Characteristics of consumer market
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The consumer market consists of all individuals who make purchasing decisions. It is important for companies to understand consumer trends and purchasing behaviors in order to maintain or grow their market share. Companies conduct various types of market research like surveys, focus groups, and home trials to gather information on factors influencing consumer purchases. This helps companies monitor trends, review their product lines, and ensure their products meet the needs of target consumer groups.
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This document provides an overview of key concepts in marketing communications (MarCom). It defines MarCom and discusses the basic instruments. It introduces communication theory and the elements of the communication process. It also explains integrated marketing communications (IMC) theory and highlights the importance of segmentation, targeting, and positioning. Principles of effective MarCom such as identifying the target audience, choosing communication channels, designing the message, and measuring results are also summarized. The document discusses how the MarCom mix links to the marketing mix and can be influenced by factors such as the product, life cycle stage, and competitors.
What is the business market, and how does it differ from the consumer market
Business markets involve fewer but larger buyers who purchase raw materials and components for resale or manufacturing. Close supplier-customer relationships are important as purchases are made by trained agents following organizational policies. Buying committees consisting of technical and senior management experts commonly influence major purchases through a long sales cycle sometimes lasting years. Demand for business goods is ultimately derived from consumer demand and tends to be inelastic but fluctuating based on consumer demand levels.
An introduction to consumer behavior
This document provides an overview of a study on consumer purchase decision involvement and advertisement involvement in branded apparel. The study has three objectives: 1) To assess the degree of consumer purchase decision involvement and advertisement involvement in branded apparel. 2) To examine the impact of purchase decision involvement and advertisement involvement on purchase decisions. 3) To analyze how purchase decision involvement and advertisement involvement differ across socio-demographic groups when purchasing branded apparel. The study will use surveys, regression analysis, and ANOVA to collect primary data and test hypotheses related to the objectives. Understanding consumer purchase behaviors can help marketers better design marketing strategies tailored to different consumer groups.
cONSUMER mARKET aND bUYER bEhavior
The document summarizes consumer market and buyer behavior. It discusses factors that influence buyer behavior such as cultural, social, personal, and psychological factors. It also outlines the stages of the buying decision process and describes the adoption and diffusion process for new products. Finally, it briefly discusses international consumer behavior.
Customer Lifecycle Engagement
The document discusses the six stages of the customer lifecycle: Discovery, Evaluate, Buy, Experience, Bond, and Advocate. In the Discovery stage, potential customers begin researching solutions online. The document recommends companies have a presence on social networks and a customer community to engage with potential customers and answer questions. It also discusses how customer communities can help during the Discovery stage by appearing in search results and allowing prospects to access user experiences.
Consumer market
1. A consumer market consists of household consumers who purchase goods for personal or family use rather than for resale.
2. Key characteristics of a consumer market include that it is a marketplace catering to individual consumers, with goods bought for individual or family consumption rather than resale.
3. Examples of goods purchased for individual use include clothes and shoes, while groceries, fuel and cars are typically for family consumption, and large appliances like refrigerators and beds are generally not for resale.
Consumer markets and consumer buyer behavior
This document discusses consumer buying behavior and the factors that influence it. It describes the stimulus-response model of consumer behavior and identifies key cultural, social, personal, and psychological characteristics that affect consumer decisions. These include cultural and social class factors, membership in reference groups, roles and statuses, demographics, lifestyle, personality and motivation. It also outlines the five stages of the buyer decision process - need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Finally, it examines new product adoption and the influence of product characteristics and consumer innovativeness.
Importance & scope of Consumer Behaviour
The document outlines a framework for studying consumer behavior that includes three main sections: the decision process represented by the inner circle, individual determinants in the middle circle, and the external environment in the outer circle. Understanding consumer behavior is important for marketers to adapt to changing consumer needs and tastes, regulate consumption and economic stability, develop efficient marketing strategies, and effectively segment and target markets.
Market structure and its features
The document discusses market structure under perfect competition. It begins by defining key terms like market, market structure, and the two types of market structures - perfect competition and imperfect competition.
Under perfect competition, the market has several characteristics - homogeneous products, free entry and exit of firms, perfect information, and firms being price takers. The demand curve for an individual firm is horizontal, as it is a price taker. Equilibrium occurs where MR=MC and firms earn only normal profits in the long run. Changes in demand or supply can shift the equilibrium.
The document then discusses monopoly as an example of imperfect competition. Under monopoly there is a single seller, barriers to entry, no close substitutes, and
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This document provides an overview of marketing concepts through an interactive PowerPoint presentation intended for A-level students. It covers topics such as the consumer market, new product development, market segmentation, and the product life cycle. The presentation is divided into sections that can be accessed through buttons and includes definitions, examples, and quiz questions. The overall content explains key marketing strategies and considerations related to identifying customer needs and developing new food products.
