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The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires Consumer Individual who buys and uses a product or service Consumer Behaviour The buying habits and patterns of consumers in the acquisition and usage of goods and services Customer A person or company who purchases goods or services (not necessarily the end 'consumer') Customer Acquisition Cost the cost associated with acquiring a new customer. Customer Lifetime Value (CLV) The profitability of customers during the lifetime of the relationship, as opposed to profitability on one transaction. Customer Loyalty Feelings or attitudes that incline a customer either to return to a company, shop or outlet to purchase there again, or else to re-purchase a particular product, service or brand. Customer Satisfaction The provision of goods or services which fulfil the customer's expectations in terms of quality and service, in relation to price paid Buying Behaviour The process that buyers go through when deciding whether or not to purchase goods or services. Buying behaviour can be influenced by a variety of external factors and motivations, including marketing activity. Efficient Consumer Response (ECR) Having the right product in the right place at the right price with the right promotions.
Marketing Mix The combination of marketing inputs that affect customer motivation and behaviour. which can be useful when designing a marketing plan. price. Machine and Manpower. See 'Search Marketing'. These inputs traditionally encompass four controllable variables 'the 4 Ps': product. Keyword buying Advertisers paying for links to their websites to appear on internet search engines along side search results. The list has subsequently been extended to 7 Ps. Material. Market Research . Market Challenger A firm attempting to gain market leadership through marketing efforts. based on keywords entered into the search engine. the additions being people. promotion and place.Focus Groups A tool for market research where small groups of customers are invited to participate in guided discussions on the topic being researched Four M's Money.traditional framework for viewing the resources available to a business. Guerrilla Marketing The strategy of targeting small and specialised customer groups in such a way that bigger companies will not find it worthwhile to retaliate.   Unconventional marketing intended to get maximum results from minimal resources. patent or copyright in the country of sale. sometimes as "sponsored links". perhaps taking advantages of opportunities created by leaders without the need for much marketing investment of its own. Market Follower A firm that is happy to follow the leaders in a market place without challenging them. process and 'physical evidence'. Grey Marketing (also called Parallel Importing) The illicit sale of imported products contrary to the interests of a holder of a trademark.
"Marketing" is our middle name! [usage] Marketing Audit Scrutiny of an organisation's existing marketing system to ascertain its strengths and weaknesses. such as market share. any research which leads to more market knowledge and better-informed decision-making.   The commercial functions involved in transferring goods from producer to consumer.   The study of the demands or needs of consumers in relation to particular goods or services. advertising spend. Marketing Myopia Lack of vision on the part of companies. The first step to a successful marketing communications campaign is conducting objective market research. Term derives from the title of a seminal article by Theodore Levitt published in Harvard Business Review in 1960. anticipating and satisfying customer requirements profitably. and response rates elicited by advertising and direct marketing Marketing Research The gathering and analysis of data relating to market places or customers. any research which leads to more market knowledge and better-informed decision-making. Marketing Marketing is the management process responsible for identifying.   The study of the demands or needs of consumers in relation to particular goods or services. Marketing Metrics Measurements that help with the quantification of marketing performance.The gathering and analysis of data relating to market places or customers. particularly in failing to spot customers' desires through excessive product focus. each characterised by particular tastes and requiring a specific marketing mix. [usage] . [usage] Market Segmentation The division of the market place into distinct subgroups or segments. The first step to a successful marketing communications campaign is conducting objective marketing research.
Compare 'qualitative research' Reference Group . 'focus groups'. Niche Marketing The marketing of a product to a small and well-defined segment of the market place. where the customer decides whether to make a purchase. describing all activities involved in achieving a particular marketing objective. Marketing Strategy The set of objectives which an organisation allocates to its marketing function in order to support the overall corporate strategy. The brain is mapped. Point of Purchase displays and materials reinforce the buying decision. products or brands. using functional Magnetic Resonance Imaging (fMRI). gathered through opinion polls. usually resulting in findings which are more detailed but also more subjective than those of 'quantitative research' Quantitative Research Market research that concentrates on statistics and other numerical data.Marketing Plan A written plan. to record conscious and subconscious responses to advertising. Point of Purchase Location where payment for goods or services takes place where the purchaser and seller are both present. 'repertory grid'. usually within a retail outlet. usually in-depth. and their relationship to one another in both time and importance.   Promotional piece placed where the product is actually sold. Neuromarketing Technique to quantify how consumers will respond to brands and advertising. Qualitative Research Market research that does not use numerical data but relies on interviews. [usage] Point of Sale The location. together with the broad methods chosen to achieve these objectives. and the like. customer satisfaction surveys and so on.
