This paper will discuss the psychological and social factors, such as perception, motives, attitudes, family, personality, reference group, and social class, which influence consumer behavior in the direction of the purchase of a product or service. It is vital for marketers to develop an effective marketing message, recognize and be familiar with how to apply this knowledge of consumer thinking to create and develop an effective marketing of its products and services. In the process used by marketer’s to develop a marketing message, marketer’s must factor in their target audience and what they are trying to sell as the most important reasons that a consumer must buy their products or services. Consumer behavior involves the psychological and social practices many go through in the attainment, use and discarding of merchandises. Items which may be attained, used and discarded are items such as vehicles, services for professionally laundered items, and practices such as when to or how to receive health exams.
Retail Marketing Mix Strategies at Argos UK. Marketing mix strategies are important part of marketing plan. It shows the strategies adopted by an organization in order to effectively market its products to consumers. Retail marketing mix strategies should always be developed keeping customers needs and requirements as priority because it should always satisfy customer needs. The success of strategies depends on ability of an organization to satisfy customer needs better than its competitors in market.
1. “Needs, value, satisfaction and relationships are among the most important core marketing concepts.” a. Briefly define each of these concepts and discuss their importance to marketing. b. How can marketers influence customers’ perceptions of value and their level of satisfaction?
It involves training for product knowledge, and developing brand awareness. *Meet customer needs and satisfy them. Need customer feedback, trends, sales patterns and demographics. Customers’ data and buying power. Price *Improve competitiveness in pricing with a totally different strategy or approach than competitors.
Companies that develop effective marketing strategies achieve high sales volumes at the desired profit margins. A key marketing strategy is the segmentation of the market into parts that the company can analyze. Since customers have different characteristics and various needs, it makes sense to group similar customers together. These groups have common characteristics and needs. The rationale behind implementing such a marketing strategy is that the company can better satisfy the needs of segments of similar customers.
Customer satisfaction surveys and focus groups are two popular methods for listening to customers. Customer Satisfaction Surveys Research indicates that independent customer satisfaction surveys are the first step to measuring your organizations ability to meet and exceed customer expectations for service. It is the most common best practice tool that is used by organizations to capture customer feedback. Focus Groups Listening to your customers in direct feedback sessions is another best practice and when utilized in conjunction with customer satisfaction surveys can be a very powerful communications tool. Focus groups provide an opportunity to strengthen customer ties by forming stronger one-on-one customer relationships.
For an organization to achieve its marketing goals the company should possess a marketing strategy and that strategy must include different marketing elements. One main element is the marketing mix. The marketing mix is a combination of things used in the design, production, and sale of any product. The marketing mix focuses on the combination of elements in a specific way that will create a successful mix to fulfill consumer needs or wants and at the same time increase sales. Obtaining a company’s desired results often takes experimentation, research, and analysis.
Any kind of change in the output of one product will most likely require changes in other markets, as well, and will start a chain of adjustments. Lower costs can benefit not only its own customers of an enterprise, but those of other competing enterprises as well. Someone or something must decide what is to be produced, how, by whom, and what is to be consumed by whom. This pursuit of profit will encourage firms to produce more efficiently and keep their costs low, encourage firms to produce goods and services that consumers value highly relative to costs, and also discover and develop better products and lower-cost production methods. In turn, the economy can operate more efficiently.
Why or why not? Answer Q1 In creating value for customers, marketing is the most important thing. So, many companies need to understand their customers and the marketplace in order to achieve company’s profit. For example, the combination of products, services, information, or experiences to satisfy a need or wants. The most basic concept underlying marketing is that of human needs.
‘Place’ in the marketing mix is concerned with Answer: A. Moving the products from the producer to the customer 3. _________ is about bringing your product/service to the attention of your target market, and reminding them or persuading customers to purchase that product/service. Answer: B. Promotion 4.