In what ways can a company divide market into segments
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This document outlines 4 ways to segment consumer markets: 1) Geographically based on region, city, state or neighborhood. Different regions have different food cultures, climates and requirements. 2) Demographically based on age, gender, income, education and socio-economic status. Different television channels target different age groups. 3) Psychographically based on personality, lifestyle or values. 4) Behaviorally based on knowledge, attitudes and responses to products, including needs, decision roles, usage, and problems encountered.
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Dividing market into segments
A company can divide the market into segments based on four main ways: geographic segmentation based on region, state, nation, etc; demographic segmentation based on age, gender, income; psychographic segmentation based on psychology and lifestyle; and behavioral segmentation based on consumer knowledge, attitudes, use and response to products. For example, companies provide cooling appliances tailored for dry regions, incense sticks target religious cities, beauty products target women, and diets target health-conscious consumers.
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A company can divide the market into segments based on four main ways: geographic segmentation based on region, state, nation, etc; demographic segmentation based on age, gender, income; psychographic segmentation based on psychology and lifestyle; and behavioral segmentation based on consumer knowledge, attitudes, use and response to products. For example, companies provide cooling appliances tailored for dry regions, incense sticks target religious cities, beauty products target women, and diets target health-conscious consumers.
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Target customer -How do consumer characteristics influence buying behavior
Target customer -How do consumer characteristics influence buying behavior
Ways in which a company can divide the market into segments.
Ways in which a company can divide the market into segments.
What are the requirements for effective segmentation?
What are the requirements for effective segmentation?
In what ways can a company divide a market into segments?
In what ways can a company divide a market into segments?
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2. Socioeconomic Status: Economic factors such as income, education level, and access to resources can impact food habits. People with higher incomes and education levels may have more access to a variety of foods and make different food choices compared to those with lower socioeconomic status.
3. Geography and Environment: Geographic location and environmental factors influence food availability and choices. Local climate, agriculture practices, and proximity to food sources impact the types of foods available and commonly consumed in a particular region.
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CB CULTURE.ppt
Culture provides order and guidance for human behavior through learned beliefs, values, and customs. It influences consumer behavior and problem solving related to activities like eating. Culture is taught both formally and informally through enculturation, language, rituals, and sharing. Subcultures are segments of the larger culture whose members share distinguishing patterns of behavior, which can produce unique market behaviors. Types of subcultures include ethnic, religious, and regional groups, which can be identified by commonalities and differences in demographics, consumer groups, media consumption, and effective marketing strategies.
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Globalization is defined as the intensification of worldwide social relations and connections between distant localities, compressing distances and homogenizing culture. Westernization involves non-Western societies coming under the influence of Western culture through areas like industry, technology, politics and values. The rise of global media and information technology has spread news, ideas and ways of life worldwide, affecting consumer culture but also provoking challenges from traditional cultures. Consumer culture in Malaysia has been influenced by trends in finance, food, and grooming, though aspects are viewed as conflicting with Islamic values regarding hedonism and spirituality.
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Chapter5_1
Consumer behavior is the study of how individuals and groups select, purchase, use, and dispose of goods and services. It is influenced by cultural, social, and personal factors. Cultural factors include culture, subculture, and social class. Social factors are reference groups, family, and social roles and status. Personal factors are age and life stage, occupation, personality, lifestyle, and economic circumstances.
Culture and consumer behaviour
Core values define how products are used in societies and influence acceptable market relationships and behaviors. Culture includes learned beliefs, values, customs, and responses that direct consumer behavior. Cultural characteristics are learned and shared within groups. Marketers must understand how culture affects consumer pre-purchase activities like information search and post-purchase activities like product use. Culture also influences social classes that are hierarchical groups distinguished by factors like occupation, income, education, and prestige. Understanding differences in subcultures and cross-cultural groups is important for marketers to effectively target various national markets.
consumer behaviour- Unit II
Factors Influencing Consumer Buying Decision
Influence of Culture on Consumer Behavior-Concept of Culture; The measurement of Culture; Indian Core
Values; Cultural aspects of emerging markets, Values, Lifestyles, and Psychographics- Impact of Values,
Lifestyles and Psychographics on buying behavior; Demographics, Lifestyles and Psychographics; Values and
Value Systems, Group Influence on Consumption- Role of reference groups; Effect of reference groups on
consumer decision making; Celebrity endorsements
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Saxonville sausage company parampreet singh
1. Saxonville Sausage Company produces various pork sausage products and wants to expand their Italian sausage brand called Vivio nationally.
2. They form a task force called Project Score to research expanding Vivio, including focus groups and customer analysis to identify target markets and develop positioning concepts.
3. Project Score recommends positioning Vivio around "Clever Cooking" to attract more buyers, and estimates expanding nationwide could increase Vivio sales over 10 times to $464 million annually.
Branding yoga
This document summarizes the key debates around branding yoga. It discusses how Bikram Choudhary strongly branded his Bikram yoga style through extensive trademarking and patenting, while Tara Stiles took a less regimented approach without intentions to develop a strong brand. The Hindu American Foundation campaigned to acknowledge yoga's Hindu roots, sparking debates around whether yoga belongs solely to Hinduism or can be practiced independently. While history provides some evidence that yoga predated Hinduism, it is also part of other religions. There are reasonable arguments on both sides around whether yoga should or should not be branded.
Branding yoga
This document summarizes a Harvard Business School case study on branding yoga. It outlines different approaches taken by Bikram Choudhary and Tara Stiles in marketing yoga. Bikram strongly branded his hot yoga style, trademarking and patenting his method. Tara Stiles took a more secular approach without explicit branding. This led to debate around whether yoga should be branded or remain unbranded given its spiritual roots in Hinduism. The case discusses the origins of yoga in ancient India and examines the question of whether yoga can or should be branded as a business.
