What is the relationship between a Marketing strategy and consumer behavior quizlet?

Recommended textbook solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Marketing Essentials: The Deca Connection

1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese

1,600 solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Business Math

17th EditionMary Hansen

3,734 solutions

Recommended textbook solutions

Fundamentals of Financial Management, Concise Edition

10th EditionEugene F. Brigham, Joel Houston

777 solutions

Marketing Essentials: The Deca Connection

1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese

1,600 solutions

Intermediate Accounting

14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

1,471 solutions

Accounting: What the Numbers Mean

9th EditionDaniel F Viele, David H Marshall, Wayne W McManus

338 solutions

Recommended textbook solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Fundamentals of Financial Management, Concise Edition

10th EditionEugene F. Brigham, Joel Houston

777 solutions

Intermediate Accounting

14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

1,471 solutions

Marketing Essentials: The Deca Connection

1st EditionCarl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese

1,600 solutions

- Consumer: Monetary value (economic- cost/benefits), convenience value (time), emotional value (less risk, feel good, relaxed), and social value (feel accepted)

Marketers: Costs are low for advertising, ads are linked to electronic devices, deliver contextually relevant to others
- use data analytics identify user location and see how often the consumer visits the website
- New technology allows us to personalize certain products, seek more depth and meaning in a product, appreciate digital technology, be more efficient, increases multiplicity which interacts with all of our senses and creates new experiences

traditional (going into a store) and new technology (shopping online, pop-up ads, she wants more information about value of new technology)

-Expectations is a strong belief that something will happen or a prediction that we will get something
-Customer satisfaction - perception and performance of the product - if expectations are met you will be more satisfied
-Value and retention - the value they get the from the resources they expend

-Customer expectations and customer satisfaction have a relationship with each other because the satisfaction is based on the customers' expectations. If the customer has an expectation that is exceeded, then they will be more satisfied. If the customers' expectations are not met, then the customer will not be as satisfied.
-Customer value and customer retention also have a relationship because customer retention can be based off of how the customer values their experience. If the customer thinks an experience was worth the time, money and other resources spent on it, then they will likely come back, buy the product/service more, and be more loyal.
In the end, all 4 of these parts are interrelated. If expectations are met, then customers are satisfied, which means they most likely believe that their benefits are exceeding whatever it cost them and it is worth it, which could then lead to higher customer loyalty and retention.

Variables:
1. Demographics: age, gender, marital status, income, education, social class, ethnicity
2. Internet Navigation Patterns and Use: email, browsing, shopping, blogging, chatting, video streaming and downloading
Benefits Consumers seek when using Mobile Devices
1. Location Information: navigate, directions, weather in a certain location
2. Communication: sending and receiving email, pictures, texts and chatting
3. Sports and Entertainment: receiving sports related information, adult entertainment, gaming online, gambling and downloading music
4. Value-Added Shopping: compare prices, receive coupons and sales alert, receive product information
5. Financial Services: banking, trading stocks, filing insurance claims and buying tickets online

Social media is the means of interactions among people in which they create, share, and exchange information and ideas in virtual communities and networks. Social media depends on mobile and Web-based technologies to create highly interactive platforms through which individuals and communities share, co-create, discuss, and modify user-generated content.
89% respondents said that social media marketing generated more business exposure than any other medium. It's much easier to increase brand exposure on social networks because of the accessibility and integrative marketing processes.
Community: social media has the benefit of empowering businesses to build an online community through tagging, hashtags, and search features. On social media, you can easily identify relevant partnerships, social influences and competitors.

Tracking: conversion ratios tend to be higher on social media because users can track and monitor social activity on each network. The primary benefit of this is that brands can detect what works well and what they need to improve in regards to their social media strategy and execution.

Low cost: advertising through social media platforms is inexpensive compared with many offline platforms. Many social media platforms are still free to engage in apart from the costs associated with the design and production of what you post. Unlike T.V, print media or radio advertising, you certainly don't need a model or a voice over artist.

