Chapter 2

Chapter 2 - Consumer Behavior Book Notes

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Chapter 2 Creating Marketing Strategies for Customer Centric Organizations I. THE CENTURY OF THE CONSUMER Consumer analysis - the process of understanding consumer trends, global consumer markets, models to predict purchase and consumption patterns, and communication methods to reach target markets most effectively. Strategy - a decisive allocation of resources, capital, technology, and people, in a particular direction A long term plan (ex. promotion/ product strategies) The organization gets manipulated by the consumer, and not the other way around Customer centric organizations - have strategic commitment to focus every resource of a firm on serving and delighting profitable customers. Include the following: Shared vision and values Cross functional integration System wide simultaneous training Customer Based Metrics II. MARKETING STRATEGY The goal of a customer centric organization is to provide more value than its competitors Value - difference between what consumers give up (time, money) for a product and the benefits they receive. Quality + Brand + Image + Price + Product features Marketing Strategy - involves the allocation of resources to develop and sell products or services that consumer will perceive to ADD MORE VALUE than competitive products and services. The overall framework process includes: Market Analysis, Market Segmentation, Brand Strategy, Implementation The Consumer is the CORE!
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III. FOUR PARTS OF MARKETING STRATEGY: “Consumer Analysis” 1. MARKET ANALYSIS - the process of analyzing consumer trends, current and potential competitors, company strengths and resources, and the technological, legal, and economic environments. o Goal- minimize the number of failed products introduced in the market by better understanding of the needs and wants of the market o It is the background of the market that you are entering o Starting point is understanding consumer and target market
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Chapter 2 - Consumer Behavior Book Notes

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