To survive in a competitive environment, a marketer must provide target customers more value than is provided by its competitors. Customer Value is the difference between all the benefits derived from a total product and all the cost of acquiring those benefits. Providing superior customer value requires the organization to do better job of anticipating and reacting to customer needs than the competitors does. An understanding of customer behaviour is the basis for strategic marketing formulation. Consumers’ reactions to this marketing strategy determine the organization’s success or failure. However, these reactions also determine the success of the consumers in meeting their needs, and they have significant impacts on the larger society in which they occur.
Marketing strategy is conceptually very simple. It begins with an analysis of the target market which includes company, conditions, competitors, and consumers. Next, Market segmentation: This involves identifying product-related need sets, grouping customers with similar need sets, describing each group and selecting an attractive segment to serve.
Third stage is marketing strategy and it involves manipulation of marketing mix. The marketing mix includes the product, price, communications, distribution, and services provided to the target market. Next is Consumer Decision Process.The final stage Outcomes involves analysis of firm’s product position and customer satisfaction resulting from implementation of the strategy.
Consumer Behaviour Related Interview Questions
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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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