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Principles of Marketing

Principles of Marketing. Lecture-17. Summary of Lecture-16. Business Markets and Buying Behavior. Model of Business Buyer Behavior. Business Buying Situations. New Task Buying. Modified Rebuy. Involved Decision Making. Straight Rebuy. Major Influences on Business Buying. Level of

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Principles of Marketing

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  1. Principles of Marketing Lecture-17

  2. Summaryof Lecture-16

  3. Business Markets and Buying Behavior

  4. Model of Business Buyer Behavior

  5. Business Buying Situations

  6. New Task Buying Modified Rebuy • Involved Decision Making Straight Rebuy

  7. Major Influences on Business Buying

  8. Level of • demand • Economic • outlook • Interest rate • Rate of techno- • logical change • Political and • regulatory • developments • Competitive • developments • Social responsi- • bility concerns Environmental • Objectives • Policies • Procedures • Organizational • structures • Systems Organizational • Interests • Authority • Status • Empathy • Persuasive- • ness Interpersonal • Age • Income • Education • Job position • Personality • Risk attitudes • Culture Individual Business Buyer

  9. Problem Recognition General Need Description Product Specification Supplier Search Proposal Solicitation Supplier Selection Order Routine Specification Performance Review

  10. Today’s Topics

  11. Market Segmentation

  12. Shift from… Mass Marketing ………. Segmented Marketing

  13. Two Basic Approaches • Market Segmentation Approach • The needs and preferences of the global market are viewed as heterogeneous varying from one group to another. • Total Market Approach • The needs and preferences of the entire, global market are regarded as relatively homogeneous.

  14. Major Steps in Target Marketing • Segmentation • Target Marketing • Market Positioning

  15. Market Segmentation Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.

  16. Target Marketing The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

  17. Market Positioning Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the mind of target consumers

  18. Steps in Market Segmentation, Targeting, and Positioning

  19. Market Segmentation 1. Identify bases for segmenting the market 2. Develop segment profiles Market Targeting 3. Develop measure of segment attractiveness 4. Select target segments Market positioning 5. Develop positioning for target segments 6. Develop a marketing mix for each segment

  20. Segmenting Consumer Markets

  21. What is Market Segmentation?

  22. Segmentation is breaking down heterogeneous mass market into more homogeneous submarkets • Consumers within segments should respond similarly to particular marketing actions • Consumer response should be different between segments

  23. Why?

  24. Why segment the market? • Diverse needs, wants and buying behaviors differ • One firm cannot satisfy everyone’s needs • Different strengths and competitive advantages • Focus on what they do best • Better marketing opportunities • More profitable

  25. Segmentation

  26. Segmentation Variables • Geographical segmentation • Demographic segmentation • Psychographic segmentation • Behavioral segmentation

  27. Geographical Segmentation

  28. Dividing a market into different geographical units such as nation, province, regions, countries, cities or neighborhoods

  29. Geographic Segmentation Variables

  30. World Region or Country Region Province City Neighborhood City or Metro Size Density Climate

  31. Demographic Segmentation

  32. Dividing the market into groups based on demographic variables such as age, gender, etc.

  33. Demographic Segmentation Variables

  34. Age Gender Family size Family life cycle Income Occupation Education Religion Race Generation Nationality

  35. Psychographic Segmentation

  36. Dividing a market into different groups based on social class, personality etc.

  37. Psychographic Segmentation Variables

  38. Social class Lifestyle Personality

  39. Behavioral Segmentation

  40. Dividing a market into groups based on consumer knowledge, attitude etc.

  41. Behavioral Segmentation Variables

  42. Occasions Benefits User Status Attitude Toward the Product User Rates Loyalty Status Readiness Stage

  43. Enough for today. . .

  44. Summary

  45. Market Segmentation

  46. Segmentation

  47. Major Steps in Target Marketing • Segmentation • Target Marketing • Market Positioning

  48. Segmentation Variables • Geographical segmentation • Demographic segmentation • Psychographic segmentation • Behavioral segmentation

  49. Next….

  50. Market Segmentation (cont..)

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