Transcript The Consumer Market Powerpoint

The Consumer Market
Determining customer
needs
1
What is a consumer?
• A consumer is an individual or
entity that uses goods and
services.
• Most of the time we think of
consumers as individuals but
consumers can be schools,
business, or other entities.
2
Consumer Decision
Steps
1.
Recognize a need - A buyer must have a need
• Needs come from:
• Internal stimuli such as human feelings
(hunger)
• External stimuli such as events, trends,
and advertising
2. Search for Information - People seek
information about products
• Sources include - Friends, family,
coworkers, advertising, salespeople,
displays, internet, examining a product,
and trying a product.
3
Consumer Decision
Steps
3. Evaluate the Alternatives - Good
alternatives make the decision process
difficult.
• Consumers
• Some gather little information
• Some spend days gathering
information
4. Make the purchase –
YOU HAVE REACHED A
DECISION!!
•
•
Cash – Check
Credit Card – Debit Card
4
Consumer Decision
Steps
5. Experience Post-purchase Reaction
– Most forgotten step by marketers
• Satisfied Customers expectations
are met
• Unsatisfied customers may return
products or may discontinue
service
5
What are consumer
promotions?
• Consumer promotions are sales
strategies that encourage
customers to buy a product or
service.
6
What makes consumers
buy products?
• Coupons – Certificates that entitle
customers to discounts on products or
services.
• Premiums – Low cost or free items
given to consumer. CO-OPs give
members benefits like this.
• Deals – Short term price reductions
• Incentives – High price products
earned or given away through contest,
sweepstakes, and rebates.
• Product Samples – A free trial sample
7
What makes consumers
buy products?
• Sponsorship – Paying a fee for the
right to promote
itself/product/services at a location,
event, or on a person
• Product Placement – Using brandname product in a movie, television
show, sporting event, or even in a
commercial for another product
• Loyalty Marketing Programs –
Frequent buyer programs reward
customers for patronizing a
company.
• Point of Purchase Displays –
Displays designed primarily by
manufactures to hold and display
their products
8