What effect did the product life cycle have on the product in the simulation? The product lifestyle cycle allows for the customer to buy into the products image and product. The simulation allowed me to develop and enhance marketing ideas, and examine what was important to the customer. The perceptual map made the marketing strategy visual and making certain valued elements relevant for customer perception. What is the relationship between differentiation and positioning of products or services?
The need discovery step is a very important part of the plan where the sales person discovers the needs of the customer and selects the product that best fits their needs. After the salesperson establishes what the needs are of the customer and determines what product is the salesperson is ready to give the presentation. After the presentation the customer may be reluctant to buy and this is where a salesperson needs to be skilled
Market Research- Primary Research As part of my coursework I have to conduct a questionnaire and need to ask questions about my products and services that I offer. The reason why I am asking people to complete the questionnaire is because to know information of what customers want from my products and services.
One way to narrow the market is through market segmentation. Market segmentation allows an organization to target consumers who will value a particular service based on common characteristics. It is also considered to allow the organization to bend the supply to the will of demand (Berkowitz, 2006, p. 164). Lifestyle is an important aspect affecting a consumer’s decision-making process. It is a lifestyle in which people live as demonstrated by how they spend their time, what they think, and the interest they have (Berkowitz, 2006, p. 111).
Marketing research refers to__________. • the use of information technology to find objective solutions to a marketing problem • the process of systematically collecting and analyzing information in order to define a marketing problem • the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions • the science of using observable human behaviour in order to identify and solve marketing problems 4. _____ is the process of converting meaning into messages composed of words and nonverbal signals. • Translating • Decoding • Encoding • Filtering 5. Sam, a marketing manager, often makes ethical decisions based on what others feel about those decisions.
Many factors influence the purchase of product or service: psychological factors and social factors along with external factors that affect consumer behavior, such as political, legal, social, ecological, technological, business ethics and cultural. These factors cause consumers to develop product, service and brand preferences. Although many of these factors cannot be directly controlled by marketers, understanding of their impact is essential as marketing mix strategies can be developed to appeal to the preferences of the target market. Personality and attitudes can be described as psychological factors that both determine and reflect how a person responds to a product or service and marketing messages. According to Leung, personality has three distinct properties are of central importance: (1) personality reflects individual differences.
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).
Also, the consumer’s emotion and shopping experience is another influencing factor. Consumers also exhibit distinct buying behavior based on their occupation and level of career development and emerging social status.
Market Segmentation Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics Thomas, J. W. (1998). It also involves designing and implementing strategies to target these segments. Market segmentation strategies may be used to identify the target customers, and provide supporting data for positioning to achieve marketing plan objective Thomas, J. W. (1998). The criteria that you use to determine your groups should have some relationship to how they'll respond to your message. Segmenting will help determine how you deliver your message as well as its content.
Cultural traits will influence demand factors, as they will determine consumers’ preferences for different products and services. In the same way these cultural traits will also influence how products/ services are best marketed to consumers, for example how products/ services should be branded, advertised/ promoted, priced and distributed. The same cultural traits will also affect supply factors, in terms of what distribution channels are used when actually getting products/ services to these markets. In this respect, cultural characteristics will also influence the ways in which business is carried out in different countries, as there will be different business / organisational cultural traits as well as consumer characteristics. In the main body of this essay, I will endeavour to demonstrate the impact of cultural differences in China and the UK on business practices citing actual practical business examples as well as empirical research that has been carried out.