CONSUMER BEHAVIOR

NAME:Anmol Deep Singh SECTION: MM202

COURSE: Internationqal Marketing

In view of the competitive environment, how can we better understand consumer behavior and develop
marketing strategies?. Entrance strategy act as a roadmap for overcoming obstacles while looking for
new business prospects and obtaining licenses or services in several markets.

Four P’s of Marketing

Four ps of marketing is also known as marketing mix key elements that business use to create and
implement marketing strategy.

Product refers to any item that tends to satisfy the needs and wants of the target customer. Recognizing
customer wants and preferences is the first step towards understanding consumer behavior. Price refers
to the monetary value and also the time and the customer is willing to spend and afford to acquire it.
Additionally, customer behavior is impacted by price swings and influences their purchasing decisions.
While some consumers may be more sensitive to price, others may place more value on other
considerations like quality and brand reputation. Promotion refers marketing communications and these
communications use channels of advertising, email marketing , social marketing or sales promotions.

STP

This is the fundamental idea of the modern market; without marketing, products would be generic or
hardly personalized, or their benefits would not be effectively communicated to particular client groups.

Segmentation- Divide the groups of people with common characteristics and needs. Age and gender -
different age and gender has different needs and wants, have distict needs and buying behavior. Family
structure- grouping customers according to family, time-saving products, convenient foods or
commodities and high-quality items for single parents' needs. Social class and incomes - - higher
incomes tend to have greater purchasing power and lower income often focus on value for money and
practicality , more price sensitive. Race and ethnicity - people might choose brands and service that
might be allogned with their ethnicity allowing them to express then in theuir cultures. Geography-
divind the target into distinct segemts such as location , region city and climate ex clothing in heavy
winter cloting.in colder. Innovate new products

Targeting - Selecting which consumer group (segment) to concentrate your marketing efforts on is known
as targeting.

Positioning - - create product and positioning and marketing mix that is most likely to appeal to the
selected audience

UNIQUE SELLING PROPOSITION - special features or benefits that set a product, service, or brand apart
from its rivals in the market.

 A particular aspect of the product or brand that offers value to the target market and is difficult
for rivals to imitate.
 should emphasize a unique quality about the product or brand. This can be a feature
MARKET ENTRY STRATEGY

Expanding operations beyond national borders presents both opportunities and challenges. Strategic
decision-making in international marketing (IM) entails choosing a target market and figuring out the
best way to reach and service that market.

Consumer behavior – it is the study of the process involves when individuals or groups select , purchase
, use or dispose of products services , ideas or experience to satisfy needs and desires.

 In order to facilitate the flow of goods across borders, ensure compliance with regulations, and
meet consumer demands, future managers and license brokers must understand consumer
behavior.
 Marketers can provide the optimal mix for the customer if they have a better understanding of
how consumers respond to the four components of the marketing mix.