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Consumer Behavior Bachelor - Essay Example

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Many companies are, as a matter of course, selling in different markets without even comprehending the existence of such markets. These companies have a fixated product-centric view of their entire business. If they make cars; they usually think that they are in the market for cars…
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Consumer Behavior Bachelor Essay
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Download file to see previous pages This product-centric view of market segments has been long discarded as being inadequate for very logical and plausible reasons. For any given product or service, there are usually at least four or five different segments of prospective customers that may utilize that product to solve a particular problem or satisfy a specific need. Each one of these segments will have different needs and values. But companies with a product-centric view cannot even sight these differences not to approach the issue of comprehending them and using them to advantage in their marketing plans. They end up treating the various customers' segments with a one-size-fits-all, generic solution. This fixated view is virtually a chink in the armor which competitors are waiting to pounce upon. In fact such an approach works to leave entry gates to the various segments wide open to the competitor. The competitor quietly enters in, reads the consumer needs and behavior and positions his products attributes and qualities with requisite differentiation to make up a most relevant product bundle to the most valuable segment and skim it happily. Therefore it is a prudent marketing stance to examine in depth not only one's own products and services but also the market of users for such products and services. ...
Market Segmentation
We have always stayed with a short menu of brands as a strategic focus. Some critical buyer behavior shifts, however, have defined new segments. Newer needs have emerged which help consumers acquire and reinforce newer images. Our products have to transform to address these needs. First our smokers had turned health conscious primarily as a result of robust state funded and persistent campaign against smoking highlighting its hazards. The macho image of Marlboro man was overcast by dark health awareness clouds. Then there was a distinct movement towards several other 'light' consumer goods the consumption of which defined an entirely new segment of consumers; movement was fuelled by both factors viz.health consciousness as well as to be a part of this new sophisticated 'light' segment. We found that this movement was particularly strong among the young, educated urban dweller in the developed world. This was a fairly strong external stimuli driving consumers to Lights. This was immediately set as the Marlboro Light's target group. We further discovered that this breed of consumer ate low fat spread, drank light beers, used ozone friendly deodorant, drove a lead free car and had a distinct preference to smoke Marlboro Lights. To many smokers around the world, Marlboro Lights presented a product image of a definitive light cigarette. It was serving two internal consumer ambitions viz to be identified as a Macho Man without hurting health or being Macho in a 'clinical' manner. Marlboro Light was a big success with this segment cutting across demographic lines. Soon a gap was perceived by us when we found ...Download file to see next pagesRead More
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