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Consumer Behavior Model (Black Box)
Consumer Behavior Model (Black Box) Definition of Consumer Behavior Consumer behavior is the study of individuals and groups to understand the process they follow before making a purchase. It encompasses psychological, social, and cultural factors that influen...
Factors Affecting Consumer Behavior
1. Cultural Factors Cultural factors play a significant role in shaping a consumer's behavior: Culture: The values, beliefs, and traditions a person grows up with influence their purchasing decisions. Example: In some cultures, gifting during festivals is a...
Types of Buying Decision Behavior
Consumers make different types of buying decisions based on how important the purchase is to them and how much they think brands differ. Below are the four main types of buying decision behaviors explained in simple terms. 1. Complex Buying Behavior Definitio...
Institutional Markets and Government Markets
Institutional Markets Definition: Institutional markets consist of organizations like schools, hospitals, nursing homes, and similar entities that focus on the welfare of individuals rather than profit-making. These organizations cater to the needs of a defi...
Understanding the STP Model: Segmentation, Targeting, and Positioning
The STP Model is a strategic framework used in marketing to help businesses identify and connect with the right audience. It involves dividing a broad market into smaller, more manageable groups (Segmentation), deciding which group to focus on (Targeting), and...
Types of Pricing
What is Price? Price is the money charged for a product or service. It is the value customers give in exchange for the benefits of using the product or service. Pricing is a key part of marketing and affects a company’s revenue and profits. It is the most fle...
New Product Pricing Strategies
When a new product is launched, companies can choose one of the following pricing strategies: Market Skimming Pricing Setting a high price for a new product to maximize revenue from different customer segments over time. Example: Apple products When do...
Product Mix Pricing Strategies
Used when a product is part of a product mix, meaning multiple related products are sold together. Types of Product Mix Pricing: Product Line Pricing Optional-Product Pricing Captive-Product Pricing By-Product Pricing Product Bundle Pricing 1. Pro...
Price Adjustment Strategies
Marketers adjust prices to account for customer differences and changing market conditions. 1. Discount and Allowance Pricing Discounts: Direct price reductions offered for a specific reason. Cash Discount: Given for prompt payments (e.g., 2% off for earl...
Price changes, Public policy and pricing.
Initiating Price Cuts Why cut prices? Excess inventory: When a company has too much stock that isn’t selling, they may lower the price to move the products faster. This helps avoid having unsold goods piling up, which can be costly. Falling demand: If a p...
Integrated Marketing Communications
Introduction to Integrated Marketing Communications (IMC) Integrated Marketing Communications (IMC) is a strategic approach that ensures a unified and consistent message across all marketing channels. It integrates advertising, public relations, digital market...
Advertising, sales promotion, personal selling and sales management.
Advertising The term "advertising" originates from the Latin words "Ad" and "Verto." "Ad" denotes towards, and "Verto" translates to I turn. Essentially, advertising is the act of redirecting people's attention toward a specific thing. It involves the stra...
Promotional Strategies
1. Public and Customer Relations Public Relations (PR): This is about how a company manages its image and builds good relationships with the public, media, and stakeholders. It includes activities like press releases, media coverage, crisis management, and c...