This assignment is approximately comprehended and studies the buyer behaviour. In this statement there are two researches to be found in regards of KS Ltd intend to launch a variety of personal notebook computers to cater for many types of customer and the author have to list and clarify the a few of market segmentation that the company can use to segment their market and choose one of the marketplace segment that the business aim for. In the next question, the author has make a research on consumer decision making process and discuss every levels in detail with relevant example.
For this research project, the author categorized the project into four portions. There are launch, market segmentation, consumer decision making process and realization.
On the advantages, the author has discussed what consumer action is. In consumer habit, marketer studies the importance of consumer action on the path to understand their tendencies about how they make a decision on buying a product or services and leads to company development if the marketers can know very well what as well as how to satisfy consumer needs and desires.
In finding of question one, the writer has discussed about identifying the precise needs and desires of customer group on the market segmentation in order to gratify consumer needs and needs. A couple of four common bases segmenting consumer marketplaces that KS Ltd can focus on to the client, geographic segmentation, demographic segmentation, psychographic segmentation and product related segmentation which helps to identify distinctions in buying habit. The writer has chosen product-related segmentation to target their consumer.
For question two, the writer has explained the consumer decision making process is to gathers and determine information of people thoughts and judgment people gathers and make selections among alternative products, services, organizations, people, places and idea. Through the entire process, marketers have the ability to know how a consumer think and aim for them to be able to purchase the merchandise or services.
At previous in the final outcome, the author has emphasize the importance of consumer behavior again and explained the importance of deciding on the best market segmentation to advertise the right consumer and from the consumer decision making process, marketers will understand the habit of what sort of consumer will buy a product although process.
TABLE OF Details PAGE
Executive Synopsis 1
Market Segmentation 4
Geographic Segmentation 5
2. 1. 1 Demographic Segmentation 6
2. 1. 2 Psychographic Segmentation 6
2. 1. 3 Product-Related Segmentation 6
2. 1. 4 Brief summary 7
2. 2 Consumer Decision Making Process 7
2. 2. 1 Problem Acceptance 8
2. 2. 2 Information Search 8
2. 2. 3 Evaluate Alternative 9
2. 2. 4 Purchase Decision 9
2. 2. 5 Post Purchase Evaluation 10
3. 0 Conclusions 11
4. 0 References 13
1. 0 Introduction
In this business world, organizations have to comprehend of how consumer behaves with regards to what they buy to be able to sell a product or service effectively. Therefore, organizations often study consumer patterns to regulate how and why a consumer makes decision to acquire or not to buy something or service. (Neal, 1999) Irrespective in a little business or a business, focusing on how is the clients to buy your products and service will definitely help a company grow and grow by giving an answer to consumer needs and achieving their satisfaction. Marketers acquire extensively from psychology and sociology to better understand consumer behavior. And therefore, an organization has to employ all the information from marketing strategy to satisfy aim for consumer needs.
In order to effectively understand consumer action in achieving client satisfaction and needs and would like, a firm have to develop a multitude of products to meet completely different needs and understand a few segmentation variables the company may use to section their market and which segment could the business can shoot for to matches their consumer needs as well concerning satisfied their customer to get trust in the company and build customer commitment.
2. 0 Market Segmentation
KS Ltd Intend to launch a variety of personal notebook computers to appeal to the many types of customers. To be able to aim for and satisfied different kind of consumer needs and wishes, market segmentation are necessary to enable the business enterprise to better concentrate on the merchandise at the right customer. Market Segmentation is about identifying the specific needs and wants of customer organizations and then using those insights into providing products and services which meet and satisfied customer needs and desires. It also can adjust marketing ways of meet up with the needs of each group. A couple of four common bases segmenting consumer markets that KS Ltd can aim for to the customer, geographic segmentation, demographic segmentation, psychographic segmentation and product related segmentation which helps to identify variations in buying action.