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This document discusses consumer behavior and motivation. It defines key terms like consumer, customer, and gatekeeper. It explains that consumer demand is driven by needs and wants. Consumer demand changes due to economic, market, and product factors. Products have a life cycle with stages like introduction, growth, maturity, and decline. Marketers analyze consumer profiles using demographics like age, gender, and psychographics like beliefs to understand motivations. Theories like Maslow's hierarchy of needs are discussed to explain what motivates consumer purchases.
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Marketing Management Pdf Version by Er. S Sood
This document discusses the concepts of markets and marketing. It defines a market as a place where buyers and sellers interact to facilitate transactions of goods and services. Markets can be classified based on geographic area (local, regional, national, global), level of competition (perfect, imperfect), and type of goods traded (consumer, industrial, non-profit).
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CB-Module1.pptx
This document provides an introduction to consumer behavior and market research. It discusses key concepts like rational and irrational consumer behavior, the consumer decision making process, and models for understanding the "black box" of how marketing stimuli influence consumer choices. It also covers important applications of understanding consumer behavior like segmenting markets, designing marketing programs, innovating new products, and staying relevant to changing trends. Demographic, psychographic, behavioral, benefit, and other approaches to segmenting consumer markets are also outlined.
Consumer Behaviour Week 1 Lecture - NPTEL
The document provides an introduction to consumer behaviour, including definitions of key concepts and the 5-stage consumer decision process. It discusses the nature and scope of studying consumer behaviour, including understanding consumer needs, influences on them, and patterns of shopping behaviour. It also outlines some major worldwide trends in consumer behaviour, such as demographic shifts like an aging population and women in the workforce. Technological trends discussed include an increasingly interconnected world and more tech-savvy customers. The implications of these trends on the 3 roles of consumers are also mentioned.
marketing segmentation
Market segmentation involves dividing a large market into smaller subgroups of consumers with similar characteristics or needs. It is done by segmenting consumers, not products or prices. Markets can be segmented by geography, demographics, psychographics, and buying behavior. Some examples of market segmentation include segmenting the watch market by price range, segmenting the car market by age groups, and segmenting the food market by lifestyle or dietary preferences. The key to effective segmentation is identifying distinct groups that respond differently to marketing strategies so companies can better target their products.
ABLE TO IDENTIFY TO A BUSINESS IDEA
The document discusses defining a business idea and identifying the key components, which include identifying products or services, defining the target market, identifying main competitors, and identifying necessary resources. It emphasizes that the business idea should clearly define the product or service being offered and the target customer base. Key aspects of defining the business idea involve understanding the product or service, the target market and its size, potential competitors, and resources required.
Functional food and food ingredients marketing
1. The document discusses strategies for developing and marketing specialty foods, which provide health benefits beyond basic nutrition.
2. Key aspects of specialty food marketing include establishing the scientific relationship between ingredients and health benefits, demonstrating efficacy at safe levels, and accurately informing consumers.
3. Developing a marketing plan is also essential, including defining target customers, competitors, pricing, and promotion strategies. Market research should identify trends, demand, and how to position products in niche markets not filled by mass retailers.
Kotler Marketing Summary.docx
1. The document discusses key aspects of consumer behavior and the consumer decision-making process. It covers cultural, social, and personal factors that influence consumer behavior as well as the various stages involved in purchase decision making.
2. The stages of the consumer decision process include problem recognition, information search, market partitioning, and evaluation of alternatives. Marketers must understand consumer behavior and target consumers at each decision stage.
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Consumer Behavior
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Building value through branding food & nutrition
Branded companies tend to outperform unbranded companies financially. Brands that are consistently managed have better performance through higher margins, returns, and growth. Building brand value requires focusing on the customer experience rather than just the product. Successful brands like Starbucks have leveraged innovation and built emotional affinity through a differentiated brand platform focused on quality and integrity. Understanding consumer lifestyles and trends through research helps brands maintain relevance. Marketing should shift from product negatives to product positives and solutions that address consumer needs.
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The document discusses rural areas, communities, and development. It defines rural areas as places engaged in primary industries and away from large cities. Rural communities have lower population density and agriculture as the main occupation. Features include villages as primary institutions, a sense of community, and religion's importance. Rural development aims to improve economic and social life through collective efforts and bringing progressive change. It discusses objectives, problems, and the importance of rural development in improving living standards, infrastructure, education, and more.
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This document defines and explains the economic concept of utility. It begins by defining utility as the ability of a commodity to satisfy human needs. It then discusses how different commodities provide different levels of utility to different people in different situations. It also explains that marginal utility decreases with increasing consumption of a good while total utility increases at a decreasing rate. The document provides examples and formulas to illustrate these concepts. It concludes by discussing the determinants and assumptions of demand and how the law of demand states that demand curves will slope downward, showing an inverse relationship between price and quantity demanded.
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Rural development aims to improve the economic and social lives of rural communities through collective efforts between rural people and government authorities. It is a process of change that enables rural communities to fully contribute to national programs and improve their conditions. Rural development faces challenges including poor infrastructure, understanding diverse rural consumer mindsets, high promotion costs due to distance and dispersion, and lack of competence among urban-based marketing staff.
