The document discusses key aspects of understanding customer behavior:
1) Businesses try to understand who buys their products, how, when, where, and why to better respond to customer needs and wants.
2) Understanding customer responses to different marketing mix elements can provide a competitive advantage if done better than competitors.
3) Customer behavior analysis studies characteristics and influences on customers to understand their decision making process from an individual and group perspective.
In the highly specialised study of “BUSINESS MANAGEMENT”, today, the function of “MARKETING MANAGEMENT” plays a very critical role. This is because this functional area of management :
(1) “EARNS” the revenue, &
(2) “WORKS” in the close proximity with the public or persons outside the organisation.
Controlling these two attributes to have the desired benefits are the most difficult part of the management, because none of these two are within the direct control of the marketers.
This doesn’t mean that the other functional areas are not important, but they are not “DIRECTLY” involved in the activities mentioned above.
Similarly, within the study of Marketing Management, the “Consumers” or the “Customers” play a very critical role as these are the people who finally BUY the goods & services of the Organisation, and the firm is always on the move to make them buy so as to earn revenue.
Emerging trends in consumer behavior: Consumer behavior in online space. Use of Information technology and AI in consumer profiling and engagement, concept of materialistic vs spiritualistic consumption.
Consumer Decision Making Process and models -Howard Sheth, Nicosia Model, Engel Blackwell and Kollat, pavlovian lerning model, sociological model, Psychoanalytic(Sigmund Freud), Andreason
In the highly specialised study of “BUSINESS MANAGEMENT”, today, the function of “MARKETING MANAGEMENT” plays a very critical role. This is because this functional area of management :
(1) “EARNS” the revenue, &
(2) “WORKS” in the close proximity with the public or persons outside the organisation.
Controlling these two attributes to have the desired benefits are the most difficult part of the management, because none of these two are within the direct control of the marketers.
This doesn’t mean that the other functional areas are not important, but they are not “DIRECTLY” involved in the activities mentioned above.
Similarly, within the study of Marketing Management, the “Consumers” or the “Customers” play a very critical role as these are the people who finally BUY the goods & services of the Organisation, and the firm is always on the move to make them buy so as to earn revenue.
Emerging trends in consumer behavior: Consumer behavior in online space. Use of Information technology and AI in consumer profiling and engagement, concept of materialistic vs spiritualistic consumption.
Consumer Decision Making Process and models -Howard Sheth, Nicosia Model, Engel Blackwell and Kollat, pavlovian lerning model, sociological model, Psychoanalytic(Sigmund Freud), Andreason
Introduction to Consumer Behaviour; Consumer Behaviour
and Marketing Strategy; Consumer Involvement – Levels
of involvement, and Decision Making
Consumer Decision Process – Stages in Decision Process,
Information Search Process; Evaluative Criteria and
Decision Rules, Consumer Motivation – Types of Consumer
Needs, Ways of Motivating Consumers. Information
Processing and Consumer Perception.
Consumer Attitudes and Attitude Change; Influence of
Personality and Self Concept on Buying Behaviour,
Psychographics and Lifestyles, Impuse Buying.
Diffusion of Innovation and Opinion Leadership, Family
Decision Making, Influence of Reference Group
Industrial Buying Behaviour– Process and factors, Models
of Consumer Behaviour – Harward Seth, Nicosia, E& D,
Economic Model; Introduction to Consumer Behaviour
Audit; Consumer Behaviour Studies in India
This is the ppt translation of the second part of 25 keys to sales & marketing, an audio portable MBA course, which has been developed by New York Times publishing,
with the contribution of some of the best known business academicians and practitioners of the contemporary world. This is only a reproduced graphical version of the same
with no commercial motive. It has been developed for better self learning and for assistance to the large community of several business practitioners & students, who are in
constant pursuit for quality stuff on-line.
Meaning and nature of buyer behavior, differences between consumer buying and organizational buying in terms of characteristics and process, Strategic use of consumer behavior knowledge in marketing and public policy decisions. Modern Consumerism and the global consumer movement
Personality ,Freudian Theory ,Marketing strategies based on personality differences ,Motivational Research ,Neo-Freudian Theories ,Trait Theory ,Brand Personality ,Psychographic techniques ,The VALS™ Segments (value and life style) ,The Dark Side of Consumer Behavior ,Addictive Consumption
Analysing Consumer Markets and Business Markets
What influences customer behaviour, key psychological process, buying decision process, organisational buying, participants in the business buying process, the purchasing/procurement process, stages in the buying process, managing business to business customers relationships, institutional and government markets.
Reference:
Marketing Management by Kotler and Keller
Introduction to Consumer Behaviour; Consumer Behaviour
and Marketing Strategy; Consumer Involvement – Levels
of involvement, and Decision Making
Consumer Decision Process – Stages in Decision Process,
Information Search Process; Evaluative Criteria and
Decision Rules, Consumer Motivation – Types of Consumer
Needs, Ways of Motivating Consumers. Information
Processing and Consumer Perception.
