Segmentation, Targeting, Positioning, STP Strategies

In today’s marketing world, segmentation is often treated as old hat. And it’s no wonder. With so many misconceptions and segmentation failures, marketing professionals are left with little more than survey statistics, textbook rhetoric, and wasted market research dollars. But all hope is not lost. Building segmentation that works requires a new approach to an …

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Market Segmentation, Targeting, Positioning, STP Steps

Market segmentation, targeting and positioning strategies enable an organization to gain competitive advantage in the market. Market segmentation involves dividing the entire market into groups containing identifiable consumers who seek similar benefits from a product. Next comes the task of targeting and product differentiation. In this, marketers must decide on the marketing mix to be …

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PLC, Pricing Over The Product Life Cycle, An Empirical Analysis

This paper explores the extent to which goods follow systematic pricing patterns over their life cycle. The theoretical literature, and anecdotal evidence, suggests that new products are often introduced at high prices which decline as the good ages while, older goods exit the market at a discount. We outline and apply a smoothing-spline approach to …

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Influence of Reference Groups on Consumer Decision Making

A reference group is defined as “an actual or imaginary individual or group conceived of having significant relevance upon an individual’s evaluations, aspirations, or behavior” (Park and Lessig, 1977). Bearden and Etzel (1982) define a reference group as a person or group of persons that significantly influence the behavior of an individual, and argue that …

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Consumer Decision Making Process, Consumer Behaviour

Consumer decision making has several steps. This presentation discusses about consumer behaviour, the steps of consumer decision making (Problem Recognition, Information Search, Evaluation of Alternatives, Purchase, Post-purchase Behaviour), importance of consumer behaviour to marketers, types of consumer buyong decisions like Routine Response Behaviour, Limited Decision Making. The presentation also provides information about the Factors Affecting …

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