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The secondary market refers to the market where existing securities are traded between investors, after being initially offered in the primary market. Majority of trading occurs in the secondary market, which includes equity and debt markets. To trade in the secondary market, investors require a trading account, demat account, and PAN. Trading happens through stock brokers on recognized stock exchanges, either online or through phone/email. Trades are settled on a T+2 rolling basis, with payments and deliveries of shares occurring within 2 days of the trade date. The document outlines the process and participants involved in secondary market trading.
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The document discusses the history and evolution of industrial relations and labor laws. It covers:
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The document discusses several key elements of globalization:
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2) Important global institutions like the WTO, IMF, and World Bank have emerged to help manage and regulate the global marketplace.
3) Technological advances in areas like transportation and communication have reduced costs and enabled the dispersion and management of globally integrated production systems.
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- *Target Audience:* Defined and segmented the target audience to tailor brand messages effectively.
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- *Brand Ladder:* Created a brand ladder to outline the brand's core values, benefits, and attributes.
- *Brand Architecture:* Established a cohesive brand architecture to ensure consistency across all brand touchpoints.
This project helped me gain practical experience in brand strategy, from research and analysis to strategic planning and implementation.
Assignment 2 Task 1: Digital Marketing Course
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Characteristics of consumer market
- 2. What is the consumer market? The consumer market is made up of all the people who make decisions about what to buy and what not to buy. Everyone who buys products or services is a consumer.
- 3. What is the consumer market? ‘Market’ has a special meaning – relating to the likely demand for a product or service. Over time the size of the population of a particular country may not change dramatically, so the consumer market is fixed in size. This means that manufacturers and retailers must compete for business and try to maintain or increase their share of the market.
- 4. The Consumer Market The maintenance of regular large sales by food manufacturers and retailers benefits the wider community by providing employment for large numbers of people. It also boosts local and national economies by promoting cash flow from one area to another. Therefore it is important that companies monitor trends in their sales and continually review the range of products they make, to keep their sales figures high.
- 5. Saturated market If one type of product, such as baked beans, is popular for a long time, there will come a time when sales cannot be improved by the introduction of new brands. The market has become ‘saturated’. Companies may therefore diversify product lines in order to create new markets. For example, the baked bean market was diversified by offering the product with flavoured sauces, such as barbeque or curry, or by adding burger bites.
- 6. Target group To offer a greater choice of products and reach a larger portion of the consumer market, companies often target groups of consumers who are similar in one respect. This may be their age, income, taste, lifestyle, health or beliefs. Foods are then produced to meet their needs. The product range is designed to meet the needs of the particular types of consumer, such as children or single people or slimmers.
- 7. Niche market Some product lines are not expected to sell in vast amounts, but they fill a special gap or ‘niche’ in the market. A ‘niche market’ is usually based on a reaction to a trend in consumer purchasing. Environmental concern has resulted in consumers developing a greater interest in the way products and packaging is made, so many manufacturers have reacted by producing environmentally friendly products and packaging.
- 8. Niche market Products such as ready meals have been devised to provide convenience for those with a busy life and little time to cook. ‘Premium priced’ (luxury products), have been developed with consumers aspiration for status and/or a higher disposable income in mind.
- 9. Market share Companies compete with one another to sell their products and increase their market share. In order to compete effectively, information is needed about why consumers buy some products in preference to others. This information can be collected through a variety of market research methods. It is important that food companies continue to look at their sales figures and review their product range in order to keep and increase their share of the market.
- 10. Market research Companies need to keep up to date information about factors affecting patterns in consumer purchasing, such as: • price; • consumer preferences; • availability of and level of demand for products in different areas of the country;
- 11. Market research Other factors affecting patterns in consumer purchasing, such as: • product ‘fashion’ or trends, for example increased demand for organic foods or reduced fat foods; • influence of advertising; • familiarity with and loyalty to brands and products.
- 12. The Consumer Market • Surveys – surveys are usually carried out in main shopping areas, e.g. shopping centres and high streets. The interviewer has a questionnaire. This is a set of defined questions with a set of answers from which the person being interviewed must select. This type of research provides a ‘snap-shot’ of trends or opinions. • Focus groups – group discussions - a small group of consumers and a trained interviewer meet to talk about particular products of trends in food consumption. The group is made up of a mixture of consumers representative of the population. However ‘target’ groups e.g. 18 year old females or older people, are sometimes used to measure their reactions to specific products.
- 13. The Consumer Market • Home trials – consumers are given products to try at home and a follow up discussion is carried out at a later date. This method provides responses from the whole family, not just the person who does the shopping. It is possible to see whether the product meets the needs of a particular ‘target group’.
- 14. The Consumer Market The consumer may consider factors such as: • product appeal (the food and it’s packaging); • value for money; • health; • special attributes, e.g. Kosher; • advertising; • convenience.
- 15. Desk research Desk research is another method of detecting trends, such as consumers’ food purchasing habits or population changes. Many organisations conduct research of this type. They publish and sell the data to anyone with an interest. This type of research is often cheaper and less hard work than other techniques such as surveys.