Grey worldwide - strategic repositioning through crm
This document discusses Grey Worldwide, a communications company, and its strategic repositioning through customer relationship management (CRM). It outlines Grey Worldwide's history, principles, current market situation, challenges, and CRM approach called Grey Relationship Management (GRM). The GRM framework uses four principles to build brands and develop/manage customers through creating positive brand experiences and building brands via customer knowledge. The document asks how Grey Worldwide can adapt to new technologies and which CRM tools it should use to reposition its brand and boost customer loyalty.
Saxonville sausage company
The document discusses research conducted for the Saxonville Italian Sausage brand to develop a national product line. It analyzes positioning the brand with emotional and functional benefits. Qualitative research was performed on demographics, psychographics, and consumer sessions. Concepts were developed and tested. Research showed family connection positioning resonated best but may face competition. The brand name "Saxonville Italy's Best" is recommended along with goals for R&D, pricing strategy, and marketing tactics like label changes, celebrity endorsements, and product displays.
Srujan dasari a2_q4
A company should initiate a price change when it has excess plant capacity and needs more business that can't be generated through other means. When initiating price cuts, companies should avoid traps like offering low quality, having a fragile market, or starting a price war. It is generally better for consumers if companies make small, regular price increases rather than sharp increases. Common causes for price increases include delayed quotation pricing, escalator clauses, reducing discounts, and unbundling pricing structures.
Srujan dasari a2_q3
This document discusses various pricing strategies and programs that a company can use to adapt prices based on changing circumstances and opportunities. It covers geographical pricing to account for location-based differences, forms of international trade involving bartering or offsets, the risks of overusing discounts, and types of promotional pricing like loss leaders, rebates, and financing. It also explains differential pricing approaches like discriminating prices for customer segments, product versions, channels, locations, seasons, or early vs. late purchases. The goal is to help companies set prices that meet varying needs.
Srujan dasari a2_q2
This document discusses various strategies and considerations for setting prices, including:
1. Companies first determine their pricing objective such as survival, maximum profit, market share, or quality leadership. They then estimate demand curves and price sensitivity.
2. Common pricing methods include markup pricing, target-return pricing, and perceived-value pricing. Companies also consider competitors' costs and prices.
3. In selecting the final price, companies evaluate the impact of other marketing activities, their own pricing policies, and how the price might affect other parties. Gaining customer loyalty through value pricing is also discussed.
Srujan dasari a2_q1
Consumers process and evaluate prices based on how they perceive them. Traditionally, consumers were seen as price-takers who accepted prices at face value, but they actually compare observed prices to internal reference prices and external benchmarks. Marketers try to frame prices to signal best value through techniques like EMIs. Consumers also use price as an indicator of quality, and some brands adopt premium pricing to justify exclusivity. Price endings like $299 instead of $300 make items seem less expensive to customers.
How should a company respond to a competitor's price change
This document discusses developing pricing strategies and programs in response to competitor price changes. It recommends that in homogeneous product markets, companies should enhance their augmented product or meet the price reduction. In non-homogeneous markets, companies should consider why the competitor changed price and if it is temporary or permanent, and how other firms and the company will be affected. The document also suggests differentiating products/services, introducing low-cost ventures, or reinventing as a low-cost player when facing low-cost competitors. Companies are advised to react decisively to competitor price changes within hours or days.
When should a company initiate a price change
This document discusses developing pricing strategies and programs. It covers when companies should initiate price changes, reasons for price cuts or increases, and potential risks and alternatives. Price cuts may be used to reduce excess capacity or dominate markets, but can trigger price wars or lose long-term customer loyalty. Price increases are often due to cost inflation or high demand. Companies can avoid raising prices by shrinking product amounts, substituting cheaper ingredients, reducing features or services, using less expensive packaging, or creating new economy brands.
How should a company adapt prices to meet varying circumstances and opportuni...
This document discusses various pricing strategies and programs that a company can use. It describes geographical pricing where a company prices its products differently in various locations. It also discusses various types of discounts and allowances like cash discounts, quantity discounts, and trade discounts. The document outlines promotional pricing strategies such as special event pricing, cash rebates, and low interest financing. It also explains psychological discounting by setting an artificially high price and then offering a discount, and differentiated pricing based on customers, products, locations, seasons, and customer segments.
How should a company set prices initially for products or services
The document outlines the 6 steps in developing pricing strategies and programs:
1. Selecting the pricing objective such as maximizing profits, market share, or product leadership.
2. Determining demand through analyzing price sensitivity and estimating demand curves.
3. Estimating costs such as fixed, variable, total, and average costs as well as learning curves.
4. Analyzing competitors' costs, prices, and potential price reactions.
5. Selecting a pricing method like markup pricing, target return pricing, perceived value pricing, or value pricing.
6. Selecting the final price after considering additional factors like marketing activities and company policies.
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In what ways can a company divide market into segments
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- 3. Way 1 Geographic Based on Region, City, Nation, States and Neighbourhood.
- 4. “in-city” courier companies ensure same day delivery of a product within a specified geographical region.
- 5. People in North and East India prefer Tea, whereas South Indians prefer freshly brewed coffee.
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- 10. Way 3 Psychographic Based on personality, lifestyle, or values.
- 12. Way 3 Behavioural Based on knowledge, attitude, response towards a product.
- 13. Needs and Benefits Decision Roles User and Usage Real User related problems