Welcome to MBA Marketing Management BUYING BEHAVIOR

[Audio] Welcome to MBA – MARKETING MANAGEMENT BUYING BEHAVIOR.

[Audio] CONSUMER BEHAVIOR IN MARKETING STRATEGY  Market Segmentation and Targeting Strategies  Positioning and Branding in Consumer Markets  Product Development and Innovation  Pricing Strategies and Consumer Behavior  Integrated Marketing Communication and Consumer Influence.

[Audio] MARKET SEGMENTATION AND TARGETING STRATEGIES IN BUYING BEHAVIOR Introduction to Market Segmentation and Targeting:  Market segmentation and targeting are essential components of marketing strategies aimed at understanding and meeting the diverse needs of consumers. By dividing the market into distinct segments based on common characteristics or behaviors, marketers can tailor their offerings and messages to specific groups of consumers, thereby increasing relevance and effectiveness. Understanding Market Segmentation:  Market segmentation involves dividing the heterogeneous market into smaller, more homogeneous segments based on various criteria such as demographics, psychographics, geographic location, behavior, or needs. This process allows marketers to identify and understand the distinct needs, preferences, and behaviors of different consumer groups. Common segmentation variables include age, gender, income level, lifestyle, values, attitudes, and usage patterns..

[Audio] MARKET SEGMENTATION AND TARGETING STRATEGIES IN BUYING BEHAVIOR Types of Market Segmentation:  Demographic Segmentation: Dividing the market based on demographic variables such as age, gender, income, occupation, education, and family size.  Psychographic Segmentation: Segmenting the market based on consumers' lifestyles, personality traits, values, interests, and attitudes.  Behavioral Segmentation: Dividing the market based on consumers' purchasing behavior, usage patterns, brand loyalty, benefits sought, or product usage occasions.  Geographic Segmentation: Segmenting the market based on geographic location, such as country, region, city, or climate..

[Audio] MARKET SEGMENTATION AND TARGETING STRATEGIES IN BUYING BEHAVIOR Benefits of Market Segmentation:  Better Understanding of Customers: Market segmentation enables marketers to gain a deeper understanding of their target audience by identifying their unique needs, preferences, and behaviors.  Improved Marketing Communication: Segmented marketing allows for more targeted and personalized communication strategies, leading to increased relevance and engagement with consumers.  Customized Product Offerings: By tailoring products and services to specific market segments, marketers can address the unique needs and preferences of different consumer groups, thereby enhancing customer satisfaction and loyalty.  Increased Marketing Effectiveness: Segmented marketing strategies are often more cost-effective and efficient, as marketers can allocate resources more strategically to reach and engage with the most valuable segments..

[Audio] MARKET SEGMENTATION AND TARGETING STRATEGIES IN BUYING BEHAVIOR Market Targeting Strategies:  Once market segments have been identified, marketers must decide which segments to target based on their attractiveness and fit with the company's objectives and resources. Market targeting involves evaluating the potential of each segment and selecting one or more segments to focus on with tailored marketing efforts. Common targeting strategies include:  Undifferentiated Targeting: Targeting the entire market with a standardized marketing mix, suitable for products with mass appeal and minimal variation in consumer needs.  Differentiated Targeting: Targeting multiple segments with separate marketing strategies and offerings tailored to each segment's unique characteristics and preferences.  Concentrated Targeting: Focusing on a single, well-defined segment with specialized products and marketing efforts, suitable for niche markets or limited resources.  Micromarketing: Tailoring products and marketing messages to individual customers or small, highly specific segments, often facilitated by advances in technology and data analytics..

[Audio] MARKET SEGMENTATION AND TARGETING STRATEGIES IN BUYING BEHAVIOR Implications for Buying Behavior:  Market segmentation and targeting strategies directly influence consumers' buying behavior by shaping their perceptions, preferences, and purchase decisions. By identifying and understanding the needs and preferences of specific consumer segments, marketers can develop more relevant and compelling offerings that resonate with consumers' motivations and desires. Effective segmentation and targeting strategies enable marketers to deliver personalized experiences, address consumer pain points, and foster stronger connections with their target audience, ultimately driving sales and fostering brand loyalty..

[Audio] POSITIONING AND BRANDING IN CONSUMER MARKETS Introduction to Positioning and Branding:  Positioning and branding are fundamental concepts in marketing that play a crucial role in shaping consumer perceptions, preferences, and buying behavior. Positioning refers to the strategic process of establishing a distinct image and identity for a product or brand in the minds of consumers relative to competitors, while branding involves creating and managing a unique set of associations and attributes that differentiate a product or brand from others in the market. Understanding Positioning:  Positioning involves identifying and communicating the unique value proposition of a product or brand to target consumers. This process requires careful consideration of the brand's attributes, benefits, and personality, as well as an understanding of the target market's needs, preferences, and perceptions. Effective positioning strategies aim to occupy a distinct and desirable place in consumers' minds, emphasizing the brand's points of differentiation and relevance..

