10.Customers Behaviour
Buyer behavior involves both simple and complex mental processes. Marketers cannot capture human nature in its entirety but we can learn a lot about customers through research, observation and thinking.
A customer's approach to purchasing a product or service is influenced by their situation - whether they have money and how important, frequent, risky or urgent the purchase is to them in their situation.
Many purchases are influenced by a whole host of emotional reasons like esteem and image.
'Low Involvement Purchases'. In these situations, consumers can fall into a routine purchasing pattern which requires little thought and even less effort.
Whenever the need is stimulated - a particular brand is automatically purchased. This is called 'Routinised Response Behaviour.'
Alternatively, an expensive high risk infrequent purchase like your first computer will require a lot of detailed information and careful analysis before deciding which machine.
This is called 'High Involvement'.
Here the consumer goes through an extensive problem solving process - searching and collecting information, evaluating it and eventually deciding on a particular choice.
There is a third type of buying situation. This is where the customer has had some experience of buying a particular type of product or service before. There is less risk attached and less information is required. This is called 'Limited Problem Solving'.
11.Custom Loyalty
The term customer loyalty is used to describe the behavior of repeat customers, as well as those that offer good ratings, reviews, or testimonials. Some customers do a particular company a great service by offering favorable word of mouth publicity regarding a product, telling friends and family, thus adding them to the number of loyal customers. However, customer loyalty includes much more. It is a process, a program, or a group of programs geared toward keeping a client happy so he or she will provide more business.
Customer loyalty can be achieved in some cases by offering a quality product with a firm guarantee. Customer loyalty is also achieved through free offers, coupons, low interest rates on financing, high value trade-ins, extended warranties, rebates, and other rewards and incentive programs. The ultimate goal of customer loyalty programs is happy customers who will return to purchase again and persuade others to use that company's products or services. This equates to profitability, as well as happy stakeholders.
12.Swot Analysis
SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues.
SWOT stands for strengths, weaknesses, opportunities, and threats
Strengths and weaknesses are internal factors. Opportunities and threats are external factors
Привести примеры
Simple rules for successful swot analysis.
Be realistic about the strengths and weaknesses of your organization when conducting SWOT analysis.
SWOT analysis should distinguish between where your organization is today, and where it could be in the future.
SWOT should always be specific. Avoid grey areas.
Problems with basic SWOT analysis can be addressed using a more critical POWER SWOT.
POWER is an acronym for Personal experience, Order, Weighting, Emphasize detail, and Rank and prioritize
P- You bring your experiences, skills, knowledge, attitudes and beliefs to the audit. Your perception or simple gut feeling will impact the SWOT.
O- Often marketing managers will inadvertently reverse opportunities and strengths, and threats and weaknesses.
This is because the line between internal strengths and weaknesses, and external opportunities and threats is sometimes difficult to spot.
W- Too often elements of a SWOT analysis are not weighted.
Naturally some points will be more controversial than others.
E- Detail, reasoning and justification are often omitted from the SWOT analysis. What one tends to find is that the analysis contains lists of single words. For example, under opportunities one might find the term 'Technology
R- Once detail has been added, and factors have been reviewed for weighting, you can then progress to give the SWOT analysis some strategic meaning i.e. you can begin to select those factors that will most greatly influence your marketing strategy albeit a mix of strengths, weaknesses, opportunities and threats.
13.Pestel Analysis
PEST Analysis is a simple but important and widely-used tool that helps you understand the big picture of the Political,Economic, Socio-Cultural and Technological environment you are operating in. PEST is used by business leaders worldwide to build their vision of the future.
It is important for these reasons:
By making effective use of PEST Analysis, you ensure that what you are doing is aligned positively with the forces of change that are affecting our world. By taking advantage of change, you are much more likely to be successful than if your activities oppose it.
Good use of PEST Analysis helps you avoid taking action that is condemned to failure for reasons beyond your control.
