Marketing in Asia Chapter Five Notes

In: Business and Management

Submitted By vallybutton
Words 1924
Pages 8
AsiaMarketing in Asia – Understanding Buyers and Markets, Chapter 5: Understanding Consumer Behaviour

Consumer Purchase Decision Process – Purchase Decision Process

Purchase Decision Process Stages | | 1. Problem Recognition | * Perceiving a difference between a person’s ideal and actual situations big enough to trigger a decision | 2. Information Search(seeking value) | * Suggests criteria to use, yielding brand names that might meet criteria, dvping consumer value perceptions * Internal search: scan memory for previous experiences w pdts and brands * External search criteria: insufficient past exp or knowledge, high risk of making wrong purchase decision, low cost of gathering information * Primary sources: (1) personal sources (2) public sources (3) marketer-dominated sources (info from sellers) | 3. Alternative Evaluation(assessing value) | * Evaluative criteria: factors consumer takes into consideration when evaluating product, represents objective and subjective attributes of a product/brand * (1) suggesting criteria to use for purchase, yielding brand names that meet criteria, developing consumer value perceptions * Firms identify and capitalize on both attributes to create best value * Consideration set: group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware * Evaluative criteria results in consideration set | 4. Purchase Decision(buying value) | * From whom and where? * Simultaneous evaluation of both pdt attributes and seller characteristics * When? Sale, rebate, salesperson persuasiveness, time pressure, financial circumstances | 5. Postpurchase Behaviour(value in consumption or use) | * Dissatisfied: pdt deficient (design change?) or consumer expectations too high (advert oversold features) * Sensitivity to customer’s…...

Similar Documents

Chapter 3 Review Notes

...Chapter 3 Discussion Questions: 1. Name and describe the elements of a company’s microenvironment and give an example showing why each is important. Microenvironment – consists of the actors close to the company that affects its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors and publics. When designing a marketing plan marketing management must consider different groups such as top management, finance, research and development, purchasing, operations, and accounting. All these interrelated groups form the internal environment. Suppliers are particularly important because they provide the basic resources the company needs to produce their products and are integral to the company’s overall value delivery system. The company needs to study five types of customer markets closely; consumer markets, business markets, reseller markets, government markets and international markets. According to the marketing concept, to be successful marketers must provide greater customer value and satisfaction than its competitors do. Thus, marketers must do more than simply adapt to the needs of target consumers. They also must gain strategic advantage by positioning their offerings strongly against competitors in the minds of consumers. Finally, the company’s marketing environment also includes various publics- any group that has an actual of potential interest in or impact on an organization’s ability to achieve its objectives.......

Words: 1182 - Pages: 5

Marketing Notes

...Chapter Eight: Segmentation, Targeting, and Positioning Segmenting, Targeting, and Positioning Process Step 1: Establish Overall Strategy or Objectives * The segmentation strategy must be consistent with and derived from the firm’s mission statement and strategic objectives, as well as it’s current state * Current state involves SWOT Analysis (internal strengths and weaknesses, external opportunities and threats) Step 2: Profile Segments * The second step in the segmentation process is to describe the different segments (needs, wants, characteristics), which helps firms better understand the profile of the customers in each segment Segmentation Method | Sample Segments | 1. Geographic | Country, province, city, urban, rural, climate, continent: North America, Asia, Europe, Africa, Region: Atlantic, Central, Western Canada | 2. Demographic | Age, gender, income, education, occupation, ethnic background, religion, family life cycle | 3. Psychographic | Lifestyles, values, self concept | 4. Behavioural | Benefits derived, usage rates, user status. Loyalty | 1. Geographic Segmentation – the grouping of consumers on the basis of where they live * Divide market into separate geographic units of countries, regions, provinces, cities, neighbourhoods, climates, etc. * Then hey can develop appropriate marketing programs according to the areas * Geographic segmentation is most useful for companies who’s products......

Words: 1741 - Pages: 7

Marketing Notes

.... Principles of Marketing: 8/28/14 A. Marketing defined: is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. 1. To be able to measure profitable customer relationships 2. Aim of marketing is to make selling unnecessary. B. Customer Relationships: C. Chapter one Terms: 1. Needs-states of felt deprivation. 2. Wants-the form human needs takes as they are shaped by environment and character. 3. Demands-human wants that are backed by buying power. 4. Market offerings-some combination of products, services information or experiences offer to a market to satisfy a need or want. 5. Marketing myopia-mistake of paying more attention to the specific product as co. offers than to the benefits and experiences produced by t these products. 6. Exchange-the act of obtaining a desired object from someone by offering something in return. D. Chapter one Terms Cont.: 1. Marketing management-the art and science of choosing target markets and building profitable relationships with them. 2. Production concept-the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. 3. Product concept- 4. Selling concept 5. Marketing concept 6. Societal marketing concept E. Chapter one terms Cont. 1. Customer relationship management 2.......

