Describe how an understanding of consumer behaviour will help you in your segmentation strategy and

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Describe how an understanding of consumer behaviour will help you in your segmentation strategy and

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The marketing environment

Importance of consumer behavior in a marketing strategy By Abhinash Jena on November 25, Marketing strategies impact the daily lives of the consumer significantly: They act as the source of information for new products or services available in the market.

It influences the way they think and perceive, their beliefs, thoughts, attitudes and their buying decisions.

Describe how an understanding of consumer behaviour will help you in your segmentation strategy and

On an average, a consumer is exposed to several promotional tactics every day. The television alone accounts for 6 hours of commercial advertisements every week Lamb et al.

In addition to the television, consumers also gain information from other forms of mass media like magazines, newspapers, radio, etc. Impact of promotions on consumer behavior Such advertisements have a mass impact as consumers change the way they purchase products, the politicians they root for in polls, their medicinal options, the toys they gift their children, etc.

Although it is extremely difficult to change the beliefs, attitudes and character embedded deep in the roots of the person, most of the times marketing makes it a simpler task. Promotional activities are mostly successful in changing negative approaches to positive.

For instance, if a consumer is loyal to a particular brand, advertisements may change their frequency of purchase. Marketing strategies affect the way a consumer ranks most important aspects of a brand like color, quality, taste, smell, texture, etc. The impact of marketing strategies on consumer behavior is explained by Gort and Klepper as a process life cycle consisting of four stages: Here, the organization informs consumers about the new product.

In this stage, the sales of a product increase. The well-established hold pushes its sales further. On reaching maturity, the product reaches its optimum level of sales i.

Finally, the product sales start to decrease in this stage as a result of competition, substitute products, etc. Preparing a marketing strategy The first step a company ideally adopts as a part of its marketing strategy is to inform the consumer about the product.

This impacts the product sales as there is increased product awareness. Here, we can identify with two primary effects of promotion and marketing on consumer preference: Hawkins rightly states that understanding consumer behavior is the initiation of the creation of an accurate marketing strategy.

It also indicates if the organisation has been successful in fulfilling their wants and needs and their impact on the society. This can be represented as under: The psychologies of how consumers think, feel, reason, and select between different options of brands and products.

Market segmentation - Wikipedia

The psychology of how the consumer is influenced by his or her environment which include the culture, media to which the individual is exposed, family etc. The behavior of consumers while shopping or making other marketing decisions. Restrictions in consumer knowledge or information processing abilities have the ability to influence decisions and therefore the marketing result.

How marketers can adapt to these psychologies and improve their marketing campaigns and marketing strategies which may create more impact in the minds of the consumer.

Global Marketing and Advertising: The index of consumer sentiment toward marketing. Journal of Marketing, 50, Explain the concept of intervention. Describe the interventions which have been used in an organization you are familiar with.

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Give reason. In what follows we’ll describe our research and our work with companies—to our knowledge, the first to show direct, robust links among specific emotional motivators, a firm’s actions to. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy.

The Problem Companies know that emotions drive customer behavior, but most have little idea how to connect in ways that motivate the desired behaviors.

Understanding purchasing and consumption behaviour is a key challenge for marketers. Consumer behaviour, in its broadest sense, is concerned with understanding both how purchase decisions are made and how products or services are consumed or experienced. Standard Chartered Bank is broken.

It was breaking up in full view over the past few years, except that it was not in the way that analysts think about banks. The worst is yet to come, but I thought I should write these thoughts down so that events can either confirm or deny my worst assessment.

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