Retrieved from EBSCOhost Consumers base their purchases in their innate needs and their acquired needs. The psychological processed come from the feelings and emotions surrounding the consumer’s decisions when purchasing a product or a service. In this document one process that is analyzed is the financial decisions made by the consumer. What surrounds the decision of a loan, a purchase, an investment or any other financial transaction has much to do with the psychology of the consumer and how they go through the decisions-making process and how they respond to outcomes of those purchases. SkrudupaitÄ—, A., VirvilaitÄ—, R., & KuvykaitÄ—, R. (2006).
• Identify quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness. Week Two: Marketing Research • Justify the importance of marketing research in the development of marketing strategy and tactics. • Analyze the importance of competitive intelligence and analysis in marketing. • Identify various segmentation criteria that impact target market selection. • Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions.
To do this, organisations need to be aware of the following: * Identify what customers are buying and what benefits they purchase * Understand why customers will or do purchase * Know when customers are likely to buy By knowing the customer, organisations can plan to meet their needs. Some other aspects they affect consumers purchasing decisions are: * Location * After sales support * Presentation *
This video demonstrates how Goodwill caters to different types of customers by recognizing the cultural, social, personal, and psychological factors that affect how customers make buying decisions. In this manner, Goodwill is able to maximize customer value by offering the right mix of goods at unbeatable bargains. Your Task You will be demonstrating that you understand the above- ‐noted course concepts by applying them to the Goodwill Video Case Study
Activity 2.2.docx Detail the methods and procedures that might be used by an organisation to communicate with customers to identify and agree on product/ service specifications. Business plans need to be flexable and be adapted to meet the changing needs of customers so the business can continue to support the delivery of products/services to customer specifications. Customer expectations and needs will change from time to time and will be affected by market trends, fashions and changes in external environments. You need to know who your customers are, where they com form, and what their buying intentions are. Market research and communication with customers is important to keep the organisation informed
Read the YOU DECIDE scenario and using the simulation information, prepare a report. Please ensure use of APA format (see Doc Sharing ). Discuss the development of an integrated and cost effective marketing communications campaign. In your paper, which is double-spaced, be sure to answer and/or do the following: 1. Given what you read, what questions and concerns do you have for the Marketing Director of Consumer Products?
After evaluating the different modes of feedback, the responsibility of marketing managers is to make the appropriate decision to best position the organization to meet the constantly changing needs and wants of consumers. Marketing managers use different tools like sales, costs and performance analyses to make the appropriate decisions and changes to everything from the Marketing Mix to compensation of sales reps to the organizations marketing budget to best meet the needs and wants of its target market. Additionally, control consists of adapting prior plans and decisions to meet the goals and objectives of the organization for the future. This is even implied to anticipate the future goals of the organization and the products and/or services it will offer in the future to maintain or improve its competitive advantage over the competition. 7.
2. [LO1] How is the Customer Value Framework useful? Answer: The CVF represents consumer behavior theory, which illustrates factors shaping consumption-related behaviors and ultimately determines the value associated with consumption. Thus, the CVF provides potential explanations for behavior. 3.
The Belief component is what each of us as human beings chooses to believe or think about when it comes to the object of an attitude. The Emotional component is simply a person’s feelings that they have towards the specific object of an attitude. The Action component is how a person tends to act or behave when it comes to dealing with the main object of each attitude. All three of these components of attitudes being Belief, Emotional, as well as Action are affected through persuasion, conformity, and biases in different but yet also similar ways. Persuasion is known as an attempt that is deliberately made to change beliefs or attitudes through arguments and information.
In sociological terms, however, individual career development is also a product of the constraints on and barriers to choices that individuals might prefer to make. Such constraints can occur because of limitations on individual choice that arise from political conditions or from economic circumstances. Sociological effects on choice also can be seen in family and cultural influences. Families with differing educational and socioeconomic backgrounds tend to reinforce different educational and occupational goals and belief systems related to career choice. Nations and cultural groups also differ in how particular types of education, work, or family roles are valued, and these perceptions tend to be internalized by group members and reflected in their choices.