'Philips Kotler Marketing Management Essay\r'

'Analyzing Consumer Markets\r\nSince market starts from the customer, it is of primary importance to understand the psyche of the customers and their grease ones palms motives. This chapter talks ab break through the various behavioural patterns that prescribe the decision making process of a customer. A marketer needs to understand these factors affecting the customer’s purchase decisions so as to mark an appropriate marketing strategy.\r\nFactors affecting Consumer purchasing\r\n behavior\r\n1. Cultural Factors\r\na. Culture †Frames traditions, values, perceptions, preferences. E.g. Child learning from family & international ampere; surroundings.\r\nb. Sub-culture †Provides more specific identification and socialization. Include nationalities, religions, racial groups and geographic regions. c. Social Class †Homogeneous and stomach divisions in a society which are hierarchically ordered. Members share similar tastes and behaviour. 2. Social Factors\r\n a. Reference Groups †feature direct or indirect influence on soul’s attitude and behaviour. Primary groups: symmetrical interaction, e.g. family, friends, neighbours. Secondary groups: religious, professional, trade union groups. Aspirational Groups: ones that a mortal hopes to join. Dissociative groups: whose values or behaviour and individual rejects.\r\nb. Family †Family of orientation: parents and siblings. Acquires orientation\r\ntowards religion, politics and economics, sense of personalised ambition, self worth and love. Family of procreation: spouse and children. much direct influence on buying behaviour.\r\nc. Roles and circumstance †Role consists of activities a person is expected to perform. from each one role carries a status. Marketers must be conscious(predicate) of the status symbol of each produce.\r\nChapter 6 †Analyzing Consumer Markets\r\n3. in the flesh(predicate) Factors\r\na. Age and Stage in the Life b forth †Taste s are age related. Markets should also consider sarcastic life events or transitions.\r\nb. Occupation and Economic mickle †Economic Circumstances like spendable income, savings, assets, debts, acceptation power etc affect consumption patterns.\r\nc. Personality and self Concept †Personality, set of distinguishing characteristics that influence his/her buying behaviour. Consumers tot grade personality with their ideal self conceit instead of their actual self concept.\r\nd. Lifestyle and set\r\n4. Psychological Factors\r\na. Motivation: Freud’s theory of id, egotism and super ego; Maslow’s need hierarchy theory; Herzberg’s two factor model.\r\nb. scholarship: Process by which we select, organize and interpret info inputs. In marketing, perceptions are more important than reality. c. erudition †Induces changes in behaviour arising from experience. Marketers can build request by associating the product with positive drives. d. Memory à ¢â‚¬ mulct term and long term memory. Build brand knowledge and brand recall as customer in memory.\r\nProblem\r\nRecogniton\r\n instruction\r\nSearch\r\n paygrade of\r\nAlternatives\r\nPurchase\r\n finish\r\nPostpurchase\r\n doings\r\nThe Buying Decision Process\r\nProblem Recognition †Customer recognises a need triggered by internal or out-of-door stimuli. Marketers need to identify circumstances that trigger needs.\r\nInformation Search †Two levels of involvement †Heightened attention when person becomes more receptive to information about the product. At next level consumer may enter into combat-ready information search, looking for reading material, phoning friends etc.\r\n paygrade of Alternatives †Factors influencing a particular choice over the new(prenominal) include attitudes, beliefs and expectancy value.\r\nPurchase Decision †betwixt purchase intention and purchase decision, 2 interact factors come into play- Attitudes of others and Unanti cipated situational factors. Marketers should understand that these factors provoke venture and should provide information to reduce it.\r\nPost purchase Behaviour †Marketers must monitor postpurchase satisfaction, postpurchase actions, and postpurchase product uses.\r\nChapter 6 †Analyzing Consumer Markets\r\nTrends\r\nLevel of customer involvement\r\nInvolvement\r\n earthshaking\r\nInsignificant\r\nDifferences in Brands\r\nHigh\r\nComplex\r\nBuying\r\nBehaviour\r\nLow\r\nVariety pursuance\r\n variance\r\nReducing\r\nHabitual\r\n1. Complex Buying Behaviour: When a customer purchases something for the first time.\r\n2. Variety Seeking: Consumers will keep switching varieties just out of boredom. Eg- Biscuits. Marketer should keep introducing new products and\r\ndisplay the product prominently.\r\n3. Habitual: Buying the same thing out of habit and not out of loyalty. Distribution meshing should be excellent in this case. Maintain accord in product and advertising.\r\n 4. Dissonance Reducing: In case of repeat purchase of same product.\r\n'