Brand loyalty 2.3.4 Brand association 2.4 Consumer buying behaviour 10 10 10 11 12 13 15 16 17 19 2.4.1 Models of consumer behaviour 2.5 Summary 20 23 Chapter 3: Methodology 3.1 Introduction 3.2 Theoretical backgrounds 3.2.1 Review of different research traditions 3.2.2 Quantitative versus qualitative analysis 3.2.3 Reliability and validity of data 3.3 Justification of research method 3.4 Sampling 3.5 Interview schedule 3.5.1 Stage one 3.5.2 Stage two 3.5.3 Stage three 3.6 Administration...
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