PEST is useful when you start operating in a new country or region. Use of PEST Analysis helps you break free of unconscious assumptions, and helps you quickly adapt to the realities of the new environment.
How to Use the Tool:
Using the tool is a three stage process:
Firstly, you brainstorm the relevant factors that apply to you, using the prompts below.
Secondly, you identify the information that applies to these factors.
Thirdly, you draw conclusions from this informa
The following prompts may help as a starting point for brainstorming
Political:
Government type and stability.
Freedom of press, rule of law and levels of bureaucracy and corruption.
Regulation and de-regulation trends.
Social and employment legislation.
Tax policy, and trade and tariff controls.
Environmental and consumer-protection legislation.
Likely changes in the political environment .
Economic:
Stage of business cycle.
Current and projected economic growth, inflation and interest rates.
Unemployment and labor supply.
Labor costs.
Levels of disposable income and income distribution.
Impact of globalization.
Socio-Cultural:
Population growth rate and age profile.
Population health, education and social mobility, and attitudes to these.
Population employment patterns, job market freedom and attitudes to work.
Press attitudes, public opinion, social attitudes and social taboos.
Lifestyle choices and attitudes to these.
Socio-cultural changes
Technological Environment:
Impact of emerging technologies.
Impact of Internet, reduction in communications costs and increased remote working.
Research & Development activity.
Impact of technology transfe
14.Marketing mix 4s
The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other.
Product decisions
Branding Quality Features
Benefits offered
A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisations promotional mix can consist of:
Direct distribution Indirect distribution
Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.
15.Markeing Mix 7Ps
1)People represent the business
The image they present can be important
2)Process
Contact
Reminders
Registration
Subscription
Form filling
Degree of technology
3) Physical Environment
Smart/shabby
Trendy/retro/modern/old fashioned
Light/dark/bright/subdued
Romantic/chic/loud
Clean/dirty/unkempt/neat
Music Smell
16.Marketing mix Product
Six categories of new products
1. New-to-the-world products
2. New product lines
3. Additions to existing product lines
4. Improvements and revisions of existing products
5. Repositioning
6. Cost reductions
Why do new products fail?
1)A high-level executive pushes a favorite idea through in spite of negative research findings.
2) The idea is good, but the market size is overestimated.
3) The product is not well designed
Factors that tend to hinder new-product development
1) Shortage of important ideas in certain areas
2) Fragmented markets
3) Social and governmental constraints
4) Cost of development
Organizing New-Product Development
Product managers
New-product managers
High-level management committee
New product department
Venture teams
17.Branding
The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.
A brand is a long-term profitable bond between an offering & a customer. This relationship is based on economic, emotional and/or experiential value, backed by everyday operational excellence & consistently measured for accountability, usually by customer profitability
SENSE VALUE
Understand competitors
Sense market trends
Understand customers
Identify opportunities
DEFINE VALUE
Segment customers
Target profitable segments
Craft value propositions
Validate value propositions
REALIZE VALUE
Develop offerings
Meet customer demands for economic, experiential, emotion value
Measure value
SUSTAIN VALUE
Improve retention
Increase customer, product & account penetration
Personalize relationships
BRANDING: 4 types
Acquisition branding
Targeting & segmentation
Retention branding
Keep customers longer & purchasing more
Brand penetration
Customer, account, product
Advocacy
Get customers to sell to others
FIRST RULE OF BRANDING
It is not about you; it is about the prospect & customer
SECOND RULE OF BRANDING
All customers (and prospects) are not created equal.
THIRD RULE OF BRANDING
Measurement is critical.
BRAND PLANNING: PLAN
KEY ELEMENTS
I. Executive overview
II. Market, product, business & competitive review
III. Situation analysis
IV. USP (Unique Selling Proposition)
V. Strategies, objectives, goals & tactics
VI. Execution
VII. Budgeting
VIII. Timetables & responsibilities
IX. Measurement, evaluation & feedback