Discuss About The Marketing Principle Range Of Product Promotion Strategies?
Marketing principle includes wide range of product promotion strategies. That helps the business enterprises in optimizing the market performances of existing as well as newly launched product/services (Jiao, Zhou and Du, 2016). In the following report we are required to develop a marketing portfolio for understanding the buying behaviour of consumers. Also the factors affecting the buying decision of customers will be determined in the report. Further the report will include various observations and patters observed from the track record of purchases made every week for minimum of 8 weeks with the description.
Observations And Patterns
- Preparing a track record of FMCG goods purchased every week
FMCG goods are fast moving consumer goods that are quickly sold at relatively lesser cost. Some of the examples of FMCG goods are toiletries, grocery, processed food etc.
I have being purchasing toiletries, processed food as well as grocery products every week. And on closely observing the pattern from last 8 week I founded my behaviour regarding purchasing of products.
Talking about the grocery products like soft drinks, fruit juices etc. are some regular products that I have being buying the almost every week.
Coming on toiletries item I used to purchase bathing soaps, detergent once in a or two weeks.
Also I used to purchase processed food like instant noodles and bread and other breakfast cereals every week.
Description of Purchase
- Grocery products- Grocery products are the non-perishable food items that are generally packed in can, bottles, boxes etc (Kumar, 2015). I have being purchasing various grocery items like soft drinks, fruit juice, chips etc. almost every week. Soft drink I generally prefer Coco Cola but sometimes also go with the thumbs up and Pepsi brand. Also I used to purchase fruit juices of particular brand that is Apple and Eve. As I like their flavors with satisfied quality and quantity.
- Toiletries-Toiletry items can be defined as a personal care or grooming items. I usually buy are toiletry products like soap, detergent, etc. When it comes to soap I generally used to buy two different brand soaps that are Dove and Chanel Coco bath soaps. I generally switch in between two and prefer dove but if it is not there then I use Chanel Coco. Coming on detergent solution I used to buy small all mighty as it is easy to carry and reasonable. It has high concentration that makes easy to remove the strains from cloth.
- Processed food- Processed food is a shop bough food that has been processed almost with all contains are added it already. I generally used to purchase instant noodles that hardly take 2, 3 minutes to cook. I also purchase Sainsbury instant noodles because it is tasty and healthy as well.
- Following has been my pattern of buying for last 8 weeks were some of the products like detergent soap and processed food im satisfied and particular about. I like to buy same product as these are price effective and gives satisfiable quantity and quality. Also I am particular about the fruit juice as I like its taste and it is fat free and less sugar. While other products like soap I use to purchase any one that is available in the store accordingly among both brands mentioned above. Soft drinks are like almost same although as health conscious person I prefer die coke by coca cola. But it is not available than I buy its substitute that are Pepsi as well as thumbs up as both are also good option.
Factors Affecting Buying Decision
There are various factors that affects the buying decision of the consumers:
- Cultural factors- Following factors are the traditional beliefs, traditions, values, laws as well as languages of a society. Also comprise the artistic values, marriage customs and religious beliefs that are local to a particular region. Im using Dove as my mother use to use it and so the legacy has passed over me.
- Social- Buying behaviour strongly related to the family, reference group status etc (Babo and Villaverde, 2013). sometimes we drop product as it does not matches to standard or family member preferences. I’m purchasing respective fruit juice as it is good quality, safe for my family and also my relatives use it.
- Personal- Now as name suggests one thing came to my mind is of pocket that is income (Varadarajan, 2015). I purchase limited item as or I should say basic need items as my pocket is limited. That is why I m using the particular brand detergent because it is reasonable in price.
- Psychological- it is a factor which include things like motivation, perception, learning etc. Now I purchase diet coke because my insight says that it is healthy (Dombalagian, 2015).
After observing the entire weeks I have recognized that I followed major 5 stages to make my decision regarding purchase.
- Need recognition- the buyer is first required to recognize and priorities its needs before buyer product (Palia, 2014). Like I have first observed that I require soap and detergent next day so I first make decision for purchase it.
- Information search- In this buyer is required to carry little research on the product personal, commercial, public, experiential sources which he/she is going to purchase for (Babo and Villaverde, 2013). As I did while purchasing the detergent power and the fruit juice. I purchased the detergent power because of its high concentration and fruit juice as it has less fat content and minimal sugar. And further I took decision of buying the product.
