Marketing Psychology - Essay Example

Marketing Psychology Inserts His/her Inserts Grade Inserts 29,04 Marketing is process of creating awareness among consumers over the presence of existing and new product in the market. It is the only way consumers can be informed and recognized. However, it is the prerogative of every organization to ensure that information provided do not mislead the consumers thus leading to lose of market segment and arbitrary negligence on the product. Consumer behavior nonetheless, shapes the marketing techniques and strategies employed by firms to clinch market share. Conversely, there are many types of marketing that attract customers for instance, internet marketing, relationship marketing, industrial marketing, personalized marketing, social marketing, and attractive branding of products. Internet marketing was derived to capture digital customers and shun traditional marketing techniques. E-marketing was specifically formulated to target young and literate consumers because they have minimum time to watch televisions and listen to radios. Social media is profoundly used because it displays the picture and description of products. Relationship marketing always target reputation the company products have on the consumers. Customer loyalty is paramount for the prosperity of a business entity. Relationship between suppliers and consumers must be robust and sturdy to keep rival firms at bay (Napier, H. Albert, 2006, 21). Business flourishing is dependent on good marketing strategies that are directed towards target customers. Apple Company owes its success to availability of market niche that it capitalized on effectively for instance, there were few organizations that offered mobile phones and tablets at a cheap price. Segmentation element helped Apple identifies places, and customers that buy their products. Areas with low customer turn over however, require frequent advertisements, and after sale services for example, discounts to make them turn up in large numbers (Russell & Stern, 11). Alternative products greatly influence the nature of marketing to undertake because it provides customers with a better option when company’s goods and services are not appealing. Similarly alternatives create a boundary of differentiation between every company’s goods and services. This helps in guiding potential and new customers to the organization to avoid unhealthy competition. Consumer psychology mainly deals with personal tenets that drive consumers to choose the type of products, businesses and services they want in a market full of suppliers and retailers. Consumer psychology is instrumental in shaping the reaction, liking, and retaining of customers while attracting new customers. A flourishing business knows the needs and desires of every customer, which is jerked by responding to complaints and reactions. Marketing therefore, is bestowed the responsibility to track and supervise the behavior of consumers. It is prudent to neglect consumer emotions, reactions, and thoughts towards a product because these shape the decisions, which can either retain or chase the customer to a competitor. Moreover, consumer psychology is guided by environment and family factors. Family members contribute greatly to the kind of goods and services to be consumed in the households (Rajiv Kohli, Sarv Devaraj, M. Adam Mahmood, 2004, 121). Consumer psychologists should however, be equipped with skills and resources that enables them gather feedback and response from customers. Social marketing strategy is geared towards capturing information from social groups and organizations for instance, religious groups, age groups, and economic status. The preferred methods to be used to conduct research on consumer psychology are questionnaires, experiments, focus groups, interviews, and observation. Marketing consumer products requires qualified psychologists who are well conversant with human behavior, culture, marketing, personality, and social attributes (Zineldin, M & Philipson, 2007, 239). On the other hand, consumer behavior involves the study of individual and groups of consumers that aid in curbing selling and buying patterns. Consumer behavior is hard to predict because each consumer has in-bound tenets that are unique. This is because consumers play three crucial roles namely, buyers, payer, and users of products. Apple therefore, sales its products at a lower price than respective alternatives while in the same note, improving on quality and quantity. Marketing aids in attracting new customers and retaining loyal customers hence, this ensures company development and growth. Annual cost benefit analysis of Apple activities has made it easy to establish the amount of revenue accrued in each business entity internationally. Positive analysis allowed investment in new markets thus making Apple a multi-national corporation (Vargo 2011, 126). Marketing plan is a sub-section of a business plan that outlines the various efforts made by companies to sale their products. Conversely, marketing planning success heavily relies on market tactics and strategies. Market plan for iPhones therefore, focuses on sales and distribution, market data and research, financial data obtained from accounting, merchandising data, and product data. More so, financial data are sourced from accounting statistics and financial expenditure. As a multinational corporation, iPhones are manufactured in large numbers therefore, there is need to harmonize expenses and revenues. Sales and distribution of iPhones is fast tracked by certified whole sellers and merchandises. Marketing plan must encompass packaging and sale of iPhone products because appealing packages automatically attracts customers. Market research largely helps market planners to articulate pertinent issues required by consumers of the products. Smart phone market is competitive with many companies introducing sophisticated phones which compete with iPhones for customers. Research however aids in identifying niches that can be utilized to be safe from out-competition (Kotler 2012, 232). Marketing plan must be simple and accommodate the 7 Ps of marketing consisting of process, product, price, physical environment, place, people, and promotion. Process of manufacturing iPhones comprises of value-added and after sale services advanced to customers that can differentiate one manufacturer product with another. iPhones however, have after sale services to customers for example, 12 months warranty, free repair, and installation of applications. Pricing is the value of iPhones, which include expenses incurred during manufacturing. iPhone products are made with quality materials to ensure durability and customer satisfaction. There are different models of iPhones for instance, GSM model A1428*, CDMA model A1429*, and GSM model A1429*. Promotion of iPhones is done through advertising in social sites, televisions, and radios. Physical environment is market where the products are sold and manufactured. Assemblage and design of iPhones is done in a secretive way in order to