Marketing Management chapt4_09

Marketing Management chapt4_09 - Marketing Management...

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Chapter4 Analyzing Consumer Behavior Marketing Management Marketing Management
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Key Learning Points Concept and activity of market segmentation. Segmentation implementation issues. Understanding consumer motives for buying behavior. Understanding how consumers make purchase decisions. Importance of understanding where and when consumers purchase. Implications for global and technology-based markets.
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Customer Analysis Customer analysis addresses five questions: Who are the current and potential customers for the product or service? Why do they buy? How do they make purchasing decisions? Where do they buy the product or service (what channels of distribution are used)? When do they buy?
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Customer Analysis Customer analysis should include: Current customers Competitors’ customers s Helps understand why competitors’ products are being bought. Former customers s Helps to understand weaknesses of your product or service & why users switch brands. Nonusers s Helps understand how to expand the market.
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Who Are the Customers? Market segmentation is the key. Breaks mass markets into groups with different buying habits. Segmentation schemes are useful when: s People in different segments behave differently toward the product. s Different marketing elements (price, etc.) can be used to effectively reach different segments. The segmentation process makes use of both primary and secondary data.
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Who Are the Customers? Segmenting the market is not the same as choosing which segment or segments should be actively pursued (targeting the market). Benefits of market segmentation More efficient than mass marketing. s Less money is wasted on low probability contacts. More effective than mass marketing. s Marketing mix can be totally customized to appeal to the needs of each segment.
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Who Are the Customers? Single-customer segments make sense in certain circumstances: Number of customers is small. Companies try to create perception that individuals are treated as a unique group using: s One-to-one marketing, by means of individualized communications. s Mass customization, via personalized products and services.
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Discussion Question Using one Using one - - to to - - one marketing effectively one marketing effectively requires that marketers have access to requires that marketers have access to extensive databases. extensive databases. >>>Can you think of an example of a product or >>>Can you think of an example of a product or service that offers consumers mass service that offers consumers mass customization opportunities? Explain customization opportunities? Explain .
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Who Are the Customers? Geographic and Psychographic
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Marketing Management chapt4_09 - Marketing Management...

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