Chapter 1: Evolution and Challenges of Consumer Behavior and Marketing…
Chapter 1: Evolution and Challenges of Consumer Behavior and Marketing
The behavior that consumer display in searching for, purchasing, using, evaluating, and disposing of products and services that they expect will satisfy their needs.
Categories of Consumers
Individual shoppers who search for, purchase and dispose of products and services for their own or entire households consumption.
Consumers who are buying and disposing products for the purpose of business and/or running of their organization's activities.
Development of the Marketing Concept
~ 1850s - 1920s
~ Heavy focus on production capacity
~ Mass production of products
~ Standardization concepts
~ 1930s - 1950s
~ Focused on personal selling
~ Over supply of goods and services
~ 1950s - to date
~ Heavy from 1950s onwards
~ A shift towards consumers' need for uniqueness, variation and preferences
Processes of the strategic marketing elements
A technique that enables a business to better target its products at the right customers.
Aim: to identify specific needs and wants of customer groups
Strategic Market Targeting
The process of strategically selecting one or two identified segments for any company to pursue in the process of meeting consumers' needs and wants.
The process of creating a product, service and/or brand image in consumers' minds.
The impact of digital technologies
~ More products and services through customization
~ More receptive towards the usage of this platform in promoting their products and services.
~ Use business skills to potentially capture the target market.
~ Products and services may be purchased without any hassle
~ Faced with potential loss of money