shun away competition because rival mobile phone manufacturers may hijack iPhone technology and manufacture more advanced Smartphone (Crainer 2004, 26). The study of iPhone market plan was based on both primary data and secondary data. The descriptive study determines and reports the way things are protracted in the company; research was guided by descriptive survey to establish the purpose of the report. The research was mainly a case study, which was geared towards finding ways market plan helped iPhones large market segment all over the world. Case studies provide detailed analysis of a situation to enable scholars arrive at a concise conclusion (Abdulla 1997, 106). Manufacturing and Service firms both in the past have been aware of the necessity of distribution and how it critically impacts on the performance and the competitiveness of the market at that time. In the recent competing market, it is essential that Companies benchmark and evaluate their system of marketing. These assignments are difficult since there is lack of the universal index that includes effective criteria’s for any nature of the business. Such organizations comprise of manufacturers of goods and selling and buying of goods and services. In order to be successful in the competitive business environment of today, Companies cannot operate in isolation and only rely on its own performance. Successful Companies utilize resources available at their disposal and create healthy relationship with suppliers and integrating duties in the chains of distribution. No firm operates in isolation therefore; mutual coexistence with competitors and suppliers is paramount. This increases the need for supplier performance assessment: to the level of performance that is required by the buying firm (Kourdi 2009, 14). Consumers are customers who buy and use products according to their needs, buying power, and preference. Consumers however, are the main anchor for success of every enterprise because they determine profits and losses accrued by businesses. Goods and services used by consumers are diverse for example, durable goods, industrial goods, specialty goods, and consumable goods. It is however, prerogative of every business to entice and maintain customer loyalty. In this regard, customer loyalty can be attained through advancing after sale services, discounts, and credit facilities. Winning customer trust is not an easy activity because it needs transparency and production of quality and quantity goods and services (Edward L. & Ronald R. 2005, 382). Consumer behavior ultimately is geared towards winning customer perception and attention after, which decision to buy goods and services are decided upon. Marketing strategies must factor in cost- benefit analysis that attracts customers and convinces them from competitors’ products. Repeated purchase of goods and services nonetheless requires a lot of time and resources in order to win customers’ trust and will. Concisely, this can only be achieved through applying a wide array of practices for instance, market analysis, marketing strategy, market segmentation, Consumer decision making processes, and satisfaction of consumer needs. Most consumers are driven by brand loyalty and self-actualization, which is aided by continuous advertising of the products. Advertising is an expensive activity but it is part and parcel of consumer lives. Mostly, good and enticing advertisements win consumer hearts and resolutions to use a product hence, competing firms gear towards producing the most overwhelming advertisement than a competitor (Abdulla 1997, 104). Consumer behavior more so, aims at focusing on decision-making process and full utilization of available resources. Consumer power rests on effort, money and time. Money is a commodity that is not durable and every person wants to get profit on every good and service they sell. Efforts can be encouraged through offering of after sale services for example, transportation, and prizes. Discounts also are determinants of consumer behavior, discounts reduces the expenses and increases revenues amassed after sale of goods and services thereby increasing profit margins. Consumer satisfaction can only be encouraged by meeting demands and preference. Loyalty is an indication of satisfaction therefore; satisfied customers always buy from the enterprise irrespective of price adjustments. This royalty needs to be rewarded with gifts and encouragements. Relationship marketing is conducive for prosperity of businesses since it shuns away enmity and bestows tranquil coexistence among customers and business owners. Healthy relationship is experienced through fast tracking ethics among personnel to ensure customers are respected and given desirable services with the best prices compared to competitors (Russell & Stern, 9). The company connected sufficiently with the customers’ needs. The distribution channel strives to avail the products in the popular shopping centers of the customers. The marketing approach was based on the various distribution channels from the retailers through to wholesalers. This was through the management strategy that implemented the right network for the distribution with regards to the products nature. Due to market expansion, the demand for Company products increased thus creating need for collaborating with retailers, franchise bottlers, and distributors of products. The company had also hard covers for iPhones to protect smart phones at different locations and workplaces. They serviced the right pack size at right price of product at the right time and place. iPhones Smartphone are distributed through retailers and direct sales to customers. After sale services encouraged selling volume, which attracted many customers than other competing firms. Usually the distribution needs depends on the customer’s needs, the characteristics of the products and the practices that are carried out locally. DSD systems of service delivery allowed distributors and franchise retailers collect the products from the store to reduce inefficiency. Assembling agents are given initiative to work in the name of the company in order to increase the products to retailers while in the same note reduce amount of fake iPhones introduced into the market. Reference Abdulla, A., 1997. ‘The Marketing of Nations: A Strategic Approach to Building National Wealth’, Library Journal, 122, (13), p. 104. Crainer, S., 2004, ‘Interview: Philip Kotler’, Business Strategy Review, 15, (2), p. 25 – 28. Edward L. & Ronald R. (2005). Teaching Business Ethics: Targeted Outputs. Journal of Business Ethics , 60. P.377-391. Russell, C & , Stern, B 2006, ‘Consumers, Characters, And Products: A Balance Model Of Sitcom Product Placement Effects’, Journal of Advertising, 35, (1), p. 7 -21. Kotler, P 2012, ‘BSS FAQs on Marketing: Answers and Advice by the Guru of Marketing: Answers and Advice by the Guru of Marketing’, Business solutions series, July, p. 232. Kourdi, J. (2009). Business Strategy: A Guide to Taking Your Business Forward. 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