Chapter 2 - Framwork for Analyzing CB - ...

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Business-Finance

Published on January 7, 2009

Author: aSGuest9540

Source: authorstream.com

Framework for Analyzing Consumer Behavior & Marketing Strategy : Framework for Analyzing Consumer Behavior & Marketing Strategy Chapter 2 Today’s Objectives : Today’s Objectives Examine the three elements for consumer analysis and their relationships Explore the elements of consumer analysis in terms of marketing strategy formulation Examine the concepts, methods, and skills needed to formulate and implement consumer-driven marketing strategies Four Elements for Consumer Analysis : Four Elements for Consumer Analysis Affect : Affect Affect = a consumer’s moods, feelings, or emotions about stimuli and events Barbara’s concern for her family’s safety Her resulting feelings of greater safety Cognition : Cognition Cognition = a consumer’s thoughts and beliefs about stimuli and events Barbara’s information processing and decision-making to buy a gun Behavior : Behavior Behavior = a consumer’s physical actions that can be directly observed and measured by others Barbara visited her uncle She tried the gun She purchased the gun and equipment Environment : Environment Environment = everything external to a consumer that influences what s/he thinks, feels, and does Barbara attended to news reports on crime She noted the proximity of the crime to her neighborhood She received information from her uncle How do the Elements Relate? : How do the Elements Relate? The elements of consumer analysis fit together in a system that is: dynamic interactive reciprocal Highlights the importance of consumer research and analysis in developing a marketing strategy The Wheel of Consumer Analysis : The Wheel of Consumer Analysis Marketing Strategy : Marketing Strategy Marketing strategy is a “set” of stimuli placed in the consumer’s environment designed to influence their affect, cognition, and behavior Marketing Strategy : Marketing Strategy Marketing strategy: is an aspect of the environment requires consideration of each element of consumer analysis is continually evolving can influence consumers at different levels Remember…“Customer Orientation” : Remember…“Customer Orientation” A customer orientation means understanding consumer wants and needs, the competitive environment, and the nature of the market…and using this knowledge to formulate the firm’s strategies for creating satisfied customers Customer Oriented Marketing Strategy : Customer Oriented Marketing Strategy Marketing strategies that are customer-oriented: have a vision about the market select avenues for delivering superior value position the organization and its brands recognize the potential value of collaborative relationships reinvent organizational designs The Role of Consumer Research and Analysis in Marketing Strategy : The Role of Consumer Research and Analysis in Marketing Strategy Market Analysis : Market Analysis Market analysis is the process of analyzing: changing consumer trends current and potential competitors company strengths and weaknesses the market environment Consumer needs continuously change! : Consumer needs continuously change! Market Segmentation : Market Segmentation Market segmentation is the process of identifying a group of people similar in one or more ways based on a variety of characteristics and behaviors Market Segmentation : Market Segmentation D A: Descriptive characteristics (demo/psychographics) B: Consumption behavior C: Situational characteristics D: Intersection Market Segmentation : Market Segmentation Attractive market segments are: measurable accessible substantial congruous They form a firms “Target Markets” Marketing Mix Strategies : Marketing Mix Strategies Marketing strategy must specify the essential components of the marketing mix Product formulation Pricing scheme Promotion strategy Distribution strategy Marketing Mix Strategies : Marketing Mix Strategies Marketing Strategy Importance of the Consumer : Importance of the Consumer Even the best marketing strategies are useless if they are not executed well in the marketplace To do this we must understand our customers! Summary : Summary Next class: Discuss how “affect” (emotion, feelings and moods) influence consumer behavior

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