Marketing Management MBA CP 205
Classification and Analysis of Markets
<ul><li>Learning Objectives: </li></ul><ul><li>Know how consumer characteristics influence buying  </li></ul><ul><li>decis...
Factors influencing Consumer Behavior Classification and Analysis of Markets Cultural Factors Social Factors Personal Fact...
Culture “ Culture  is the distinct way of life of  a group of people and their  complete design for living.” “ Culture  re...
Sub-Cultures Nationalities Religions Regional groups Geographic regions Classification and Analysis of Markets
Social Classes Classification and Analysis of Markets Upper uppers Lower uppers Upper middles Middle class Working class U...
Characteristics of Social classes <ul><li>Within a class, people tend to behave alike. </li></ul><ul><li>Social class conv...
Reference Groups Statuses Social Roles Family Social Factors Classification and Analysis of Markets
Reference Groups Membership groups Primary groups Secondary groups Aspirational groups Dissociative groups Classification ...
Personal factors Classification and Analysis of Markets Personality Wealth Self concept Occupation Lifecycle stage Lifesty...
Family Lifecycle Classification and Analysis of Markets <ul><li>Behavior changes </li></ul><ul><li>according to life cycle...
Brand Personality Classification and Analysis of Markets Sincerity Excitement Competence Sophistication Ruggedness
Model of Consumer behavior  Marketing Stimuli Product Price Place Promotion Other Stimuli Economic Technological Political...
<ul><li>Consumer decision making comes about as an attempt  </li></ul><ul><li>to solve consumer problems. </li></ul><ul><l...
Stages of Consumer Decision Process Model Need Recognition or Problem solving Search for Information Pre-Purchase Evaluati...
<ul><li>Need Recognition:   Need or problem recognition occurs when  </li></ul><ul><li>the consumer senses a difference be...
<ul><li>Pre-Purchase Evaluation of alternatives: </li></ul><ul><li>Consumers compare, contrast and select from various pro...
<ul><li>Purchase: </li></ul><ul><li>The consumers after deciding whether to purchase or not,  </li></ul><ul><li>move throu...
<ul><li>Consumption and Post consumption Evaluation: </li></ul><ul><li>Consumption may be immediate or delayed. </li></ul>...
Business Buying Behavior Classification and Analysis of Markets
Organizational Buying It   is the decision making process by which  formal organizations establish the need  for purchased...
Characteristics of Business Markets  Classification and Analysis of Markets <ul><li>Fewer, larger buyers </li></ul><ul><li...
Buying Situations Straight Rebuy Modified Rebuy New Tasks Classification and Analysis of Markets
Systems Buying and Selling Classification and Analysis of Markets Turnkey solution  desired; Bids solicited Prime Contract...
The Buying centre Initiators Users Influencers Deciders Approvers Buyers Gatekeepers Classification and Analysis of Markets
<ul><li>Of Concern to Business Marketers </li></ul><ul><li>Who are the major decision participants? </li></ul><ul><li>What...
Sales Strategies Classification and Analysis of Markets Small Sellers Large Sellers Key Buying  Influencers Multilevel In-...
Types of Business Customers Price- oriented Strategic- value Gold- standard Solution- oriented Classification and Analysis...
Handling Price-Oriented Customers Limit Quantity Purchased Allow no refunds Make no adjustments Provide no services Classi...
Purchasing Orientations Buying Procurement Supply Chain  Management Classification and Analysis of Markets
Product Related Purchasing Processes (Value/risk) Routine Products Leverage Products Strategic Products Bottleneck Product...
Buy Grid Framework Classification and Analysis of Markets
<ul><li>The proposals received from vendors as per laid down specifications are scrutinized based on: </li></ul><ul><li>Pa...
<ul><li>Recap: </li></ul><ul><li>How consumer characteristics influence buying  </li></ul><ul><li>decisions. </li></ul><ul...
