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Basic+concepts

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Basic+concepts

  1. 1. Basic Concepts Market: a group of people who, either as individuals or as groups (organizations), have needs for a product, or a service and who have the ability, willingness, and authority to purchase such a product or service.
  2. 3. Product <ul><li>Product: a good a service, an idea, or any combination of these three. It is everything that one receives in an exchange; it is a bundle of tangible and intangible features including functional, social, psychological, and aesthetic benefits or benefits. </li></ul>
  3. 4. Product-Market Strategy Market Penetration Product Development Diversification Product Present New Present New Market Market Development
  4. 5. Benefits derived by consuming a product or service <ul><li>1. Functional benefit 2. Social benefit 3. Psychological benefit 4. Aesthetic benefit </li></ul>
  5. 6. Risks involved in consuming or using a product <ul><li>1. Financial Risks </li></ul><ul><li>2. Social Risks </li></ul><ul><li>3. Psychological Risks </li></ul><ul><li>4. Physical Risks </li></ul>
  6. 7. Customer vs. Consumer <ul><li>Customer </li></ul><ul><ul><li>Who purchases either for use or for resale . </li></ul></ul><ul><ul><li>Trade customers are engaged in whole selling or retailing. </li></ul></ul><ul><ul><li>Consumer </li></ul></ul><ul><ul><li>Consumers can be individuals, or households, or organizations/institutions. </li></ul></ul><ul><ul><li>Who consumes or uses a product or service. </li></ul></ul><ul><ul><li>A customer may become a consumer if s/he purchases and consumes a product or service. </li></ul></ul>
  7. 8. What is Consumer Behavior? <ul><li>Consumer Behavior is a study of individuals, groups or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences or ideas to satisfy needs and the impacts that these processes have on the consumer and society. </li></ul>
  8. 9. Classification of Products/services [Based on Social Dimensions] <ul><li>Socially exposed products (expressive products) </li></ul><ul><li>Socially neutral products </li></ul><ul><li>Socially sensitive products </li></ul>
  9. 10. Classification of Products/Purchases <ul><li> </li></ul><ul><li>Low involvement: High involvement : </li></ul><ul><li>Frequently purchased Infrequently purchased </li></ul><ul><li>Low price-tag High price-tag </li></ul><ul><li>Non-durable Durable </li></ul><ul><li>Not socially exposed Socially exposed </li></ul><ul><li>Low risks High risks </li></ul>
  10. 11. Types of problem solving or decision making Problem type Characteristics Routine problem Limited problem Extended problem Frequency of purchase High Moderate Low Extent of search No or extremely limited Limited Extensive Involvement Low Medium High
  11. 12. Marketing: Steps involved <ul><li>1. Identify the needs & requirements </li></ul><ul><li>2. Design a product or service </li></ul><ul><li>3. Communicate with the customers </li></ul><ul><li>4. Make the service or product available </li></ul><ul><li>5. Fix a price </li></ul><ul><li>6. Provide post-sale support service & do follow-up </li></ul>
  12. 13. Types of Utility Created by Marketing <ul><li>1. Form or conversion utility </li></ul><ul><li>2. Place utility </li></ul><ul><li>3. Time utility </li></ul><ul><li>4. Possession or ownership utility </li></ul>
  13. 14. Broad Marketing Strategies <ul><li>* Product strategy </li></ul><ul><li>Promotion strategy </li></ul><ul><li>Distribution strategy </li></ul><ul><li>Pricing strategy </li></ul>
  14. 15. The Decision Making Unit <ul><ul><li>Initiator </li></ul></ul><ul><ul><li>Influencer </li></ul></ul><ul><ul><li>Decider </li></ul></ul><ul><ul><li>Purchase </li></ul></ul><ul><ul><li>User or Consumer </li></ul></ul>
  15. 16. Stages at which purchase decisions are taken <ul><li>Pre-purchase </li></ul><ul><li>2. Purchase </li></ul><ul><li>3. Post-purchase </li></ul><ul><li>4. Use </li></ul><ul><li>5. Post-use </li></ul>
  16. 17. List of Topics <ul><li>Increasing number of restaurants in Dhaka city </li></ul><ul><li>2. Increasing number of non-store retailers of consumer durable </li></ul><ul><li>3. Use of FM Radio in by consumers of Rural Bangladesh </li></ul><ul><li>4. Changing household structures </li></ul><ul><li>5. Increasing number of hawkers </li></ul><ul><li>6. Late marriage among the educated adults </li></ul><ul><li>7. Increasing urbanization </li></ul><ul><li>8. Availability of foreign made goods </li></ul><ul><li>9. Availability of read-made garments </li></ul><ul><li>10. Scarcity of household helps (maids) </li></ul><ul><li>11. Increasing price levels of essential commodities </li></ul><ul><li>12. Customers’ perception of local products </li></ul><ul><li>13. Customers’ perception of foreign made goods </li></ul><ul><li>14. Use of preservatives/chemicals on perishable food items </li></ul><ul><li>15. Growth of large scale retailing in Dhaka city </li></ul><ul><li>16. Use of satellite TV on consumer behavior </li></ul>

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