Words: 254 - Pages: 2

Porter Five Forces of Air Asia

...Porter’s Five Forces Threat of new Entrants Threat of new entry is moderate, because it requires high capital to support and government barrier is high such as the air service agreement can build barriers to those new entrants. The degree of barriers to entry depends on the strength of:- • Customers have a little bit of brand loyalty. If customers of AirAsia do not have brand loyalty, then the threat of new entrants will be very high. But the higher numbers of competitors in the industry also will decrease AirAsia’s customer loyalty. Due to most of the travelers prefer low cost. New competitors which want to come in the industry need to spend a little to compete with AirAsia. • Higher Capital Requirement The airline industry needs large volume of start-up capital. The cost of setting up of offices, buying or leasing air craft, hiring pilots and others staffs like air stewardess and etc incur a high start-up cost. So that, the threat if AirAsia is low. • Offered different product AirAsia offer different product to compare with other competitors in Asia, for example, Bangkok Airways, Tiger Airways, and Air Philippines. • Government Legislation Air Asia very difficult gets a new route from government because Malaysian Airlines System (MAS) has been protected by Malaysia government on the route to Sydney and Seoul Incheon. Therefore, it will affect the time line set by AirAsia and the most important is also influence their profit. Thus, this is the limited of the......

Words: 1633 - Pages: 7

Marketing Notes

...Marketing Notes Adil Muneer Definition of Marketing: Marketing is a process of creating, pricing, distributing and promoting of goods, services and ideas to facilitate a satisfying costumer relationship in a dynamic environment. Explanation: Creating the product means to introduce a new product to sell in the market which is tangible. Means which can be seen and touch. When the customer buys the product, it loss the possession of owner. And services are intangible products may be the banks and hospital services. When services are rendered, if do not affect the possession of owner. And ideas can be the consulting institutions. When a product is created to sell in market, the second matter is to fix the price of it keeping in view the production cost and profit margin. And when price is set, the product is distributed different markets. These goods are distributed through the distribution channels. There are Direct and Indirect distribution channels. When a seller personally goes to the market and distributes the product, this is the direct distribution channel. And when the middle men and agents, retailers, whole sellers are involved, this is called the Indirect distribution channel. The direct channel is not operated in large markets. Seller never goes to the costumers to introduce and sell the product by himself. The person who sells the products on a stall, is a example of direct channel. Here...

Words: 1227 - Pages: 5

Marketing Notes

...BA 170 Exam #2 Notes March 19, 2015 Products and Services Product     Anything that can be offered in a market for attention, acquisition, use or consumption that might satisfy a need or a want May be defined as everything both favorable and unfavorable that a person receives in an exchange Service is a product that consists of activities, benefits or satisfaction that is essentially intangible and does not result in the ownership of anything. Experiences represent what buying the product or service will do for the customer 3 levels of Product 1. Core customer value - What is the customer buying? 2. Actual product – What is the core benefit of the product? (Brand name, features, design, packaging, quality level) 3. Augmented value – what are the additional customer services and benefits? (Warranty, product support, deliveryand credit, after sales service) Product Classification 1. Consumer products a. Products and services for personal consumptions b. CONSUMER PRODUCT CLASSIFICATION: i. Convenience Products – consumer products and services that the customer buys frequently, immediately and with a minimum comparison and buying effort ii. Shopping products – consumer products and services that the customer compares carefully on suitability, quality, price and style iii. Specialty products – products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special......

Words: 5964 - Pages: 24

Chapter 7 Marketing Notes

...CHAPTER 7 Principles of Planning CHAPTER SUMMARY Planning is the process of determining how the organization can get where it wants to go. The fundamental purpose of planning is to help the organization reach its objectives. Advantages of planning include: (1) an emphasis on the future, (2) coordination of decisions, and (3) a clear focus on the objectives. If done incorrectly or excessively, planning can be disadvantageous, but its benefits outweigh its disadvantages. The six steps of the planning process are: (1) stating objectives, (2) listing alternatives, (3) developing premises, (4) choosing alternatives, (5) developing plans to pursue the chosen objective, and (6) putting the plan into action. Implementation of the planning process is the key to success. One way of approaching this implementation is to view planning activities as organizational subsystems. Chief executives have the final responsibility for organizational planning. Many chief executives, especially of larger firms, seek planning assistance from organizational planners. These planners should be able to: (1) use their organizational experience, (2) see the organization as a whole, (3) detect and react to trends, and (4) get along with others. Organizational planners have three general duties to perform. These are: (1) overseeing the planning process, (2) evaluating developed plans, and (3) solving planning problems. The evaluation of planners would be based on both objective and......

