Strategic marketing applications INTRODUCTION As compared to ten or even twenty years ago, today, consumers have so many choices to make. Today as always, business growth depends heavily on loyal customers who return because they are
"Strategic marketing applications INTRODUCTION As" is the property of its rightful owner. Permission is granted to
download and print the materials on this website for personal, non-commercial use only, and to display it
on your personal computer provided you do not modify the materials and that you retain all copyright
notices contained in the materials. By downloading content from our website, you accept the terms of this
agreement.
Presentation Transcript
01
Strategic marketing applications<br>
02
INTRODUCTION As compared to ten or even twenty years ago, today, consumers have so many choices to make. Today as always, business growth depends heavily on loyal customers who return because they are satisfied with the product and/or service they have received. Thus, firstly companies have to bring consumers into the stores. The companies bring consumers into the store by marketing their product. It is necessary to discuss strategic marketing applications because it gives direction to a firm’s efforts and better enables it to understand the dimensions of marketing research, consumer analysis, product, distribution, promotion, and price planning.<br>
03
The study of consumers helps firms and organizations improve their marketing strategies by understanding issues such as:
➢The psychology of consumers as to how they think, feel, reason, and select between different alternatives (e.g., brands, products);
➢The psychology of consumers as to how they are influenced by their environment (e.g., culture, family, signs, media);
➢The behavior of consumers while shopping or making other marketing decisions;
➢How limitations in consumer knowledge or information processing abilities influence decisions and marketing outcome;
➢How consumer motivation and decision strategies differ between products that differ in their level of importance or interest that they entail for the consumer; and
➢How marketers can adapt and improve their marketing campaigns and marketing strategies to reach the consumer more effectively<br>
04
Understanding these issues helps us adapt our strategies by taking
the consumer into consideration. For example, by understanding that
a number of different messages compete for our potential customers’
attention, we learn that to be effective, advertisements must usually be
repeated extensively. We also learn that consumers will sometimes be
persuaded more by logical arguments, but at other times will be persuaded
more by emotional or symbolic appeals. By understanding the consumer,
we will be able to make a more informed decision as to which strategy to
Employ.<br>
05
There are four main applications of consumer behavior:
➢The most obvious is for marketing strategy—i.e., for making
better marketing campaigns. For example, by understanding that
consumers are more receptive to food advertising when they are
hungry, we learn to schedule snack advertisements late in the
afternoon. By understanding that new products are usually initially
adopted by a few consumers and only spread later, and then only
gradually, to the rest of the population, we learn that
(1) Companies that introduce new products must be well financed
so that they can stay afloat until their products become a commercial
success and
(2) it is important to please initial customers, since they will in turn
influence many subsequent customers’ brand choices.<br>
06
➢A second application is public policy. In the 1980s, Acutance, a near
miracle cure for acne, was introduced. Unfortunately, Acutance
resulted in severe birth defects if taken by pregnant women. To
get consumers’ attention, the Federal Drug Administration (FDA)
took the step of requiring that very graphic pictures of deformed
babies be shown on the medicine containers.
➢ Social marketing involves getting ideas across to consumers rather
than selling something.
➢As a final benefit, studying consumer behavior should make us
better consumers.<br>
07
What is a Market?
A market is: “An aggregate of people who, as individuals or
organizations, have needs for products in a product class and who have the
ability, willingness and authority to purchase such products (conditions
needed for an exchange).”
Types of markets
1. Consumer Intend to consume or benefit, but not to make a profit.
2. Organizational/Business For:
➢Resale
➢Direct use in production
➢or general daily operations.<br>
