week 1
1.1 Interrelationship between consumer behavior and marketing concept
Marketing comprises of all the activities and tasks undertaken to promote and sell the product to the end consumer. It encompasses a wide array of techniques that can be used to push the product/service to the consumer and get them to pay for the same. Marketing can also be done for non-selling objectives like brand awareness, recognition, brand image enhancement etc. In essence, marketing concept creates a value for the customer and communicates it effectively to drive the consumer to make a purchase. It is also almost detrimental in customer retention.
To achieve the objective of the campaign, it is essential to know what the customer wants, what they use, their propensity to pay, the trends, their perception about the product etc. This is where consumer behavior steps in. A product might create value for every consumer but organizations can select a specific target audience and tailor their products and services to create value for the maximum possible target audience. Understanding the relationship between these two entities often relies on understanding the psychologies of the consumer which can be done by means of surveys, focus groups, market research, observing buying patterns etc.
Consumer behavior and marketing go hand in hand as without knowing the buying behavior of the consumer a marketing effort cannot be undertaken effectively. Even if it is, then it might not be successful in achieving the desired results that the organization is aiming to achieve.
1.2 A company is introducing a new e-book reader. Suggest segmentation, targeting and positioning strategies for the new product.
Segmentation: An ideal segment is the one that is easy to reach, large enough that it can cover costs and generate profits, cheap to market to and must have an acceptance of the product or similar products that have been in the market. Customers can be segmented according to certain criteria
Marketing comprises of all the activities and tasks undertaken to promote and sell the product to the end consumer. It encompasses a wide array of techniques that can be used to push the product/service to the consumer and get them to pay for the same. Marketing can also be done for non-selling objectives like brand awareness, recognition, brand image enhancement etc. In essence, marketing concept creates a value for the customer and communicates it effectively to drive the consumer to make a purchase. It is also almost detrimental in customer retention.
To achieve the objective of the campaign, it is essential to know what the customer wants, what they use, their propensity to pay, the trends, their perception about the product etc. This is where consumer behavior steps in. A product might create value for every consumer but organizations can select a specific target audience and tailor their products and services to create value for the maximum possible target audience. Understanding the relationship between these two entities often relies on understanding the psychologies of the consumer which can be done by means of surveys, focus groups, market research, observing buying patterns etc.
Consumer behavior and marketing go hand in hand as without knowing the buying behavior of the consumer a marketing effort cannot be undertaken effectively. Even if it is, then it might not be successful in achieving the desired results that the organization is aiming to achieve.
1.2 A company is introducing a new e-book reader. Suggest segmentation, targeting and positioning strategies for the new product.
Segmentation: An ideal segment is the one that is easy to reach, large enough that it can cover costs and generate profits, cheap to market to and must have an acceptance of the product or similar products that have been in the market. Customers can be segmented according to certain criteria