Creating value for target customers

Creating value for target customers

1. model of consumer behavior

   • consumer buyer behavior
   • consumer market
     • final consumers combined

2. characteristics affecting consumer behavior

   • factors influencing consumer behavior
     • cultural
       • culture
         • basic value,perception,wants,behavior
       • subculture
         • a group shared value system based on exp.
       • social class
         • society relatively permanent+ordered divisions→share similar values,interests,behaviors
     • social
       • groups and social networks(influentials/leading adopters)
         • word-of-mouth influence and buzz marketing
           • opinion leaders
       • family
       • roles and status
     • personal
       • age and life-cycle stage
       • occupation
       • economic situation
         • personal income
         • savings
         • interest rate
       • lifestyle
         • measure sbd (AIO:activities,interests,opinions)
       • personal and self-concept
     • psychological
       • motivation
       • perception
         • selective attention
           • tendency for ppl to screen out most of the information
         • selective distortion
           • tendency for ppl to interpret info. that will support what already believe
         • selective retention
           • tendency to remember gd points made by a brand they favor+forget gd points about competing brands
       • learning
         • exp/occur through interplay
           • drives
           • stimuli
           • cues
           • responses
           • reinforcement
       • beliefs and attitudes
         • knowledge
         • opinion
         • faith
     • buyer

3. Types of buying decision behavior

   • complex buying behavior
   • dissonance-reducing buying behavior
   • habitual buying behavior
   • variety-seeking buying behavior

4. The buyer decision process

   • (1).need recognition
     • internal stimuli
     • external stimuli
   • (2).info. search
     • personal sources
     • commercial sources
     • public sources
     • experiential sources
   • (3).evaluation of alternatives
   • (4).purchase decision
     • attitudes of others
     • unexpected situation factors
   • (5).post-purchase decision
     • cognitive dissonance caused by post-purchase conflict

5. market segmentation

   • factors
     • smaller segments with distinct needs
     • characteristics
     • behavior
   • geographic segmentation (where)
     • diff. geog. units
       • nations
       • regions
       • states
       • countries
       • citys
   • demographic segmentation (who)
     • age and life-cycle stage segmentation
     • gender segmentation
     • income segmentation
       • affluent
       • middle-income
       • low-income
   • psychographic segmentation
     • social class
     • lifesyle
     • personality traits
   • behavioral segmentaion
     • factors
       • knowledge
       • attitudes
       • uses
       • respones
     • occasion segmentation
     • benefit segmentation
     • user status
     • usage rate
     • loyalty status
   • requirements for effective segmentation
     • measurable
       • size,purchasing power,profiles of the segments
     • accessible
       • effectively reached served
     • substantial
       • large/profitable enough to serve
     • differentiable
       • distinguishable and respond diff. to marketing
     • actionable
       • effective program → attracting and serving the segments

6. market targeting

7. market segmentation

   • factors
     • smaller segments with distinct needs
     • characteristics
     • behavior
   • geographic segmentation (where)
     • diff. geog. units
       • nations
       • regions
       • states
       • countries
       • citys
   • demographic segmentation
     • age and life-cycle stage segmentation
     • gender segmentation
     • income segmentation
       • affluent
       • middle-income
       • low-income
   • psychographic segmentation
     • social class
     • lifestyle
     • personality traits
   • behavioral segmentation
     • factors
       • kwoledge
       • attitudes
       • uses
       • responses
     • occasion segmentation
     • benefit segmentation
     • user status
     • usage rate
     • loyalty status
   • requirements for effective segmentation
     • measurable
       • size,purchasing power,profiles can be measured
     • accessible
       • effectively reached and served
     • substantial
       • large / profitable enough to serve
     • differentiable
       • distinguishable and respond diff. to marketing
     • actionable
       • effective program→attracting and serving the segments

8. Market targeting

   • evaluating market segments
     • segment sizes and growth
     • segment structural attractiveness
       • competition
       • substitute products
       • power of buyers
       • power of suppliers
     • company objectives and resources
       • competitive advantage
       • availability of resources
       • consistent with company objectives
   • target marketing strategies
     • undifferentiated marketing (mass)
       • targets the whole market with one offer
     • differentiated marketing
       • targets several diff. market segments and design separate offers
     • concentrated marketing
       • targets a small share of a large market
     • micromarketing
       • local marketing
         • e.g. fair wood
       • individual marketing
         • e.g. BMW
   • criteria for choosing
     • company resources
     • product variability
     • product life-cycle stage
     • market variability

9. differentiation and positioning

   • product position
     • occupies in consumer's mind
   • competitive advantage
     • an pros by offering greater value
       • free newpp:free
       • lexus:perection
   • product differentiation
   • service differentiation
   • channel differentiation
   • ppl differentiation
   • image differentiation

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