Buying Behavior Models Assignment Sample

• Subject Name : Modern Marketing Management

Modern Marketing Management - Internal Assignment- 1

Modern Marketing Management - Answer 1

Summarize the various functions of Marketing

Marketing is referred to as an activity or process to develop, interact, deliver, and exchange offerings to provide value for stakeholders. Major functions of marketing are based on financing, distribution, promotion, market information management, selling, pricing, and product management. These functions are explained below:

• Financing: One of the major function of marketing is to identify the funds through loans, investments, or from personal capital that helps to advertise and promote the goods and services.
• Distribution: This process is based on physically moving and storage of the goods that promote the transportation of goods and services through air, rail, truck, or ship.
• Promotion: It is considered as one of the major functions based on the potential consumers of the business. Radio commercials, online ads, and television commercials are used for promotion to communicate with the customers.
• Market information management: Marketing decisions are based on the trends, customers' information, and products of the competitors. Collection, storage, and analysis of the information is a part of marketing information management.
• Selling: The change of ownership in the retail market fulfils the needs of customers through personalized communication. Marketing techniques influence the purchase decisions of customers and promote better opportunities in the business.
• Pricing: Through the marketing mix, the pricing decisions are taken by the management to earn a maximum profit based on the product value, costs, and competitor's prices.
• Product management: Marketing helps in the development and improvement of a new product that delivers the maximum value to customers.

Write a Detailed Note Buying Behavior Models

Buying behaviour models are based on the consumer's purchase decisions. It is a major concept in modern marketing that helps to analyze consumer behaviour. The learning model, economic model, sociological model, and psychoanalytic models are major buying behaviour models that can help to analyze the purchase decisions of the consumers.

• Economic model: This model represents the buyer as a rational animal wherein the buying decisions of the buyer are based on the concept of utility. An economic perspective is considered as a major aspect of purchase behaviour.
• Learning model: This model represents the change in consumer behaviour through stimulus-response theory wherein a satisfying experience is based on the stimulus. The needs and wants of consumers towards products and services are driven towards a purchase that leads to a satisfying experience.
• Psychoanalytic model: This model focuses on individual consumers where certain buying decisions are taken by the consumer through deep motives. Desires and personality of an individual impact the buying decisions of consumers which focuses on three elements such as Id, Ego, and Super Ego.
• Sociological model: This model represents the individual buying behaviour as influenced by income, society, communities, culture, social class, close groups, and castes. It is not based on the utility while it concentrates upon the recent trend in the environment.

Modern Marketing Management - Answer 2

The VALS segmentation system

VALS segmentation system is based on "Values and Lifestyles" that are used for market segmentation for the psychographic analysis of the consumers.

Customer Relationship Management

Customer relationship management is known as an approach that focuses on the management of the interaction between a company and its customers.

Buying the decision-making process

It is a decision-making process that emphasis on the identification of the consumer needs, information search, analysis of different alternatives, buying decision of the consumer, and after purchase behaviour.

Steps in Forecasting

The major steps in forecasting are:

• Problem recognition
• Information gathering
• Preliminary analysis
• Select the forecasting model
• Information review
• Verify the model performance

Environmental Analysis

Environmental analysis is used to recognize the internal and external forces that can impact the performance of the organization.

Modern Marketing Management - Internal Assignment- 2

Modern Marketing Management - Answer 1

What Are the Microenvironment Factors Affecting Marketing

Micro-environment factors are known as internal factors that impact the business decisions with its immediate area of operation. The performance of the organization is based on the micro-environment factors. These factors impact marketing with strategic needs. Major micro-environment factors impacting marketing are:

• Customers: The most important factor of the microenvironment is a customer that impact the marketing decisions through their choices and attitude. Promotional strategies of the organizations are based on targeted customers to attract them through campaigns. All the activities in marketing are based on the needs and wants of consumers.
• Employees: Performance of employees is a major factor in the organization that impacts all the decisions. Through higher production and satisfied outcomes, employees help the organization to fulfil the marketing needs and deliver the desired products or services based results.
• Suppliers: Effective management of suppliers and retailers help the organization to maintain marketing opportunities. Supply chain optimization helps the organization to maintain lower prices that can attract consumers to attain the products and services.
• Competitors: Each industry is facing higher competition that impacts the revenue of the organization. High competition impacts marketing strategies to maintain consumer demand and attract customers.
• Shareholders: The most important part of the business is its shareholders. The marketing strategies are based on the investment and expected returns of the investment. To maintain stakeholders as satisfied, the marketing opportunities are needed to be identified by the organization.

What Is Consumerism? how It Is Protecting Consumer’s Interest?

Consumerism is considered as the promotion and protection of the consumer’s interest. It is based on the idea of economic and social order to enhance the consumption of goods and services for the desired goal. Through a defined social force, consumer interests are protected by the government through organized consumer pressure on the operations of the business. It aims at the significant measures taken by the government to protect the rights of consumers and focus on several issues such as restrictive trade practices, marketing malpractices, and misleading information.

Consumerism protects the interest of consumers by providing the necessary strengths to the customers and attains satisfaction for a healthy economy. Major four rights of consumers are provided by this concept which is accurate information regarding products and services, the safety of products, choice of different products and services, and voice to ask for the products. The government of a country establishes distinguished laws and regulations to support the concept of consumerism and provide the necessary rights to the consumers to deal with the issues of consumers. Consumer Protection Act, 1986 protects the rights and interests of consumers in the society including their physical safety and quality based consumer goods. Basic rights of consumers are:

• The right to choose
• The right to safety
• The right to be heard
• The right to be informed

These rights maintain the consumer's interest and promote consumer-oriented programs to benefits consumers with good quality products.

Modern Marketing Management - Answer 2

Methods of Sales Forecasting

• Historical forecasting
• Lead-driven forecasting
• Multivariate analysis forecasting
• Length of sales cycle forecasting

Mystery shopping

Mystery shopping is referred to as a process where an individual visits a location such as a restaurant, bank branch, or retail store to analyze the quality of consumer experience.

Business Markets and buying behaviour

Business markets involve several consumer markets that meet the demand and needs of the individuals through their buying behaviour.

What is Market Segmentation

Market segmentation is considered as a process of distributing potential consumers in different segments or groups as per their attributes.

Limitations of marketing research

• Biased result
• Cost consideration
• The problem of trust and accuracy
• Rapid change
• Impact of extraneous factors

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Marketing Management Assignment Help