Consumer Behavior And Marketing Strategy

Submitted By Johnnysmithboo
Words: 2762
Pages: 12
Open Document
Chapter 1 Consumer Behavior and Marketing Strategy
Market Analysis Components-

The Consumers- discovering customer’s needs is complex but can be done through market research Ex. Target studied college freshman needs and after various focus groups launched a very successful dorm room line The Company- a firm must fully understand its own ability to meet customer needs by evaluating all aspects; for marketing: new product development capabilities, channel strength, advertising abilities, service capabilities, marketing research abilities, market and consumer knowledge The Competitors- it is not possible to consistently be better than the competition of meeting customer needs w/o understanding the competitions capabilities and strategies The Conditions- state of the economy, physical environment (deterioration of the environment has created demand for envi. sound products but also govt. regulations), govt. regulations, and technological developments affect consumer needs as well as company and competitor capabilities *a firm cannot develop a sound marketing strategy without anticipating the conditions under which that strategy will be implemented

Market Segmentation-
Market Segment- a portion of a larger market whose needs differ somewhat from the larger market
*perhaps the most important marketing decision a firm makes is which market segment(s) to focus on - the segment must be large enough to be served profitably; however, technology has made it easier to target smaller segments and even individuals profitably, Ex. Behavioral targeting- where a customer’s online activity is tracked and specific banner ads are delivered based on that activity

Segmentation involves 4 steps-
1. Identify product-related need sets
2. Grouping customers with similar need sets
3. Describing each group
4. Selecting an attractive segment(s) to serve

1. Product-Related Need Sets

Chapter 5 slides- Emotional Assimilation in Consumer Subcultures

Consumer Subculture: a small group of society that shares commitment to a particular product class, brand, or consumption activity
Characteristics include: * hierarchical social structure * shared beliefs and values * unique language, rituals, and modes of symbolic expression

Ex. Reasons for below Subcultures:
Sky-divers – self-enhancement through high-risk leisure
River Rafters – self-actualization through extraordinary experience
Harley Riders – camaraderie through shared meaning
Mountain Men – fantasy quest for self-transformation
“Trekkies” – separation of commercial and sacred
Brand Communities – identity through mass-mediated ethos
Burning Man – self-expression through market resistance
Apple Newton Community – religiosity in marginalized brands

Social Structure of Subcultures
Hard core members – absolutely committed to the subculture’s ideology, bylaws, norms, and welfare.
Soft core members – composed of prospective and probationary individuals.
Peripheral pretenders – ones who delve only superficially into the subculture.

The Problem * Do we, as consumer researchers, really understand the process of becoming an actual core member of a consumer subculture?
The Relevance: * Core members provide the key to brand loyalty. * Core members are important because they attract other consumers via word of mouth. * Core members consume most of the product
Becoming a member of a consumer subculture generally means entering at the bottom of a status hierarchy and undergoing a process of socialization

Research Questions 1. What role do emotions play in the process of sub-cultural assimilation? 2. What are the key phases of sub-cultural assimilation? 3. Do emotions change with the phase of assimilation?

Conceptualization:
Interaction Ritual Theory * A micro-sociological theory that defines society in terms of a series of
Show More

Related Documents: Consumer Behavior And Marketing Strategy

Study Guide: Consumer Behavior Essay

Terms for Test 2 To study: Make sure you can accurately define & explain these concepts. Test yourself by providing a written explanation & check it against your notes & text. Context Effects Context & Framing Effects: How options are described & alternatives are presented (what happens under gains versus losses, how is vivid/case information versus base rate data used) & the context in which they are embedded Ex: organ donation: opt-in (US), opt-out (UK), fruit in attractive bowls in the…

Words 6126 - Pages 25

HartleyC M2 A2 Essay

This most commonly are social factors, personal factors, psychological factors and cultural factors. In our market research, we took into consideration the above factors and this is what we were able to discern (Management Study Guide, 2014). Social factors - humans are inherently social beings, thus; they tend to be influenced by the society around them. The social groups that they are in play a role in some of the decisions that they make. This also applies in the purchases…

