Unit II
Unit II
Analyzing consumer markets & buyer
behavior,
Analyzing business markets and business
buying behavior,
Market segmentation, positioning and
targeting;
Tools of product differentiation;
Marketing strategies in the different stage
of the product life cycle.
Consumer Behaviour
Influenced by three factors
1. Cultural ( Culture, subculture and social class)
2. Social (Reference groups, family and social roles and
statuses)
3.Personal ( Age, stage in life cycle, occupation, economic
circumstances, lifestyle, personality and self concept)
1.Measurable
2.Obtainable ,
3.Accessible,
4. Large enough to be profitable
5. Even micro marketing in consumer marketing like
customer loan, home design
Market Segementation
Groups of customers with different wants,
buying preferences or product use behaviour,
Process of dividing the total market for a
good or service into several smaller,
internally homogenous groups
Members of each group are similar with
respect to to factors that influence demand
Target Market
A specific market segment (people or
organisations) for which the seller designs a
particular marketing mix is a target market
Benefits
Customer oriented -tailored to want of
customers
Efficient use of resources
Firms can compete in selected segments
Ultimate Consumers and Business Users
Ultimate consumers
business users
Segmenting Consumer Markets
Segmentation Basis
Geographic
Demographic
Psychographic
Behavioural
Geographic
Product Differentiation
Product positioning
Product
A set of tangible and intangible attributes
which may be a good service, place, person
or ideas which results in a want satisfaction
of a consumer.
It may include packaging, color price,
quality and brand, plus the seller’s services
and reputation
Types