CONSUMER MARKETING STRATEGY Flashcards
the perceptions, value system, or religion of these groups
influence their buying behavior.
Cultural Factor
it refers to the relationship of consumers to the society. An
example the consumer usually buys according to his/her belonging or social
class.
Social Factor
this factor refers to the personal characteristics of the buyer.
A personal characteristic refers to age, income, occupation and lifestyle.
Personal Factor
this one refers to the perceptions, beliefs and attitudes
of consumers. Their experiences commonly applied to the products that they
bought or about to buy.
Psychological Factor
is usually defined
as scientific investigation. It
about collecting data,
presentation, analysis and
interpretation of data gathered.
Research
Steps in research
- Identifying the problem
2.Deciding the type of data to
gather
3.Evaluating how the data
be collected - Gathering data
- Analyzing the data gathered
6 . Making a conclusion or recommendation - Reporting the result of the
research
the preliminary research work and used in
solving a problem or formulate a hypothesis.
Exploratory Research
this one is used to describe the present
buying behavior.
Descriptive Research
it is a correlational study. It is to establish the
relationship or cause and effect situation.
Casual Research
are information to be gathered to answer the objective
of the research work.
Research Data
these are information that
can be c o u n t e d or c o m p u t e d . These are
numerical values
Quantitative Data
these are descriptive and
cannot be counted.
Qualitative data
these are data directly from the
consumers in the target segment.
Primary Data
these are information that
was previously gathered by another researcher.
Secondary Data
Research Instruments
a. Survey Questionnaire
b. Personal Interview
c. Focus Group
Discussion
people buy
expensive products and perform the steps in
buying decision.
Complex Buying Behavior
people buy low price
goods and do not care about the brand.
Simple Buying Behavior
consumers
are attached to the brand. They buy because of
the brand.
Brand Sensitive Buying Behavior
Consumers
buy expensive products because they believe
expensive products are high quality.
Price-Sensitive Buying Behavior
is a combination of seven factors, or kinds of choices, that a
company deals with in order to properly and efficiently market their products and
services.
Marketing Mix
these are goods that offered to customers. It can be a tangible
goods or intangible like services.
Product
this is where your target customers are.
Place
this is set based on availability of competing products, cost
of making the product, type of product and stages of product.
Price
Convenience Goods, Shopping Goods, Specialty Goods, Unsought Goods
Consumer Goods/Product
Raw Materials, Fabricating parts and materials, Installation, Accessory equipment, Operating Supplies
Industrial Goods/Product
Stages of Product in the Market
a. Introductory Stage
b. Growth Stage
c. Maturity Stage
d. Decline Stage
the new product is highly priced
Price skimming approach
product is introduced with low price
Price penetration approach
the price is simply equal to the cost plus the desired profit
margin
Cost based model
the product decreases in sales. Profitability will fall, eventually
to the point where it is no longer profitable to produce, and production will stop
Decline Stage
it is conveying the presence and attributes of product to the target
consumers.
Promotion
these are the employees or workers who work with you.
People
it is putting the product in an attractive package.
Packaging
the place occupied by the product in the mind of consumers.
Positioning
is something we must have to survive like food, water, shelter
Need
is something that people desire to obtain in order to become happy and satisfied.
Want
Maslow’s Hierarchy of Needs
Self-actualization
Esteem
Love and belonging
Safety needs
Physiological needs
is a marketing practice in which a company creates a name, symbol or
design that is easily identifiable as belonging to the company. helps
distinguish your product or services from other.
Branding
usually is a name applied by a manufacturer or organization to a
particular product or service.
Brand Name
All products of the business carry the same name
Umbrella Brand Approach
Every product of the same business has a separate brand name.
House Brand Approach
The existing product has been modified or altered.
Line extension Approach
A new product carries a brand name in a new category.
Product Extension Approach
is an approach to
developing new products for your existing customers or
for prospects who do not currently buy from you.
product line extension strategy
