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 *
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).
This will lead to people not wanting to use your products/services. 7. Explain what the term “segmenting customers” means to you. Customer segmentation is when you divide your customer base into groups for marketing purposes. They can be divided into things such as age, gender, interest and many more.
1. Who do you think is the audience for this reading? What is the reading’s purpose? I think that the audience for this reading is people who own businesses, or plan to start a business. The readings purpose is to explain the different ways in which the middle class purchases goods, and also classifies the different levels of the middle class. Based on what level of middle class that the consumer is on, will greatly influence the amount of money he or she will spend on a product.
What may also be different in B2B is the way they repay for what they have bought may be different. Businesses may be offered different crediting facilities allowing them to use this product/service to make revenue and paying back once they start making a return. Promotions would be advertised internally when marketing B2B; they would use internal trade journals, emails, letters and advertising in similar product magazines that are published only for organizations. The marketing company may carry out demonstration open days for businesses to see the product/service in use. Distribution channels would be altered and potentially privatized as some products/service may be seen as top secret.
6). Consumer behavior can give some insight to the way a consumer makes a decision about a particular product or service. The thought process behind a visit to a certain store or a website is also a part of consumer behavior. Organizations want and need to know about how a person decides to use certain services or products. The same organizations must know what thoughts or feelings keep customers away.
Therefore, companies employ various strategies to advertise and sell their products or services. Companies try to promote and sell their products to customers that they have identified in a target market. They implement marketing strategies to help accomplish the goal of profitable sales. Hence, marketing strategies are vital to the success of the company and the marketing strategy that a successful company employs will seek to overcome shortcomings and increase the company’s revenue. Lane Bryant is one such retail store that has developed marketing strategies that has made them one the most profitable retail stores for women who are larger in size.
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).
These steps are marketing research, types of media, the target market, and internet marketing. Marketing Research Consumer Market research will provide the information McBride Financial needs to study the purchasing habits of individuals. This will give them the data needed to market certain products in certain areas that they are more likely to make a purchase rather than
How does the type of buyer or consumer affect marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market? MKT 421 Marketing Week 3 DQ