Why do we need to study Behaviour?Because no longer can we take the customer/consumer for granted.
Failure rates of new products introduced• Out of 11000 new products introduced by 77 companies, only 56% are present 5 years later.• Only 8% of new product concepts offered by 112 leading companies reached the market. Out of that 83% failed to meet marketing objectives.
Can Marketing be standardised? No. Because cross - cultural styles, habits, tastes, prevents such standardisation.
Unless Managements act The more successful a firm has beenin the past, the more likely is it to fail in the future.
Why? Because people tend to repeatbehaviour for which they have been rewarded.
Buyer’s Decision Process• Problem Recognition• Information Search• Evaluation of Alternatives• Purchase Decision• Consumption• Postpurchase behaviour
Buying Roles• Initiator• Influencer• Decider• Buyer• User
To start with• Women purchase or influence the purchase of 80% of all consumer goods and influence 80% of all healthcare decisions.• “Women are involved in 89% of all consumer electronics purchasing decisions and accounted for more than $55 billion in revenue in 2003”.• over 75% of women surveyed complained about being “ignored, patronised, or offended by salespeople when shopping for electronics.
Some other facts– Since 2003 women have been in the majority of shoppers online and women over 55 have increased their spending online by 129% in the last few years.– The Wall Street Journal reports that women buy 61% of major home fix-up products accounting for more than 80% or $70 billion worth of home improvement products– The NFL (National Football League) says that more than 80% of their products are sold to women and that a full 40% of their fanbase are female.
It doesn’t end here• NASCAR statistics are similar with women making up an estimated 40% of NASCAR’s 75,000,000 strong fanbase (and, predictably, spending millions over the course of a season). Likewise 25% (6.9 million) of American golfers are women according to the National Golf Foundation.• In dual income families, 30% of working women out- earn their husbands. in three decades men’s median income has barely budged, while women’s has soared 63%. The number of women earning $100,000 or more has tripled in the last 10 years, and 43% of people with assets in excess of half a million dollars are women
The differenceMEN WOMENpay less attention to people than to the “people powered” preferring to connectgoods or services desired with others.men operate best solo women prefer groupsFor men individuality, freedom, Women see themselves as part of anautonomy, and independence are valued ensemble group. They think ‘we’ not ‘me’Men are individualistic in nature Women see themselves as parts of a community first and then individuals.men are driven by envy women are driven by empathyMen want to be admired women want to be appreciated
Methods and pitfalls• They are no niche segment but the primary focus.• The idea of the “hard sell” should be disposed• product evangelisation can be a vital part• They are highly value orientated and will pay to get exactly what they want• Men take purchase decisions based on price and availabillity• Women tend to value exhaustive information about the product.• Women look for products designed with them in mind.
In a marketplace• Women need to feel they’re being talked to not talked at.• They appreciate value for money and the advice of their friends• Selling to women is more about having a conversation
Mistakes• Women are the primary consumers in the marketplace• make no presuppositions based on gender.• neglect of the internet• women value the chance to browse and be entertained over anything else when purchasing or being exposed to a campaign.