Advertising Review

In: Business and Management

Submitted By cityfoxspb
Words 1708
Pages 7
Market - the place where offer and demand meet.

Marketing - set of actions used by organizations to influence public behaviour they depend on.

The value of a product is linked to consumer perception: the consumer believes he will get an experience that is worth the money.

Perceived value -> Experience -> Satisfaction -> Preference

Understand the market –> Adapt to the market -> Better influence the market

Types of Market: Company, Reference, Generic, Induced (print ink), Captive (limited competition)

Market Analysis: Size of the market, Demand analysis, Competitor Analysis, Environment Analysis (political, economic, social, technological), SWOT

Consumer behavior is made of i) consumer needs and expectations, ii) consumer purchasing process. Knowing consumers’ needs and expectations is the best way to successfully market products (demand and supply meet). Knowing the purchasing process they follow and the way they make choices in a given situation is the best way to make them purchase a product.

Variables that influence purchasing process: * Risk analysis (financial, psychological, physical, functional) * Implication: importance given by consumer to the purchasing decision * Experience: is consumer used to buying this product * Situation/environment

Purchasing Process: Problem Identification ->Information Research ->Evaluation-> Decision

Most of the markets are heterogeneous: expectations and behaviours of consumers vary.

Segmenting is the action of dividing the market into groups.

Segmentation Criteria: * Demographics * Geographical * Social * Lifestyle * Behavior * Advantages

Segmentation Strategies: Mass Marketing (commodities), Segmented Marketing, Focused Marketing (audit companies), One-to-One Marketing
Positioning - the art of creating a different and…...

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