2. 1 Geographic Segmentation
Geographic segmentation is a division of a standard market into homogenous communities based on their locations. Marketers check out total population, a number of economic factors, geographic indications and migration habits to find out market size. According to Kurtz 2010, Geographic location does not ensure all consumers in a spot can make the same decisions, but this segmentation approach really helps to identify some standard patterns. And for that reason, marketers need to focus on areas with quickly growing populations to arrange for the future. Through this segmentation, the marketers of KS Ltd need to check out the population each of every point out. The marketers are too have to find out the fastest-growing areas and lowest-growing states to be able to plan the strategies on what range and types should focus on in this states.
2. 1. 1 Demographic Segmentation
Demographic Segmentation is the most typical of market segmentation. In Kurtz, 2010, Demographic segmentation is also called socioeconomic segmentation as this segmentation identifies consumer groups regarding to demographic factors such as, gender, years, income, profession, education, sexual oriented, household size and level in the family lifecycle. Through this segmentation, KS Ltd marketers are able to come up with a list of demographics like statistic, characteristic and characteristics that represent the ideal target market and segmented into several to help to concentrate on the consumers more effectively. Furthermore, this segmentation is tightly linked to variables of customer needs. Marketers can easily collect more data to comprehend to be able to meet consumer satisfaction.
2. 1. 2 Psychographic Segmentation
This Segmentation can be used mainly to target a certain group from within a society. Psychographic segmentation is one that uses people's personality, communal school, lifestyle, their activities hobbies and opinions to define a market segment. It is predicated on the assumption that the types of products and brands a person purchases will reveal that persons quality and patterns of living. KS Ltd can use AIO claims (Attitude, Pursuits and Judgment) way for producing psychographic research of any population to perform a large-scale survey by asking views, passions, needs and desires to recognize or disagree with the merchandise.
2. 1. 3 Product-Related Segmentation
In Kurtz, 2010 explained that product-related segmentation requires dividing a consumer populace into homogeneous groupings predicated on their romantic relationships to the merchandise such as, segmenting predicated on benefits people seek when they buy a product; on use rates for a product or consumers' brand loyalty towards the products. For this segmentation, KS Ltd can linked and use the demographic and psychographic segmentation on the products and setting their product in order to enhance and creating brand devotion.
In Author impression, KS Ltd could target and focus product-related segmentation to focus on their consumers. Take a good example, a customer searches for when purchasing the company laptop, where customer may buy one simply for basic use, internet surfing or office documents use, in each circumstance, customer needs will vary. So here the marketers can identify benefits a person searches for when purchasing the company products. On the other hand, if the customer is buying a laptop because of their children as courage for his or her children, customer now could be looking for intangible benefits. Besides of this, Marketers can link to use other demographic and psychographic segmentation to section a total market by grouping people based on the amounts of a product they buy. KS Ltd can differentiate as heave users, average users and light users to benchmark number for each section. At last but not least, KS Ltd could use brand loyalty to segment their market to consumers. If the customer are hard key loyal in the product, those customer will continue to buy the same brand again and again. This might make customer refuse the fighting brand even other brands are start new products or having advertising.
2. 1. 4 Summary
In brief, market segmentation is important to focus on the buyer needs and desires in order to make the consumer to acquire the merchandise. KS Ltd can in fact using multiple segmentation bases as this may help the business to improve the accuracy in achieving the right marketplaces. (Kurtz, 2010) Therefore, to be able to get to know their customer better and meet their needs, marketers have to take additional time all these research to help to sell the merchandise.
2. 2 Consumer Decision making Process
Consumer's decision making process is the ways which people gathers and examine information and make options among alternate products, services, organizations, people, places and idea. "It really is particular important to marketers is how situation inner and external sources of influence affect the consumer purchase decision process" (Neal, 1999) You can find two levels of purchases decision that are high-involvement purchase decision and low-involvement purchase. High-involvement purchase decision is consumer who's deciding of high degrees of potential or economical consequences like, buy a car or homes. For low-involvement purchase decision is displayed by the habitual decision like buying clothes or a glass or two. When consumers show a pastime in buying a product, consumers will follow a conclusion making process. You will find five steps in the consumer decision process, problem reputation, information search, evaluate of alternatives, purchase decision and post purchase analysis.
