Consumer Behaviour
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Transcript of Consumer Behaviour
CONSUMER BEHAVIOUR
CREATING MARKETING STRATEGIES FOR CUSTOMER CENTRIC ORGANISATION
CONSUMER IS KING
Increasing competition Limited wallet share Information burst Consumer forums
STRATEGY
Marketing Strategy is the determination of a companies' objective, the selection of its target markets, the development of an appropriate marketing mix for each, and the allocation of the resources necessary to achieve its goals.
Customer-centricity is a strategic commitment to focus eve customers.
WHAT BUILDS CUSTOMER-CENTRIC ORGANIZATION
Shared vision and values. Cross functional integration. System-wide simulating training. Customer-based metrics.
FROM MARKET ANALYSIS TO
MARKET STRATEGY : WHERE DOES CONSUMER BEHAVIOUR FIT ?
Selecting avenues for delivering superior value to customers
Positioning the organization and its brand Nurturing collaborative relationships with
customers, suppliers, distribution, and competition .
COUSTOMER-CENTRIC MARKETING STRATEGY
MARKET ANALYSIS
Customer insight and product development Consumer Environment Corporate strength and resources Current and potential competitors Market environment
MARKET SEGMENTATION
Identifying segments Address the need of market segment Profitability of market segment Criteria for choosing segments
HOW TO SEGMENT CONSUMER MARKETCONSUMER CHARECTARISTIC
demographic
Age Education Marital status
Gender Family size Occupation
Ethnicity Nationality Religion
Income Life stage Living arrangement
Psychographics
Activities Interests Opinions
Purchase and consumption behaviors
Shopping location preferences
Brand loyal
Frequency of purchase Benefit sought
Media used How used
Price sensitivity Rate of use
Values
Culture
Personality
GEOGRAPHIC CHARECTARISTIC
National boundaries
State and religion boundaries
Urban versus rural
Zip code
SITUATIONAL CHARECTARISTIC
Work Vs leisure time
Time
Where used
MARKET MIX STRATEGIES
Product Price Place Promotion Brand strategy
THE 7R OF THE MARKETING MIX
Research Rate Resources Retailing Reliability Reward Relationship
CUSTOMER LOYALITY AND RETENTION STRATEGIES
Customer Relationship Management (CRM)
Appropriate research for identifying the benefits
Testing them for prospective customer interest and effectiveness
Following up with further research once implemented to make certain that the loyalty program's benefits are working
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
Make individualized marketing a reality Institute a total quality control policy Introduce an early warning system to identify
problems Build realistic expectations Provide guarantees
GLOBAL MARKETING STRATEGY
Source of demand Source of supply Method of effective management and
marketing
GLOBAL MARKETING STRATEGY
Global market analysis and strategy Standardized marketing Inter market segmentation Localization based on differences Global marketing Overcoming language problem
GLOBAL BRAND
One brand for whole world Creating relationship with all consumer of the
globe Big marketing budget with which to establish
their brand Understanding consumer need and fulfilling
their demand