Words: 739 - Pages: 3

Marketing Notes

...DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal life. ➤ Technology will continue to advance and amaze us. ➤ There will be a continuing push toward deregulation of the economic sector. These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” Whether the marketer is Procter & Gamble, which notices that people feel overweight and want tasty but less fatty food and invents Olestra; or CarMax, which notes that people want more certainty when they buy a used automobile and invents a new system for selling used cars; or IKEA, which notices that people want good furniture at......

Words: 844 - Pages: 4

Marketing Notes

...DEVELOPING OF MARKETING STRATEGIES AND PLANS C H A P T E R 2 ___________________________________________________________________________ INTRODUCTION How do companies compete in a global marketplace? One part of the answer is a commitment to creating and retaining satisfied customers. We can now add a second part: Successful companies know how to adapt to a continuously changing marketplace through strategic planning and careful management of the marketing process. In most large companies, corporate headquarters is responsible for designing a corporate strategic plan to guide the whole enterprise and deciding about resource allocations as well as starting and eliminating particular businesses. Guided by the corporate strategic plan, each division establishes a division plan for each business unit within the division; in turn, each business unit develops a business unit strategic plan. Finally, the managers of each product line and brand within a business unit develop a marketing plan for achieving their objectives. However, the development of a marketing plan is not the end of the marketing process. High-performance firms must hone their expertise in organizing, implementing, and controlling marketing activities as they follow marketing results closely, diagnose problems, and take corrective action when necessary. In today’s fast-paced business world, the ability to effectively manage the marketing process—beginning to end—has become an......

Words: 982 - Pages: 4

Marketing Notes

...Marketing Chapter 1: Defining Marketing for the 21st Century * Marketing plays a key role in addressing challenges such as helping firms to prosper financially and survive in the face of an unforgiving economic environment * The broader importance of marketing extends to society as a whole => it helps introduce and gain acceptance of new products that have eased/enriched people’s lives * Good marketers seek new ways to satisfy their customers and beat their competition => if they don’t carefully monitor their customers and competitors and don’t continuously improve their value offerings and marketing strategies, don’t satisfy their employees, stockholders, suppliers and channel partners in the process, the firm is at risk to fail * What is marketing? => identifying and meeting human/social needs meeting needs profitably * Selling is not the most important part of marketing the aim is to know and understand the customer so well that the product/service fits him and sells itself * What is marketed? => 10 main types of entities 1) Goods => physical goods such as canned, bagged, fresh, and frozen food products and other tangible items 2) Services => e.g. airlines, hotels, car rentals, barbers, etc. => mixes of good and services are also possible such as restaurant because they offer food and service at the same time 3) Events => 4) Experiences => e.g. Walt Disney World 5) Persons => e.g. artists, musicians,......

Words: 11345 - Pages: 46

Chapter Notes

...to be valid and reliable. (3) Secondary: Don’t collect too much secondary data. Be concise. Read articles rapidly, from memory list main points, review the article to double check. Use either direct quotation or paraphrasing. Primary: Surveys should be easy to follow, logical sequence, appealing, single answer, provide all of the above in MC, avoid threating questions. Mail- Inexpensive, reach wide #, allows anonymity---could get low response rate, not good for detailed info Personal Interviews-in depth, personal contact----very time consuming Telephone/Email-inexpensive, rapid response, personal contact.—must be short, might exclude respondents without phones (4) Evaluate for usefulness, reduce the useful info through organization of notes and data analyisis, combine like info into tables, charts, graphs, etc, and then report the rest in written form. Do not: make results conform to a prediction or desire, hope for spectacular results, assume cause-effect relationship, assume consistency of human behavior, base conclusions on lack of evidence For Multimedia Presentations/PP Graphics reduce difficult figures to common language. Make sure the graphic aids in understanding/clarifying a particular idea, is easy to understand/appeals to the eye, honest, easy to see for all (proper colors). Don’t visually distort, use overly fancy formats/fonts (3D). Use 12 pt Serif fonts, bold headings and make it easy for readers to find information quickly. Headings should always be short,......

