MARKETING

Members: Jason Nicholas, Chan Ee Hwa, Alvin Chan & Tran Long

Consumer Lifecycle

SUMMARY

core “marketing

concept”

characteristic of consumer behaviour

critical evaluation of

consumer personal buying

behaviour

market segmentation conclusion

Introduction

1. Customer Need, wants and demand

2. Market Offerings- goods, services and experiences

3. Customer ‘Value and Satisfaction’

4. ‘Exchanges’, transaction and relationship

5. Markets

Critical Evaluation of consumer Personal buying Behavior

Consumer

BUYER DECISION PROCESS

Lifestyle

Internal Influences• Personal• Psychological

External Influences• Cultural• Social

Other Influences• Environmental• Marketing

Programs

Buyers’ responses• Product service &

category selection• Brand selection• Reseller selection• Purchase timing & repurchase intervals• Purchase amount

Psychological• Motivation• Perception• Learning (memory)• Beliefs & attitudes

Internal Influences

Personal• Age & lifecycle stage• Occupation• Education• Economic situation

Critical Evaluation of consumer Personal buying Behavior

Cultural• Culture• Subculture• Social Class

External Influences

Social• Household type• Reference groups• Roles & status

Critical Evaluation of consumer Personal buying Behavior

Marketing programs• Marketing objectives• Marketing strategy• Marketing mix

Other Influences

Environmental influences• Economic• Technological• Political

Critical Evaluation of consumer Personal buying Behavior

Critical Evaluation of consumer Personal buying Behavior

Consumer

BUYER DECISION PROCESS

Lifestyle

Internal Influences• Personal• Psychological

External Influences• Cultural• Social

Other Influences• Environmental• Marketing

Programs

Buyers’ responses• Product service &

category selection• Brand selection• Reseller selection• Purchase timing & repurchase intervals• Purchase amount

Lifecycle Stage

“In any event, the life cycle has become one of the main determining factors of families expenditure behavior”

LIFECYCLE MODEL

Young•Single•Married without children•Married with children•Divorced couple with children

Middle Aged•Single•Married without children•Married with children•Married without dependent children•Divorced without children•Divorced with children

Older•Older married

•Older Unmarried

Young: Married with children

• “Couple today work hard and face many obligations, what they need is relief even for a moment from the treadmill of life”

• Lifecycle situation : Stressful lifestyle

: Average financially stable

• Goods and services: Short weekend gateway, Hassle free services such as internet banking

Marketing Model

Middle age: Married without children

“Childless by choice or by chance, have the time and inclination to live for themselves”

• Lifecycle situation : Quality lifestyle

: Financially stable

• Goods and services: Cars, vacation, homes, financial services

Marketing Model

Older: Married

• Lifecycle situation :Retirement lifestyle

:Financially stable

• Goods and services: Healthcare, retirement travels

Survey based on leisure travel

Legend: Married w/o children: Age <55, married and no childrenFull nest I : Age <40, married and children

presentEmpty nest: Age > 55, married and no children

Market Segmentation Define the needs and wants of consumers

**Demographic

Technological

NaturalEconomic

PoliticalCultural

Segmentation

Market Targeting

Next step after Market Segmentation

Standardized Market Targeting

Concentrated Market Targeting

Differentiated Market Targeting

Market Positioning

Influence consumers’ perception

Image or identity in the mind of consumers

SQ uses “copy-positioning” strategy

Quote of the Day"The most important things to do in the world are to get something to eat, something to drink, and somebody to love you."– Brendan Behan