Consumer Attitudes and Attitude Change; Influence of
Personality and Self Concept on Buying Behaviour,
Psychographics and Lifestyles, Impuse Buying.
Diffusion of Innovation and Opinion Leadership, Family
Decision Making, Influence of Reference Group
Industrial Buying Behaviour– Process and factors, Models
of Consumer Behaviour – Harward Seth, Nicosia, E& D,
Economic Model; Introduction to Consumer Behaviour
Audit; Consumer Behaviour Studies in India
This is the ppt translation of the second part of 25 keys to sales & marketing, an audio portable MBA course, which has been developed by New York Times publishing,
with the contribution of some of the best known business academicians and practitioners of the contemporary world. This is only a reproduced graphical version of the same
with no commercial motive. It has been developed for better self learning and for assistance to the large community of several business practitioners & students, who are in
constant pursuit for quality stuff on-line.
Meaning and nature of buyer behavior, differences between consumer buying and organizational buying in terms of characteristics and process, Strategic use of consumer behavior knowledge in marketing and public policy decisions. Modern Consumerism and the global consumer movement
Personality ,Freudian Theory ,Marketing strategies based on personality differences ,Motivational Research ,Neo-Freudian Theories ,Trait Theory ,Brand Personality ,Psychographic techniques ,The VALS™ Segments (value and life style) ,The Dark Side of Consumer Behavior ,Addictive Consumption
Analysing Consumer Markets and Business Markets
What influences customer behaviour, key psychological process, buying decision process, organisational buying, participants in the business buying process, the purchasing/procurement process, stages in the buying process, managing business to business customers relationships, institutional and government markets.
Reference:
Marketing Management by Kotler and Keller
consumer buying behavior. The process by which individuals search for, select, purchase, use, and dispose of goods and services, in satisfaction of their needs and wants. See also consumer decision making.
Psychological Influences on Consumer Behaviorbrynagrubbs
"Point of View" slideshare assignment for MRK 2100 at Sinclair Community College discussing the psychological influences on consumer behavior and it's relation to marketing.
This is the ppt translation of the second part of 25 keys to sales & marketing, an audio portable MBA course, which has been developed by New York Times publishing, with the contribution of some of the best known business academicians and practitioners of the contemporary world. This is only a reproduced graphical version of the same with no commercial motive. It has been developed for better self learning and for assistance to the large community of several business practitioners & students, who are in constant pursuit for quality stuff on-line.
Understanding the Psychology of Consumer Decision.pdfVimpexCambodia
In the highly competitive business world of today, it is not just important, but necessary for the success of any organisation to understand how consumers make decisions. Consumer behaviour is complicated, and there are a lot of things that affect what decisions and preferences they make.
Consumer decisions are made based on a lot of different things, both inside and outside of the person making the choice. By understanding these factors, businesses can learn more about what consumers want, why they want it, and how they like it.
This lets them tailor their goods, services, and marketing efforts to meet those needs.In the parts that follow, we’ll talk about the important factors that affect how consumers make decisions. Finally, we’ll talk about ways that businesses can influence consumer decisions.
We will also talk about the ethical considerations that organisations should make to build trust, keep customers coming back, and make sure their business practices are sustainable.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Global Interconnection Group Joint Venture[960] (1).pdf
Introduction
1. An important part of the marketing process is to understand why a customer or buyer makes a purchase.<br />Without such an understanding, businesses find it hard to respond to the customer’s needs and wants.<br />Marketing theory traditionally splits analysis of buyer or customer behaviour into two broad groups for analysis – Consumer Buyers and Industrial Buyers<br />Consumer buyers are those who purchase items for their personal consumption<br />Industrial buyers are those who purchase items on behalf of their business or organisation<br />Businesses now spend considerable sums trying to learn about what makes “customers tick”. The questions they try to understand are:<br />•Who buys?•How do they buy?•When do they buy?•Where do they buy?• Why do they buy?<br />For a marketing manager, the challenge is to understand how customers might respond to the different elements of the marketing mix that are presented to them.<br />If management can understand these customer responses better than the competition, then it is a potentially significant source of competitive advantage.<br />Consumer behaviour is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, social HYPERLINK quot;
http://en.wikipedia.org/wiki/Anthropologyquot;
quot;
Anthropologyquot;