Words: 1380 - Pages: 6

Marketing Notes

...MARKETING  NOTES     (Lecture1)     Terminology     Marketing:   a   social   &   managerial   process   by   which   companies   create  value   for  customers  and  build  strong  customer  relationships  to  capture   value  from   customers  in  return.     Needs:  Absolute  necessities  required  for  sustaining  life.       E.g.:  “Food,  Clothing,  Warmth,  Home,  Telecommunication”     Wants:   An   upgrade   of   basic   needs   in   which   individuals   require   specific   objects  or  options.       E.g.:  “Lays,  Nike  Shoes,  Smartphone”     Demands:  is  when  an  individual  wants  something  which  is  premium,  but  he   also  has  the  ability  to  buy  it,  then  these  wants  are  converted  to  demands.       E.g.:  “BMW,  Armani  Shoes,  Gold  IPhone”     Market   Offering:   is   the   total   offer   to   your   customers,   which   includes   elements   that   represent   additional   value   to   your   customers   other   than   the   product   itself,   such   as   availability,   convenient   delivery,  ......

Words: 794 - Pages: 4

Marketing Notes

...Marketing Chapter 7 Notes Product, Services, and Brands: Building Customer Value I. What is a product? * Product: anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. * can include events, persons, places, organizations, ideas. * Services: An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything. * Examples: banking, hotel, airline travel, retail, wireless communication * A company’s market offering often includes both intangible and tangible goods and services. Two extreme ends: pure tangible goods, pure services. * In order for companies to differentiate their offers, they are creating and managing customer experiences with their brands or companies. * Levels of Product and Services: three main levels 1. Core customer value. “What is the buyer really buying?” Most basic level. 2. Actual Product. Need to develop product and service features, a design, a quality level, a brand name, and packaging. 3. Augmented product. Must build an augmented product around the core benefit and actual product services and benefits. * “Consumers see products as a complex bundles of benefits that satisfy their needs. When developing products, marketers first must identify the core customer value that consumers seed from the product. They must then design the actual product and find ways to......

Words: 1736 - Pages: 7

Air Asia Marketing Strategies

...32 6.0 MARKETING STRATEGIES AND EVALUATION OF MARKET PROGRAM ELEMENTS………………………………………………………………………..33 Refferences…………………………………………………………………………………………………………….36 1.0 INTRODUCTION AND HISTORY a. Introduction of the product Name of the company: Air Asia Berhad ABOUT THE PRODUCT Air Asia is a low cost airline based in Kuala Lumpur, Malaysia. It operates scheduled domestic and international flights and is Asia’s largest low fare, no frills airlines. Air Asia pioneered low cost travelling in Asia. It is also the first airline in the region to implement fully ticketless travel and unassigned seats. Its main base is the Low Cost Carrier Terminal (LCCT) at Kuala Lumpur International Airport (KLIA). Its affiliate airlines Thai Air Asia and Indonesia Air Asia fly from Suvarnabhumi Airport, Thailand and Soekarno-Hatta International Airport, Indonesia, respectively. The airlines established in 1993 and started operations on 18 November 1996. It was originally founded by a government-owned conglomerate DRB – Hicom. On December 2, 2001 the heavily – indebted airlines was purchased by the former Time Warner executive Tony Fernandes’s company Tune Air Sdn Bhd for the token sum of one ringgit. Fernandes proceeded to engineer a remarkable turnaround, turning a profit in 2002 and launching new routes from its hub in Kuala Lumpur International Airport at breakneck speed, undercutting former monopoly operator Malaysia Airlines with promotional fares as low as RM1 (US $ 0.29). Air Asia operates......

Words: 6417 - Pages: 26

Chapter One Notes

...Chapter One notes. 6 parts of the financial system- play a fundamental role in our economy. 1) Money- use it to pay for our purchases and to store our wealth 2) Financial Instruments- to transfer resources from savers to investors and to transfer risk to those who are best equipped to bear it. EXAMPLES: stocks, mortgages, insurance policies 3) Financial Markets- allows us to buy and sell financial instruments quickly and cheaply EXAMPLE: New York stock exchange 4) Financial Institutions- provide a myriad of services, including access to the financial markets and collection of information about perspective borrowers to ensure they are creditworthy. EXAMPLES: banks, securities firms, insurance companies 5) Government Regulatory Agencies- they are responsible for making sure that the elements of the financial system-including its instruments, markets, and institutions-operate in a safe and reliable manner. 6) Central Banks- monitor and stabilize the economy. The Federal Reserve System is the central bank of the United States. The Five Core Principles of Money and Banking Core Principle 1: Time has value Core Principle 2: Risk requires compensation Core Principle 3: Information is the basis for decisions Core Principle 4: Markets determine prices and allocate resources Core Principle 5: Stability improves welfare Chapter Two notes. Stability Money banking derivative federal reserve 1) Money- use it to pay for our purchases and to store our......

Words: 302 - Pages: 2

meimei701 | Quem Pegou, Pegou | The Game