[Audio] POSITIONING AND BRANDING IN CONSUMER MARKETS Elements of Positioning:  Target Market: Identifying the specific segments of consumers that the brand aims to serve and understanding their needs, preferences, and behaviors.  Points of Differentiation: Highlighting the unique attributes, benefits, or features that set the brand apart from competitors and resonate with consumers.  Brand Image and Personality: Crafting a consistent and compelling brand image and personality that aligns with consumers' perceptions and preferences.  Value Proposition: Communicating the brand's value proposition effectively through messaging, positioning statements, and marketing communications. Understanding Branding:  Branding involves creating and managing a strong, differentiated identity for a product or brand that resonates with consumers and fosters loyalty and recognition. A brand encompasses more than just a name or logo; it represents a set of tangible and intangible associations, emotions, and experiences that consumers associate with the product or company..

[Audio] POSITIONING AND BRANDING IN CONSUMER MARKETS Elements of Branding:  Brand Identity: The visual and verbal elements that represent the brand, including the brand name, logo, tagline, colors, typography, and visual imagery.  Brand Personality: The human-like attributes and characteristics associated with the brand, such as sincerity, excitement, competence, sophistication, or ruggedness.  Brand Equity: The intangible value and goodwill associated with a brand, including consumers' perceptions, preferences, loyalty, and willingness to pay a price premium.  Brand Loyalty: The degree of attachment and commitment consumers have towards a brand, leading to repeat purchases, advocacy, and resistance to competitive offerings..

[Audio] POSITIONING AND BRANDING IN CONSUMER MARKETS Implications for Buying Behavior:  Positioning and branding strategies have a significant impact on consumers' buying behavior by influencing their perceptions, attitudes, and purchase decisions. A strong and distinctive brand image and positioning can create a competitive advantage, build trust and credibility, and foster emotional connections with consumers. By effectively positioning and branding their products or services, companies can differentiate themselves from competitors, enhance perceived value, and drive purchase intentions and brand loyalty among consumers.  Positioning and branding are critical components of marketing strategies aimed at influencing consumer behavior and driving competitive advantage in consumer markets. By strategically defining and communicating a unique value proposition and brand identity, companies can differentiate themselves, build strong relationships with consumers, and drive long-term success in the marketplace. By incorporating insights from positioning and branding into their marketing strategies, businesses can enhance their ability to attract, engage, and retain customers, ultimately leading to increased sales, market share, and profitability..

[Audio] POSITIONING AND BRANDING IN CONSUMER MARKETS Product Development and Innovation Introduction to Product Development and Innovation:  Product development and innovation are integral aspects of marketing strategy aimed at meeting the evolving needs and preferences of consumers in the marketplace. These processes involve creating new products or improving existing ones to enhance value, differentiate offerings, and drive competitive advantage. Understanding consumer buying behavior is crucial in guiding product development and innovation efforts, ensuring that new products resonate with target audiences and fulfill their needs and desires effectively. Understanding Consumer Needs and Preferences:  Consumer needs and preferences serve as the foundation for product development and innovation. Marketers employ various research methods, such as surveys, focus groups, and market analysis, to gain insights into consumers' wants, pain points, and unmet needs. By understanding consumer behavior and identifying market gaps, companies can develop products that address specific customer needs, preferences, and purchase motivations..

[Audio] POSITIONING AND BRANDING IN CONSUMER MARKETS Stages of Product Development:  Idea Generation: The first stage involves generating ideas for new products or improvements to existing ones. Ideas can come from various sources, including market research, customer feedback, competitor analysis, and internal brainstorming sessions.  Concept Development and Testing: Once ideas are generated, they are further developed into product concepts. Concept testing involves gathering feedback from target consumers to assess their reactions, preferences, and purchase intent towards the proposed product concepts.  Product Design and Development: In this stage, product concepts are translated into tangible products through design and development processes. This includes prototyping, testing, and refining the product to ensure functionality, quality, and appeal to consumers.  Market Testing: Before full-scale launch, products may undergo market testing in select markets or segments to gauge consumer response, gather feedback, and identify any necessary adjustments or improvements.  Commercialization: Upon successful testing and refinement, the product is ready for commercialization. This involves launching the product into the market, implementing marketing strategies, distribution channels, and promotional activities to drive awareness, adoption, and sales..