- Evaluation of alternatives- while studying the buyer is required to go through various substitutes and its ingredients (Chernev, 2014). To choose the best of the product as per his/her requirement. An significant factor to the level of assessment is whether the client emotions attached with in the product. That means the degree of perceived relevance as well as personal significance that accompanied choice.
- Purchase- After evaluating various alternatives the client should take decision for the best product.
- Post-purchase assessment – In the following stage the product related concern after purchasing is common for the consumers for experiencing the purchase. Concept can also be termed as cognitive dissonance (McDonald and Wilson, 2016). Sometimes it may happen that the consumer after purchasing the product feels that other alternative was good. In that case obviously the consumer will take decision of buying other product instead of first one.
Connection with Theory and Concepts
Black Box Model- Black Box Model depicts the link in between customer characteristics, responses, decision process and stimuli. The main motive of using this model is to find the interrelationship between consumer response and stimuli. Stimuli are of two types one is marketing stimuli which are planned and process by organisation. And second are environmental stimuli which received by the social, political, economic, cultural etc (Laanti, 2014). factors. In simple words it can be said that box contains characteristics of buyer as well as its decision process through which buyer response are analyzed. The model stated that the consumer takes conscious, and ration decisions when they recognize certain problem. But in reality the consumer had not research for the product before purchasing it. Before purchasing one has to go through descript etc (Hubinov?, 2015). Black Box model include factors those are:
Marketing Stimuli- it includes price, product, place and promotion these are 4 major p’s or marketing strategies and also is important in analyzing then consumer behaviour. While I was making decisions regarding purchase of products I have considered all of these factors in my research to find best out of all alternatives.
Environmental Stimuli- It involve external factors that affects the buyer decisions those are economic, technological, political, cultural, demographic as well as natural (Black Box model. 2017). Taking example if there is economic instability then my purchasing behaviour would have been different.
Buyers Characteristics- it include buyer attitude, motivation, perception, lifestyle etc. factors. That is my decision of buying a product will depend on my attitude knowledge perception etc.
Decision process- After going through all such stimuli finally the buyer has reaches to the best alternatives after gathering information on each. It includes problem recognition, information search, alternative evaluation, purchasing decision etc.
Buyer response- Now finally here the buyer make choice of the suitable brand, product, dealer, timing of purchase the product and at what it is to be purchased etc. are decided.
Under the report track record for 8 weeks have been prepared in order to understand the buying behaviour of consumer. Fast moving consumer goods has been included into the report like grocery, toiletries and processed food items. Cultural social, psychological, personal are the factors that affects the buying decision of buyers. Observation has been conducted by the help of 5 stage model that is need of recognition, data research, as well as assessment of various options, purchase and last post-purchase evaluation. Black box model theory has been applied to understand the buyer behaviour of consumer.
Books and Journals
Calabretta, G. and et.al., 2017. A multilevel consideration of service design conditions: towards a portfolio of organisational capabilities, interactive practices and individual abilities. Journal of Service Theory and Practice. 27(2). pp.384-407.
Ronkainen, I. A. and Czinkota, M. R., 2013. International marketing. Cengage Learning.
Legrand, W., Sloan, P. and Chen, J. S., 2016. Sustainability in the hospitality industry: Principles of sustainable operations. Routledge.
Jiao, R .J., Zhou, F. and Du, J., 2016, December. Key issues of incorporating social network effects in product portfolio planning. In Industrial Engineering and Engineering Management (IEEM), 2016 IEEE International Conference on (pp. 1898-1902). IEEE.
Hubinov?, J., 2015. Self-promotion of individuals via social mediaa useful tool to sell oneself as a product trademark. Marketing identity. 3(1/2). pp.378-384.
Kumar, V., 2015. Evolution of marketing as a discipline: What has happened and what to look out for. Journal of Marketing. 79(1). pp.1-9.
Chernev, A., 2014. Strategic marketing management. Cerebellum Press.
Laanti, M., 2014. Characteristics and principles of scaled agile. InInternational Conference on Agile Software Development (pp. 9-20). Springer International Publishing.
Babo, G. and Villaverde, C., 2013. Principal evaluation using a comprehensive portfolio development approach to facilitate professional growth and renewal. Internafional Studies in Educafional Administrafion.41(2). pp.93-102.
Varadarajan, R., 2015. Strategic marketing, marketing strategy and market strategy. AMS review. 5(3-4), pp.78-90.
Dombalagian, O. H., 2015. Principles for Publicness. Fla. L. Rev. 67. p.649.
Palia, A. P., 2014. Online Cumulative Simulation Team Performance Package. Developments in Business Simulation and Experiential Learning. 32.