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Mm.05.10 (tough)

  1. 1. Marketing Management MBA CP 205
  2. 2. Classification and Analysis of Markets
  3. 3. <ul><li>Learning Objectives: </li></ul><ul><li>Know how consumer characteristics influence buying </li></ul><ul><li>decisions. </li></ul><ul><li>Know how consumers make purchasing decisions. </li></ul><ul><li>Know how marketers analyze consumer decision-making </li></ul><ul><li>behavior. </li></ul><ul><li>Know what is the business market, and how it differs from </li></ul><ul><li>the consumer market. </li></ul><ul><li>Know who participates in the business-to-business buying </li></ul><ul><li>process. </li></ul><ul><li>Know how business buyers make their decisions. </li></ul>Classification and Analysis of Markets
  4. 4. Factors influencing Consumer Behavior Classification and Analysis of Markets Cultural Factors Social Factors Personal Factors
  5. 5. Culture “ Culture is the distinct way of life of a group of people and their complete design for living.” “ Culture refers to a set of values, ideas, artifacts and other meaningful symbols that help individuals communicate, interpret, and evaluate as members of society.” Classification and Analysis of Markets
  6. 6. Sub-Cultures Nationalities Religions Regional groups Geographic regions Classification and Analysis of Markets
  7. 7. Social Classes Classification and Analysis of Markets Upper uppers Lower uppers Upper middles Middle class Working class Upper lowers Lower lowers
  8. 8. Characteristics of Social classes <ul><li>Within a class, people tend to behave alike. </li></ul><ul><li>Social class conveys perceptions of inferior or superior </li></ul><ul><li>position. </li></ul><ul><li>Class may be indicated by a cluster of variables </li></ul><ul><li>(occupation, income, wealth and value orientation). </li></ul><ul><li>Class designation is mobile over time. </li></ul>Classification and Analysis of Markets
  9. 9. Reference Groups Statuses Social Roles Family Social Factors Classification and Analysis of Markets
  10. 10. Reference Groups Membership groups Primary groups Secondary groups Aspirational groups Dissociative groups Classification and Analysis of Markets
  11. 11. Personal factors Classification and Analysis of Markets Personality Wealth Self concept Occupation Lifecycle stage Lifestyle Values Age
  12. 12. Family Lifecycle Classification and Analysis of Markets <ul><li>Behavior changes </li></ul><ul><li>according to life cycle stage </li></ul><ul><li>Family </li></ul><ul><li>Psychological </li></ul><ul><li>Critical life events </li></ul>
  13. 13. Brand Personality Classification and Analysis of Markets Sincerity Excitement Competence Sophistication Ruggedness
  14. 14. Model of Consumer behavior Marketing Stimuli Product Price Place Promotion Other Stimuli Economic Technological Political Cultural Consumers’ Characteristics Cultural Social Personal Buyer’s decision process Problem recognition Information search Evaluation of Alternatives Purchase decision Post purchase evaluation Buyer’s decisions Product choice Brand choice Dealer choice Purchase timing Purchase amount Classification and Analysis of Markets Consumers Psychology Motivation Perception Learning Memory
  15. 15. <ul><li>Consumer decision making comes about as an attempt </li></ul><ul><li>to solve consumer problems. </li></ul><ul><li>No one buys a product unless one has a problem, a need or a </li></ul><ul><li>want. </li></ul><ul><li>The CDP Model represents a roadmap of consumers’ minds </li></ul><ul><li>that we as marketers can use to help us guide Product mix, </li></ul><ul><li>communication and Marketing Strategies. </li></ul><ul><li>It captures activities that occur when decisions are made </li></ul><ul><li>and depicts how consumers think, evaluate and act. </li></ul>The Consumer decision Process Classification and Analysis of Markets
  16. 16. Stages of Consumer Decision Process Model Need Recognition or Problem solving Search for Information Pre-Purchase Evaluation of alternatives Purchase Consumption Post-Consumption Evaluation Divestment Classification and Analysis of Markets
  17. 17. <ul><li>Need Recognition: Need or problem recognition occurs when </li></ul><ul><li>the consumer senses a difference between what he or she </li></ul><ul><li>perceives to be ideal versus the actual state of affairs. </li></ul><ul><li>Search for Information: Environmental influences and </li></ul><ul><li>Individual differences are sources for search for information. </li></ul><ul><li>Search can be from two sources: Internal and External . Internal </li></ul><ul><li>search is from the memory. External search is influenced by </li></ul><ul><li>Marketer and Non-Marketer dominated Stimuli. </li></ul>Classification and Analysis of Markets
  18. 18. <ul><li>Pre-Purchase Evaluation of alternatives: </li></ul><ul><li>Consumers compare, contrast and select from various products or </li></ul><ul><li>services. </li></ul><ul><li>Different Consumers employ different criteria. </li></ul><ul><li>Evaluation of choices influenced by both individual & Environmental </li></ul><ul><li>influences. </li></ul><ul><li>Attributes on which evaluations based may be salient or </li></ul><ul><li>determinant. </li></ul><ul><li>Salient attributes include price, quality and reliability etc. </li></ul><ul><li>Determinant attributes include style and finish etc. </li></ul>Classification and Analysis of Markets
