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TOPIC 1 Consumer Behavior + Marketing Strategy - Coggle Diagram
TOPIC 1
Consumer Behavior + Marketing Strategy
Consumer Behavior
- the study of
individuals,groups and organisations
and the
processes
they use to select,secure,use and dispose of products, services, experiences or ideas to
satisfy needs
and
the impacts
that these processes have on the consumer and society
Applications of consumer behavior
marketing strategy
regulatory policy
social marketing
application of marketing strategies
and tactics to
alter/create behaviours
that have a
positive effect
on the targeted individuals or society as a whole
creation of informed individuals
educating consumers about their consumption behaviors
How consumer behavior can be used to delevop marketing strategy
Market analysis
gathering data and tracking trends related to consumers, competitors etc
the economic, physical, and technological environment
the capabilities of current and future competitors
the consumption process of potential customers
the organization's own capabilities
2.market segmentation
segment market and choose most compatible
marketing strategy
setting appropriate levels for the marketing mix
4.Consumer decision process
series of steps- problem recognition,information search, alternative evaluation,purchase, use, postpurchase evaluation
5.Outcomes at individual, societal and firm levels
Customer Value
- the difference between the benefits derived from a total product and the cost of acquiring those benefits
consumption societies
- economically develpoed societies
target market
- is a segment of a larger market on which a firm focuses its marketing strategies and tactics
Marketing Communications
- Any and all signals that a company provides about itself and its products through advertising, packaging, or public relations are referred to as
product's price
- The sum of money a person must pay to acquire the right to use a product
Consumer Cost
- everything the consumer must surrender in order to recieve the benefits of owning/using the product
product position
- An image of a product or brand in a consumer's mind in comparison to its competitors