Strategies are formulated to provide superior customer value. In formulating market strategies, the 4 Ps are directed at the target market.
(i) Product. Product is anything that is offered to the consumer which is tangible and can satisfy a need and has some value.
(j) Price. Price is the amount of money one must pay to obtain the right to use the product.
(k) Distribution (Place). The goods can be distributed by many channels. These could be retailers, wholesalers, agents or by direct selling. Distribution outlets play an important role in reaching the goods to the consumer. They provide, time, place and possession utilities. Some goods need to be marketed through the channels or the middleman. Others can be marketed directly by the company to the actual consumer.
(l) Promotion. Promotion is the means of changing the attitudes of the consumer, so that it becomes favourable towards the company’s products. Various means of promotion are advertising, personal selling, sales promotion and publicity.
(m) Service. Service refers to auxiliary service that enhances the value of the product or the service. For instance, while buying a car, free services are provided over a certain period of time. Check-ups are free and maintenance is also covered on the charge of an adequate amount along with the product purchased. These auxiliary services are provided at a cost with money. These provide value to the product or the customer. These services give an advantage to the customer and he is free from the botheration of occasional check-ups or risk. The risk is considerably reduced and, the customer derives satisfaction with his decision to purchase.
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Consumer Behaviour Tutorial
Psychographic Or Lifestyle Segmentation
Concept Of Culture & Subculture
Cultural Variations In Non-verbal Communications
Family Buying Influences, Family Life Cycle And Buying Roles
Diffusion Of Innovation
Personality And Self Concept
Motivation And Involvement
Information Processing Learning And Memory
Attitude Development And Alternate Evaluation In Buying
Search And Evaluation
Purchasing Process And Outlet Selection
Purchase Behaviour (situational Factors)
Models Of Consumer Behaviour
Consumerism (public Policy And Consumer Protection)
Organisational Buying Behaviour
Changing Consumer Behaviour
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