  19. 19. <ul><li>Purchase: </li></ul><ul><li>The consumers after deciding whether to purchase or not, </li></ul><ul><li>move through two stages. </li></ul><ul><li>In the first phase they choose the form of retailing and choice </li></ul><ul><li>of retailers. For example, Electronic sale, Internet based </li></ul><ul><li>marketing or direct marketing. </li></ul><ul><li>During the second phase, consumers make in store choices. </li></ul><ul><li>Astute retailers manage the overall attributes and image of </li></ul><ul><li>the store to ensure satisfying experience for the consumer. </li></ul>Classification and Analysis of Markets
  20. 20. <ul><li>Consumption and Post consumption Evaluation: </li></ul><ul><li>Consumption may be immediate or delayed. </li></ul><ul><li>How consumers use the products affects how satisfied they are </li></ul><ul><li>with the purchases and determines whether they will make </li></ul><ul><li>repurchase. </li></ul><ul><li>How carefully consumers use or maintain the product </li></ul><ul><li>determines how long the product will last and when will the </li></ul><ul><li>repurchase be made. </li></ul><ul><li>During post consumption evaluation stage, consumers </li></ul><ul><li>experience satisfaction or dissatisfaction. </li></ul>Classification and Analysis of Markets
  21. 21. Business Buying Behavior Classification and Analysis of Markets
  22. 22. Organizational Buying It is the decision making process by which formal organizations establish the need for purchased products and services and identify, evaluate and chose among alternative brands and suppliers. Classification and Analysis of Markets
  23. 23. Characteristics of Business Markets Classification and Analysis of Markets <ul><li>Fewer, larger buyers </li></ul><ul><li>Close supplier-customer relationships </li></ul><ul><li>Professional purchasing </li></ul><ul><li>Many buying influences </li></ul><ul><li>Multiple sales calls </li></ul><ul><li>Derived demand </li></ul><ul><li>Inelastic demand </li></ul><ul><li>Fluctuating demand </li></ul><ul><li>Geographically concentrated buyers </li></ul><ul><li>Direct purchasing </li></ul>
  24. 24. Buying Situations Straight Rebuy Modified Rebuy New Tasks Classification and Analysis of Markets
  25. 25. Systems Buying and Selling Classification and Analysis of Markets Turnkey solution desired; Bids solicited Prime Contractors Second-tier Contractors System subcomponents assembled
  26. 26. The Buying centre Initiators Users Influencers Deciders Approvers Buyers Gatekeepers Classification and Analysis of Markets
  27. 27. <ul><li>Of Concern to Business Marketers </li></ul><ul><li>Who are the major decision participants? </li></ul><ul><li>What decisions do they influence? </li></ul><ul><li>What is their level of influence? </li></ul><ul><li>What evaluation criteria do they use? </li></ul>Classification and Analysis of Markets
  28. 28. Sales Strategies Classification and Analysis of Markets Small Sellers Large Sellers Key Buying Influencers Multilevel In-depth Selling
  29. 29. Types of Business Customers Price- oriented Strategic- value Gold- standard Solution- oriented Classification and Analysis of Markets
  30. 30. Handling Price-Oriented Customers Limit Quantity Purchased Allow no refunds Make no adjustments Provide no services Classification and Analysis of Markets
  31. 31. Purchasing Orientations Buying Procurement Supply Chain Management Classification and Analysis of Markets
  32. 32. Product Related Purchasing Processes (Value/risk) Routine Products Leverage Products Strategic Products Bottleneck Products Classification and Analysis of Markets
  33. 33. Buy Grid Framework Classification and Analysis of Markets
  34. 34. <ul><li>The proposals received from vendors as per laid down specifications are scrutinized based on: </li></ul><ul><li>Past reputation. </li></ul><ul><li>Efficiency, durability and maintainability of the product. </li></ul><ul><li>Delivery period </li></ul><ul><li>Terms of payment </li></ul><ul><li>Price </li></ul><ul><li>Guarantees offered </li></ul><ul><li>After sales service </li></ul><ul><li>Formal purchase orders are placed on selected vendor after negotiations. </li></ul>Classification and Analysis of Markets
  35. 35. <ul><li>Recap: </li></ul><ul><li>How consumer characteristics influence buying </li></ul><ul><li>decisions. </li></ul><ul><li>How consumers make purchasing decisions. </li></ul><ul><li>How marketers analyze consumer decision-making </li></ul><ul><li>behavior. </li></ul><ul><li>What is the business market, and how it differs from </li></ul><ul><li>the consumer market. </li></ul><ul><li>Who participates in the business-to-business buying </li></ul><ul><li>process. </li></ul><ul><li>How business buyers make their decisions. </li></ul>Classification and Analysis of Markets
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