anthropologyand economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such asdemographics and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.<br />Customer behaviour study is based on consumer buying behaviour, with the customer playing the three distinct roles of user, payer and buyer. Relationship marketing is an influential asset for customer behaviour analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalisation, customisation and one-to-one marketing. Social functions can be categorized into social choice and welfare functions.<br />Each method for vote counting is assumed as social function but if Arrow’s possibility theorem is used for a social function, social welfare function is achieved. Some specifications of the social functions are decisiveness, neutrality, anonymity, monotonicity, unanimity, homogeneity and weak and strong Pareto optimality. No social choice function meets these requirements in an ordinal scale simultaneously. The most important characteristic of a social function is identification of the interactive effect of alternatives and creating a logical relation with the ranks. Marketing provides services in order to satisfy customers. With that in mind, the productive system is considered from its beginning at the production level, to the end of the cycle, the consumer (Kioumarsi et al., 2009).<br />Contents [hide]1 Black box model2 Information search3 Information evaluation4 Purchase decision5 Postpurchase evaluation6 Internal influences7 External influences8 See also9 References<br />[edit]Black box model<br />ENVIRONMENTAL FACTORSBUYER'S BLACK BOXBUYER'S RESPONSEMarketing StimuliEnvironmental StimuliBuyer CharacteristicsDecision ProcessProductPricePlacePromotionEconomicTechnologicalPoliticalCulturalDemographicNaturalAttitudesMotivationPerceptionsPersonalityLifestyleKnowledgeProblem recognitionInformation searchAlternative evaluationPurchase decisionPost-purchase behaviourProduct choiceBrand choiceDealer choicePurchase timingPurchase amount<br />The black box model shows the interaction of stimuli, consumer characteristics, decision process and consumer responses.[1] It can be distinguished between interpersonal stimuli (between people) or intrapersonal stimuli (within people).[2] The black box model is related to the black box theory of HYPERLINK quot;
http://en.wikipedia.org/wiki/Behaviorismquot;
quot;
Behaviorismquot;
behaviourism, where the focus is not set on the processes inside a consumer, but the relation between the stimuli and the response of the consumer. The marketing stimuli are planned and processed by the companies, whereas the environmental stimulus are given by social factors, based on the economical, political and cultural circumstances of a society. The buyers black box contains the buyer characteristics and the decision process, which determines the buyers response.<br />The black box model considers the buyers response as a result of a conscious, rational decision process, in which it is assumed that the buyer has recognized the problem. However, in reality many decisions are not made in awareness of a determined problem by the consumer.<br />[edit]Information search<br />Once the consumer has recognised a problem, they search for information on products and services that can solve that problem. Belch and Belch (2007) explain that consumers undertake both an internal (memory) and an external search.<br />Sources of information include:<br />Personal sources<br />Commercial sources<br />Public sources<br />Personal experience<br />The relevant internal psychological process that is associated with information search is perception. Perception is defined as quot;
the process by which an individual receives, selects, organises, and interprets information to create a meaningful picture of the worldquot;
.<br />The selective perception process<br />Stage Description<br />Selective exposure consumers select which promotional messages they will expose themselves to.<br />Selective attention consumers select which promotional messages they will pay attention to.<br />Selective comprehension consumer interpret messages in line with their beliefs, attitudes, motives and experiences.<br />Selective retention consumers remember messages that are more meaningful or important to them.<br />The implications of this process help develop an effective promotional strategy, and select which sources of information are more effective for the brand.<br />[edit]Information evaluation<br />At this time the consumer compares the brands and products that are in their evoked set. How can the marketing organization increase the likelihood that their brand is part of the consumer's evoked (consideration) set? Consumers evaluate alternatives in terms of the functional and psychological benefits that they offer. The marketing organization needs to understand what benefits consumers are seeking and therefore which attributes are most important in terms of making a decision. It also needs to check other brands of the customer’s consideration set to prepare the right plan for its own brand.<br />[edit]Purchase decision<br />Once the alternatives have been evaluated, the consumer is ready to make a purchase decision. Sometimes purchase intention does not result in an actual purchase. The marketing organization must facilitate the consumer to act on their purchase intention. The organization can use a variety of techniques to achieve this. The provision of credit or payment terms may encourage purchase, or a sales promotion such as the opportunity to receive a premium or enter a competition may provide an incentive to buy now. The relevant internal psychological process that is associated with purchase decision is integration. Once the integration is achieved, the organization can influence the purchase decisions much more easily.<br />[edit]Postpurchase evaluation<br />The EKB model was further developed by Rice (1993) which suggested there should be a feedback loop, Foxall (2005) further suggests the importance of the post purchase evaluation and that the post purchase evaluation is key due to its influences on future purchase patterns.<br />[edit]Internal influences<br />Consumer behaviour is influenced by: demographics, psychographics (lifestyle), personality, motivation, knowledge, attitudes, beliefs, and feelings. Consumer behaviour concern with consumer need and consumer actions in the direction of satisfying needs leads to his behaviour of every individuals depend on thinking<br />[edit]External influences<br />Consumer behaviour is influenced by: culture, sub-culture, locality, royalty, ethnicity, family, social class, past experience reference groups, lifestyle, market mix factors.<br />[edit]See also<br />Food and Brand Lab<br />Consumer socialization<br />Art & Copy<br />