Marketing Principles
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Introduction
Marketing is the key factor to every business. One should understand consumer decision making and purchasing behavior which influence is guided by Maslow’s hierarchy of needs that include social, functional and need for change. Marketing strategy should focus on social and cultural factors.
Identify two of the most important environmental factors you think are relevant to the customers of your product or service offering
Several environmental factors influence marketing, which include cultural and social factors. Cultural factors influence customer purchasing behavior and marketing of products. It is crucial to understand consumers’ needs and behavior regarding their cultural environment since one’s needs and desires are driven by the cultural values. They defined good and bad services. One is socialized to society values, perceptions, behavior, and preferences. It influences one’s decision in making purchasing choices. Every brand should take into account one cultural values. For example, the Muslims culture does not allow men and women mingle while receiving services such as queuing together in a bank (Birtwistle, & Tsim, 2005).
Social factors
Human beings are a social being, our behaviors, personality, likes, and dislikes are influenced by people around us. Social issues influencing consumers’ behavior include reference group, family, and social class. Family size highly determines consumers purchasing behavior. For example, in India, the products likes and dislikes are rooted in family behavior. The head of the homestead influences all members to purchase behavior.
Reference groups contribute to one purchasing behavior. They refer to people whom one associate. .They influence one altitude, values, and behavior towards particular brands in the market. Social class refers to the social strata of the society. We have the poor and the rich. As a businessperson, you should have a different marketing strategy for each class
Identify the three most important consumer factors you think are relevant to the customers of your product or service offering
There are various factors, which consumers consider before making a decision to purchase a product. They include economic, function and psychological factors. One cannot buy what he or she cannot afford. Affordability is significant, and one has to budget well. Functional factors involve one need at a particular time. Finally, psychological factors involve what appeals to consumer where advertisement plays a great role. All these factors contribute to consumer decision to purchase a product. As the businessperson, you should put into consideration the above factors as you launch your product in the market (Birtwistle & Tsim, 2005).
The role of involvement in consumer decision-making. Identify the level of involvement a customer of your product or service might use to make a purchase/no purchase decision
The consumer is involved in different ways in making the purchasing decision. There are two types of involvements that include high level and low- level involvements. The involvement depends on the products; some products do not require a lot of involvement of consumers for example consumable goods while others like electronics they are highly involved. Consumers need to be involved in all decisions as far as product purchase is concerned. Most of the expensive items engage more since they need to see value for the money and get a good product in return (Kim, Ferrin, & Rao, 2008).
Go through the six steps of the purchase process outlined in the readings and identify where marketing can influence each of the six steps
The steps involved in purchasing include; need recognition, search for product information, Product evaluation, product choice and purchase, post purchase and disposal of the product. The following are ways to involve marketing in every step a consumer takes in process of making purchasing decision
Need recognition
That is what drives and motivates a customer to buy a particular product. It can be contributed by several things. As a seller, make your products focus on a specific need, gap and the aim to satisfy the consumer need. This provokes the customer to buy the product
Search for information
It equips one with information regarding the product, how it will satisfy the need for internet, word of mouth as well as social media. The Internet shopping sites include Amazon, Oxyletc. As a seller, l will ensure I avail as much information as possible in all our advertising space. This will enable the consumer get information about the product as well as how it will satisfy needs
Product evaluation
The consumer will get as much information as possible with a variety of alternatives. One needs to evaluate which is the best product to suit his or her needs. The seller can help the consumer by aligning what the products entails, value addition, and after sale services.
Product choice and purchasing
Need and evaluation can take place at the same time. The consumer makes a step to buy that product that satisfies his or her need. It can be high or low involvement purchases. Here the consumer considers the cost, after -sale services and other factors
Post purchase
Here you evaluate the product and check the packaging. The buyer feels satisfied with the purchase. As a seller, ensure everything goes right from the information the consumer got at information and evaluation stage