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CONSUMER BEHAVIOUR MRKT 405 Aysun ŞABANLI Let’s get connect: @AysunKafasi @AysunSabanli Aysun Sabanli Mail: [email protected] Copyright © 2015 Pearson Education Aysun Sabanli Get the Credits Easily – I will be helping you Mid – term Final Quiz Homework Project Participation 25% 35% 10% 10% 15% 5% The Book: 10th Edition Consumer Behaviour Leon G.Schiffman, Leslie Lazar Kanuk Pearson Copyright © 2015 Pearson Education Pro-active: Please participate Let’s question everything Twit of the day: Let’s creat our own community Mentions: @AysunKafasi @AysunSabanli @EMUofficial Hashtag: #MRKT405 Copyright © 2015 Pearson Education Forget about MARKETING Copyright © 2015 Pearson Education How we will work: We will learn theories but we will focus more on business practices We will analyse different social groups and segments Discuss around case studies Build up marketing strategies focusing on different segments We will talk about our observations regarding human behaviour. Copyright © 2015 Pearson Education Slide 5 of 26 Consumer Behavior: Meeting Changes and Challenges Copyright © 2015 Pearson Education Chapter 1 Learning Objectives 1.1 To understand the evolution of the marketing concept, the most prominent tools used to implement marketing strategies. 1.2 To Understand How New Technologies Are Enabling Marketers to Better Satisfy the Needs and Wants of Consumers. 1.3 To understand consumer behavior as an interdisciplinary area, consumer decision-making, and the structure of this book. 1.4 To understand the interrelationships among customer value, satisfaction, and retention, and technology’s revolutionary role in designing effective retention measures and strategies. 1.5 Marketing Oriented Business Requirements: 1.6 To Understand the Makeup and Composition of a Model of Consumer Behavior. Copyright © 2015 Pearson Education Slide 7 of 26 Learning Objective 1.1 1.1 To understand the evolution of the marketing concept, the most prominent tools used to implement marketing strategies. Copyright © 2015 Pearson Education Slide 8 of 26 Question: What is marketing do you think? Copyright © 2015 Pearson Education Development of the Marketing Concept Production Concept Copyright © 2015 Pearson Education Product Concept Selling Concept Marketing Concept Slide 10 of 26 Production Orientation • From the 1850s to the late 1920s • Companies focus on production capabilities • Consumer demand exceeded supply Production Orientation Product Concept Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Sales Orientation Marketing Concept Chapter One Slide 11 Product Orientation • Companies focus on highest quality and adding up features • Companies believes their product is unique and offers distinctive benefits. • Companies focus on product development, and competitors instead of market needs. Production Orientation Product Concept Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Sales Orientation Marketing Concept Chapter One Slide 12 Sales Orientation • From the 1930s to the mid 1950s • Focus on selling • Supply exceeded customer demand Production Orientation Product Concept Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Sales Orientation Marketing Concept Chapter One Slide 13 Marketing Concept • 1950s to current - Focus on the customer! • Determine the needs and wants of specific target markets • Deliver satisfaction better than competition Production Orientation Product Concept Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Sales Orientation Marketing Concept Chapter One Slide 14 Marketing Concept The essence of marketing consists of satisfying consumers’ needs, creating value, and retaining customers. Copyright © 2015 Pearson Education Slide 15 of 26 Marketing Concept Application How does Classico’s ad relate to the marketing concept? Marketing Concept Kotler Definition Marketing Management is the Art and Science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Copyright © 2015 Pearson Education Slide 17 of 26 Learning Objective 1.2 1.2 To Understand How New Technologies Are Enabling Marketers to Better Satisfy the Needs and Wants of Consumers. Consumers Have Embraced Technology New Era “Peep Culture Era” Hal Niedzviecki “Excessive sharing: Sharing private information. And asking for approval from the people who has exposed to peep”. Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall New Era “Network Culture” Beth Coleman Virtual Selves Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Real Selves New Marketing Era The new responsibility of marketing is to the build real relationship with the customers. The one and only focus is HUMAN. Impact of Digital Technologies Marketers Consumers • More products and services through customization • Instantaneous exchanges • Collect and analyze data • Power • Information • Computers, phones, PDA, GPS, smart TV Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Chapter One Slide 25 Discussion Question How does technology affect the Marketing Mix? Provide examples: • Interactive and communication channels • Customizing products and promotional messages • Better prices and distribution Learning Objective 1.3 1.3 To understand consumer behavior as an interdisciplinary area, consumer decisionmaking, and the structure of this book. Consumer Behavior • The behavior that consumers display in searching for, purchasing, using, evaluating, and disposing of products and services that they expect will satisfy their needs. Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Chapter One Slide 28 Two Consumer Entities Personal Consumer • The individual who buys goods and services for his or her own use, for household use, for the use of a family member, or for a friend. Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Organizational Consumer • A business, government agency, or other institution (profit or nonprofit) that buys the goods, services, and/or equipment necessary for the organization to function. Chapter One Slide 29 How can a car help express its owners’ characteristics? Consumer Behavior Is Interdisciplinary Psychology Economics Anthropology Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Sociology Social psychology Chapter One Slide 31 Learning Objective 1.5 1.5 Marketing Oriented Business Requirements: Marketing Concept Requirements • Consumer Research • Market Segmentation, Targeting and Positioning • The Marketing Mix (4 Ps) – Product or service – Price – Place – Promotion Copyright © 2015 Pearson Education Slide 33 of 26 The Marketing Concept Embracing the Marketing Concept • • • • Consumer Research Segmentation Market Targeting Positioning Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall • The process and tools used to study consumer behavior Chapter One Slide 34 The Marketing Concept Implementing the Marketing Concept • • • • Consumer Research Segmentation Market Targeting Positioning Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall • Process of dividing the market into subsets of consumers with common needs or characteristics Chapter One Slide 35 Discussion Questions 1. What products that you regularly purchase are highly segmented? 2. What are the different segments? 3. Why is segmentation useful to the marketer for these products? Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Chapter One Slide 36 The Marketing Concept Implementing the Marketing Concept • • • • Consumer Research Segmentation Market Targeting Positioning Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall The selection of one or more of the segments identified to pursue Chapter One Slide 37 The Marketing Concept Implementing the Marketing Concept • • • • Consumer Research Segmentation Market Targeting Positioning • Developing a distinct image for the product in the mind of the consumer • Successful positioning includes: – Communicating the benefits of the product – Communicating a unique selling proposition Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Chapter One Slide 38 The Marketing Mix Product Price Marketing Mix Place Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Promotion Chapter One Slide 39 Learning Objective 1.4 1.4 To understand the interrelationships among customer value, satisfaction, and retention, and technology’s revolutionary role in designing effective retention measures and strategies. Successful Relationships Customer value High level of customer satisfaction Customer retention Successful Relationships Value, Satisfaction, and Retention • Customer Value • Customer Satisfaction • Customer Retention • Defined as the ratio between the customer’s perceived benefits and the resources used to obtain those benefits • Perceived value is relative and subjective • Developing a value proposition is critical Discussion Questions • How does McDonald’s create value for the consumer? • How do they communicate this value? Successful Relationships Value, Satisfaction, and Retention • Customer Value • Customer Satisfaction • Customer Retention • The individual's perception of the performance of the product or service in relation to his or her expectations. • Customer groups based on loyalty include loyalists, apostles, defectors, terrorists, hostages, and mercenaries Successful Relationships Value, Satisfaction, and Retention • Customer Value • Customer Satisfaction • Customer Retention • The objective of providing value is to retain highly satisfied customers. • Loyal customers are key – – – – They buy more products They are less price sensitive Servicing them is cheaper They spread positive word of mouth Customer Profitability-Focused Marketing • Tracks costs and revenues of individual consumers • Categorizes them into tiers based on consumption behavior • A customer pyramid groups customers into four tiers Platinum Gold Iron Lead THE TRADITIONAL MARKETING CONCEPT VALUE- AND RETENTION-FOCUSED MARKETING Make only what you can sell instead of trying to sell what you make. Use technology that enables customers to customize what you make. Do not focus on the product; focus on the need that it satisfies. Focus on the product’s perceived value, as well as the need that it satisfies. Market products and services that match customers’ needs better than competitors’ offerings. Utilize an understanding of customer needs to develop offerings that customers perceive as more valuable than competitors’ offerings. Research consumer needs and characteristics. Research the levels of profit associated with various consumer needs and characteristics. Understand the purchase behavior process and Understand consumer behavior in relation to the influences on consumer behavior. the company’s product. Realize that each customer transaction is a discrete sale. Make each customer transaction part of an ongoing relationship with the customer. Copyright 2010 Pearson Education, Inc. publishing as Prentice Hall Chapter One Slide 46 Technology and Customer Relationships For Discussion: • Provide two examples where brands used technology to engage consumers/enhance customer relationships. • Provide two examples where technology was used to add value to the consumer. Learning Objective 1.6 1.6 To Understand the Makeup and Composition of a Model of Consumer Behavior. Consumer Decision Making Copyright © 2015 Pearson Education Slide 49 of 26 THANK YOU Copyright © 2015 Pearson Education Slide 50 of 26