Words 1791 - Pages 8

Essay on Chapter 1—the Importance of Business Ethics Test Banks

------------------------------------------------- Chapter 1—The Importance of Business Ethics MULTIPLE CHOICE 1. Principles are a. | laws and regulations that guide behavior in the world of business. | b. | mores, values, and customs that guide behavior in general. | c. | specific and pervasive boundaries for behavior that are universal and absolute. | d. | the obligations businesses assume to maximize their positive impact and minimize their negative impact on stakeholders. | e…

Words 2292 - Pages 10

Essay on Consumer Behaviour

CONSUMER BEHAVIOUR Definition: The study of consumer’s decision- making processes as they acquire, consume and dispose of goods and services. * How does the consumer behave? * What will ultimately shift them toward a specific product? * Analyses how the consumers think, what motivates them and the environment they live in. 5 STAGES OF DECISION MAKING 1)Need recognition When a consumer perceives a need and becomes motivated to enter a decision -making process to resolve the felt…

Words 416 - Pages 2

Transtheoretical Model Of Change

Question 1: A) Stages of changes theory: is more formally known as the transtheoretical model of behavior change. This rather than clunky name belies the beautiful simplicity underlying prochaska and diclemente’s basic idea: that we do not make and carry through decisions, especially complex behavioral. Transtheoretical model of behavior change and assesses the individual's readiness to work on a new health behavior, and provides strategies, or processes of change in guiding the individual through the stages…

Words 2371 - Pages 10

Secret: Strategic Management and Market Structure Essay

A Guide for Industry Study and the Analysis of Firms and Competitive Strategy This page is a guide to applying the principles of Economics to researching and understanding a market and the industries and firms that make up the market. An excellent source for the information needed to conduct an industry study or an analysis of a firm's competitive strategy is the Babson College Horn Library at http://www.babson.edu/library/. The Horn Library provides a research guide and sources for researching…

Words 457 - Pages 2

Brand Equity Essay

fashion in Ho Chi Minh city, Vietnam”. This study will aim to give concept of brand sector and its influences to build strong brand. Consequently, this study will demonstrate the relationship between brand and customer’s purchasing behaviour. In addition, the dissertation also figures out how customers are influenced by brand. Some frameworks or models which related to brand sector and customer behaviour will be applied to identify the aim of this study. The reason to choose this topic is domestic…

Words 1815 - Pages 8

Ethics In Business Essay

edu 1. Why is it important that business people study business ethics? The study of ethics is very important for people and their daily relationships both in private and social life. In business, the study of business ethics is also vital. Business ethics comprises organizational principles, values, and norms that may originate from individuals, organizational statements, or from the legal system that primarily guide individual and group behavior in business. The ability to recognize and deal with…

Words 933 - Pages 4

Essay about Airpork Case Study Analysis Report

Case Study Analysis Report: “Airpork” From Zero to Hero: What Next? August 12th, 12013 Table of Contents: Executive summary ……………………………. 2 Introduction ……………………………………. 2 Body……………………………………………. 2 Conclusion …………….………………………. 4 References ………..……………………………. 5 Appendices …………………………………….. 6 Executive summary: “Airpork” is one of the products of APL, Australian Pork Limited, which succeeded to grow its sales drastically within very short period of time. Their success was…

Words 2738 - Pages 11

Tivo 2002 Case Essay

Qatar University 12 Case Report: HBR TiVo in 2002 (Consumer Behavior) Marketing Management, Fall 2012 Eagles Team 1. Introduction: This brief report attempts to tackle the HBR TiVo in 2002 case study. The report highlights the main issues facing the company in 2002 and then proceeds to analyze the internal and the external environments around TiVo at the time with a special focus on relating the analysis to consumer behavior. The report finally ends with proposing a number of solutions…

Words 2326 - Pages 10