Broad reach and targeted focus: one of the key drivers and advantages of social media advertising over traditional advertising is its reach. Reaching your audience and more importantly, targeting and focusing on the right kind of prospect has become much easier compared with many of the "shot gun" approaches you take just to make a 1% or 2% return offline

Easy sharing: your messages gets a second life when it's shared with others in their circles and sharing on social media and the web is almost effortless. Something as simple an a mailing list becomes obsolete . When you consider the cost savings of not having to pay for ever-increasing postage rates

Real-time analysis: with traditional forms of media, analysis of the impact of an ad campaign is almost impossible, and even if it is done, it's done in the long term
Future proof: Advertising on social media is in the future with the rise in ad dollars spent on online marketing and the "constant hot" connection to the web, more and more companies will want to be where everyone is: online.

The marketing concept refers to the idea that a company should assess its customers' needs and develop solutions to those needs. All consumers are not alike because they have different needs, wants, and desires, and different backgrounds, education levels, and experiences. Therefore, marketers must offer alternatives that correspond to the needs of different consumer groups and segments. Market segmentation enables producers to avoid head-on competition by differentiating their products. To be an effective target, a market segment must be identifiable, sizeable, stable and growing (in terms of lifestyles and consumer behaviors), reachable, and congruent with the marketer's objectives and resources.

-market segmentation: Market segmentation is a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries that have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.

-First meet criteria, then segment

Input: The input stage of the consumer decision making process can be broken up into two separate parts, which are both external influences. The first is the firm's market marketing efforts that are directed at consumers, that being the 4 P's (Product, Price, Place and Promotion). The second part of the input stage is the Sociocultural Environment, which consists of family, social class, subculture/ culture and other noncommercial sources.
Process: The Process stage discusses the actual "decision making process". This consists of a need recognition (realization by the consumer that there is a difference between "what is" and "what should be"), prepurchase search (when the consumer actively seeks out information about a product/ service that could potentially satisfy their need) and finally the evaluation of alternatives (determine criteria to be used, assess the importance of each criteria, evaluate each alternative based on those criteria).
Output: The final stage of the consumer decision making process is the Output stage. This consists of the actual purchase, whether it be a trial, first time or repeat. After the consumer purchases the product/ service, they go through postpurchase evaluation. This is where the consumer compares what their expectations of the product/ service was vs how satisfied they actually were.

Advantages:
· Objective and Empirical
· Easily determined (through questions and observations)
· Easy to classify into categories
· Cost - effective
· Easier to anticipate population shifts
· Easily available through Census Data
· Leads to customer retention and loyalty

Disadvantages
· Target wrong market segmentation without prior research
· Overlook potential customers
· Market changes so you may need to find new ways to keep market

- Psychographics: is the study of personality, values, opinions, attitudes, interests, and lifestyles
· Demographics: are the study of a population based on factors such as age, race, sex, economic status, level of education, income level and employment, among others.
· Yes. Demographics are external and observable features while psychographics are internal but identifiable characteristics. It makes it easier to reach your ideal customers if you understand their characteristics, what they have in common, and what motivates them to buy. You can make your advertisements so they speak directly to the specific needs and challenges of your target group. This enables you to promote to a very specific market.

Attitudes are learned from direct experience with the product, word-of-mouth, exposure to mass media, and other information sources that consumers are exposed to.

Attitudes reflect either favorable or unfavorable evaluations of the attitude object and motivate consumers to either buy or not buy particular products or brands.

Consumers often try new products, product models, and different brands. If such trial purchases meet or exceed their expectations, then they develop favorable attitudes toward those objects.

Generally, the more information consumers have about a product or service, the more likely they are to form attitudes about it, either positive or negative. However, if the product is irrelevant to them, the consumers will not cognitively process any of the available and applicable information.

Traditional media are the original communications channels that advertisers have used and are generally classified as print (newspapers, magazines, billboards) and broadcast (radio, television). Traditional media are impersonal because all receivers get the same message, as well as communications being one way because of the receiver's inability to interact with the senders.
New media, on the other hand, are online channels, social networks, and mobile electronic devices. They are far more advanced due to the marketer's ability to send personalized messages to individual consumers, who can respond immediately and indicate to marketers whether or not the persuasive efforts have been effective.
Traditional media gets word out about a product or brand and creates an awareness of said brand, while new media is more personal and allows for important feedback from the consumers.

What is the relationship between a marketing strategy and consumer behavior?

What is the relationship between consumer Behaviour and market segmentation?

What is the relationship between market segmentation and marketing strategies?

How does marketing help to understand consumer behavior?