2. 2. 1 Problem Recognition
The first stage in the buying decision is problem acceptance. Corresponding to Neal, 1999, the acceptance of a problem is the result of a discrepancy between a desired status and an actual state that is enough to arouse and switch on your choice process. Individuals are hesitant to respond to unfulfilled wishes because the product or services cannot meet their needs. For acceptance of the situation example, the necessity for an individual computer might take longer because there could be more simple problems, which take more then to consider. Therefore the center of the marketer's goal is to comprehend consumers unsatisfied needs, and show the buyer the way the product will fulfill that need.
2. 2. 2 Information Search
Once the problem is recognized, the buyer gathers information about the attainment of an desired condition. This search may content of inside and external sources of information. This used of information from memory space is known as inside search and the search process is focused on exterior stimuli relevant job fixing the problem is known as exterior search. (Neal, 1999) In the same way, a consumer may notice of a new laptop starting in the store and then the consumer may find out about the capabilities of the product, which represent the consumer has limited decision making involve mainly inner information. But if this consumer look for more information at other brands that may be similar as the first product they saw and make an evaluation of the merchandise, this might be the example of limited decision making entail both interior and exterior information. This research will result to increase product and market knowledge and enhance personal effect as well as personal satisfaction.
2. 2. 3 Analysis of Alternatives
The third step in the buyer decision process is to evaluate the evoked set of point of view. The alternatives are examined based on the consumer's criteria to guide the choice and the comparative need for these criteria. The normal criteria include price, brand image, income level public category and culture. The number of evaluative criteria used by consumers depends on the product, the buyer and the problem. Therefore, it's important that the internet marketer to concentrate on evaluative standards as they can try to inform consumer about qualities the view worth focusing on of the products and show why a specific brand fulfills those criteria. At last, they are going to try to induce consumer to expand the evoked place to add the marketed product.
2. 2. 4 Purchase Decision
Once the merchandise has been picked, the buyer has evaluated each option, and then narrowed the alternative right down to one, finally, the consumer has made a decision to buy and pay for the product. Purchase decision left over at this stage focus on the shop of purchase. After choose the product, the next step will be an evaluation of the purchased product.
2. 2. 5 Post purchase Evaluation
At this post purchase analysis, the purchase work will brings about two results. Is either the buyer feel satisfy of not satisfy with the product they bought. The level of satisfaction that the consumer will experience will rely upon how many of the buyer was attained; meet-or go over their anticipations. At some circumstances, consumer may experience post purchase anxiousness called cognitive dissonance. This nervousness results from a imbalance among someone's knowledge, perception or behaviour. Consumer might experience dissonance when they spend big money on the product but the product failed to surpass their meets and satisfaction. This might cause consumer decide reject rather than to purchase the product ever again. Therefore, marketers should provide information that helps the chosen item in order to reduce the cognitive dissonance and continue utilize this product.
3. 0 Conclusion
In final result, Consumer tendencies is the way a person reacts to purchase centered marketing materials or action. It is difficult to forecast, even for experts in the field, it is essential to review consumer buying tendencies and understand customer needs and would like and how it works in order to meet their satisfaction.
Through the market segmentation, KS Ltd will know which market segmentation to utilize to market their products to the consumer in order to attain company goals. With several of segmentation, KS Ltd could use aim for one segmentation to totally utilize and aim for the consumers. With understanding consumer decision making process, marketers could examine criteria are used by the consumer to check out the ways the buyer perceives the many alternative in conditions of every criterion and improve or change the product features to have an impact on consumer buying point of view. The marketers can also come up with the right marketing strategies in order to the right target market.
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