Buying motives of consumer

Why consumers buy a specific product? The answer to this question is that the consumers have the desire which motivate them to buy a particular product. The buying motives of the consumer are broadly divided into two categories: Continue reading “Buying motives of consumer”

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Factors affecting consumer buying behavior

The behavior of the consumer with regard to purchase is affected by various factors and these factors are uncontrollable. These factors are also called the determinants of consumer buying behavior. These factors affect the consumer behavior differently (see Figure). These are also called as the buying characteristics influencing consumer behavior. Continue reading “Factors affecting consumer buying behavior”

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Modern or new concept of marketing

Modern or new concept of marketing is a broader concept. It does not mean to provide consumer goods and services what the seller manufactures but it consists the process of discovering the consumer and converting their wants into appropriate goods and services. So the first step for the manufacturer is to find out what are the needs of the consumer? And how these needs can be satisfied? Only then he can make profit. There are six concept of marketing which the companies keep in mind. Continue reading “Modern or new concept of marketing”

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Market segmentation, market gridding and market positioning

Market segmentation, market gridding and market positioning are very important terms of marketing management. Let us discuss them one by one:

Market Segmentation

Marketing segmentation means dividing the total market into smaller units with more or less similar features. It is the method to group together the buyers, who have common needs in order to give them more satisfaction. For example, Hot wheels concentrate on children segment, Lakme company concentrate on women segment. According to Philip Kotler “Market Segmentation is the process of dividing a market into distinct sub groups of consumer with distinct needs, characteristics or behavior.” So all the markets are made up of segments and these segments are made up of sub- segments. So it is the responsibility of the marketing manager how to segment the market either to concentrate on women segment, men segment or children segment to get the maximum profit.

Market Gridding

Market Gridding means splitting the market based on the usage of the product. Like ice box is needed by an ice cream vender, refrigerator is needed by a housewife, water cooler is needed by owner of a factory. So the marketer split the market on the bases of the use of the product which is called market gridding.

Market Positioning

Market Positioning is the way how the product is defined by the consumer based on it’s important attributes. It is the place which a product occupies in the minds of the consumer. like:

Maggi — two minute noodles

Horlicks — a health drink

Rin —as powerful detergent

Nokia- connecting people

So it is the responsibility of the company to use unique selling proposition for each brand and stick to it. A company can position it’s product on the basis of it’s features, on the basis of it’s price, on the basis of it’s benefits, on the basis of it’s quality etc.

Note to the readers: This is for your kind information that I have cleared the UGC JRF exam. If you want any guidance regarding this, please post in the comment section.

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