The
topic itself suggests the analyzing consumer markets. Its an important role
that a Marketing Manager has to perform, especially in a country like India.
India as compared to other countries is a lot more diverse and complicated. The
consumers have over the years become more demanding and have become more picky
when it comes to choosing a product. As I must have mentioned in my previous
post that consumers are at the center of an organization’s existence. It vital
to understand everything about a consumer’s behavior, because this
understanding will eventually help in shaping our products according to their
needs.
Consumers
can be affected or influenced by various factors which broadly include cultural, social & personal. India as
said above, is a diverse nation with people following different religions
cultures etc. Different classes or culture systems consume differently. For
example, Brahmins ideally do not eat non-veg, so a product from Venky’s should
never target Brahmins as it they not consume it and also it will hurt their
sentiments.
Social
factors explain how social roles in society affects our behavior, that is, our
society can be divided into various groups like those who are experts in various
fields or maybe it can be divided into primary and secondary groups based on
our choice of reference.
Another
factor is personal factors, which may perhaps be the most concentrated and
important one. Personal lives play an important role in our daily decision
making process. Events like marriages, promotions etc influence on our buying
habits a lot.
The
pioneer in understanding needs of consumers is afcourse the famous Mr. Maslow.
Its one thing that every student whether it be science, commerce or arts knows
about. Its very relevant, easy to understand, and has a well laid out
structure. In the structure presented, Maslow has divided Human needs into 5
stages. I believe Lipton ice tea comes under the fourth stage, that is, Esteem
needs.
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