film clips and games that get forwarded on electronically by recipients  A marketing phenomenon that facilitates and encourages people to pass along a marketing message. Self-Serve Advertising advertising that can be purchased without the assistance of a sales representative. Either getting a company website listed in search results (unpaid) or as a listing on the same webpage as the search results (paid). Typical techniques include using email messages. web addresses.A group with which the customer identifies in some way. Trade Marketing Marketing to the retail and distributive trades Unique Selling Proposition (USP) The benefit that a product or service can deliver to customers that is not offered by any competitor: one of the fundamentals of effective marketing and business. Viral Marketing Spreading a brand message using word of mouth (or electronically . Relationship Marketing The strategy of establishing a relationship with the customer which continues well beyond the first purchase. For example. and whose opinions and experiences influence the customer's behaviour. a sports fan might buy a brand of equipment used by a favourite team.  . jokes.'word of mouse') from a few points of dissemination. Search Marketing Promoting a company's website using internet search engines.
Marketing provides services in order to satisfy customers. personalisation. Customer behaviour study is based on consumer buying behavior. reference groups. payer and buyer. customisation and one-to-one marketing. neutrality.' Contents 1 Information search 2 Information evaluation 3 Purchase decision . It blends elements from psychology. sociology. unanimity.. Relationship marketing is an influential asset for customer behaviour analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. the consumer (Kioumarsi et al. evaluating. Social functions can be categorized into social choice and welfare functions. The most important characteristic of a social function is identification of the interactive effect of alternatives and creating a logical relation with the ranks. friends. Belch and Belch define consumer behaviour as 'the process and activities people engage in when searching for. homogeneity and weak and strong Pareto optimality. both individually and in groups. With that in mind. and where people do or do not buy products. using. and society in general. social welfare function is achieved.Consumer behavior is the study of when. with the customer playing the three distinct roles of user. the productive system is considered from its beginning at the production level. anonymity. Each method for vote counting is assumed as a social function but if Arrow’s possibility theorem is used for a social function. It also tries to assess influences on the consumer from groups such as family. customer relationship management. It attempts to understand the buyer decision making process. how. to the end of the cycle. Some specifications of the social functions are decisiveness. social anthropology and economics. monotonocity. It studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand people's wants. purchasing. why. No social choice function meets these requirements in an ordinal scale simultaneously. 2009). selecting. and disposing of products and services so as to satisfy their needs and desires'. A greater importance is also placed on consumer retention.
Selective exposure consumers select which promotional messages they will expose themselves to.Selective comprehension consumer interpret messages in line with their beliefs. attitudes. Sources of information include: Personal sources Commercial sources Public sources Personal experience The relevant internal psychological process that is associated with information search is perception. . and interprets information to create a meaningful picture of the world' The selective perception process Stage Description . 4 Postpurchase evaluation 5 Internal influences 6 External influences 7 References 8 See also Information search Once the consumer has recognised a problem. Perception is defined as 'the process by which an individual receives. organises. motives and experiences . selects.Selective attention consumers select which promotional messages they will pay attention to .Selective retention consumers remember messages that are more meaningful or important to them The implications of this process help develop an effective promotional strategy. and select which sources of information are more effective for the brand. they search for information on products and services that can solve that problem.CV . Belch and Belch (2007) explain that consumers undertake both an internal (memory) and an external search.
and market mix factors. Then after having made a purchase. How can the marketing organization increase the likelihood that their brand is part of the consumer's evoked (consideration) set? Consumers evaluate alternatives in terms of the functional and psychological benefits that they offer. . beliefs. The customer. but is likely to switch brands next time. it is the job of the marketing team to persuade the potential customer that the product will satisfy his or her needs.it is not effected by advertisement. Sometimes purchase intention does not result in an actual purchase.Information evaluation At this time the consumer compares the brands and products that are in their evoked set. motivation. ethnicity. may feel that an alternative would have been preferable. personality.sub-culture. The relevant internal psychological process that is associated with purchase decision is integration. psychographics (lifestyle). the consumer is ready to make a purchase decision. Internal influences Consumer behaviour is influenced by: demographics. locality. having bought a product. reference groups. and feelings. social class. Postpurchase evaluation It is common for customers to experience concerns after making a purchase decision. The provision of credit or payment terms may encourage purchase.consumer behaviour concern with consumer needconsumer actions in the direction of satisfing needs leads to his behaviour behaviour of every individuals depend on thinking process External influences Consumer behaviour is influenced by: culture. To manage the post-purchase stage. knowledge. royalty. the customer should be encouraged that he or she has made the right decision. attitudes. This arises from a concept that is known as “cognitive dissonance”. lifestyle. In these circumstances that customer will not repurchase immediately. or a sales promotion such as the opportunity to receive a premium or enter a competition may provide an incentive to buy now. Purchase decision Once the alternatives have been evaluated. The marketing organization needs to understand what benefits consumers are seeking and therefore which attributes are most important in terms of making a decision. family. The marketing organization must facilitate the consumer to act on their purchase intention.
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