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Application of CB in production
Satisfy customers wants and needs with available
resources
Market opportunity analysis to identify unsatisfied
wants and relate them to trends and income
levels.
Target market selection with unique market offerings
to them
Market mix determination starting with what type of
product to be launched,its
features,packaging,warranties,service offerings
etc.
Market mix continued
• The pricing awareness of the consumers are to be
understood and to decide the pricing policy,
discounted, premium or in relation to competition.
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• Place ,where to offer,the channels of distributions, no.
of outlets etc
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• Promotion regarding awareness,advertising and what
are the methods and budget to be allocated.
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CB and governmental
decisions.
Governmental services-Government has to apply CB
to take care of the citizens amenities as well as to
understand the locations of public utility systems
Consumer protection activities and regulative
practices,guidelines,rules and acts like MRTP
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CB AND MARKET
SEGMENTATION
Market segmentation consists of taking the total
heterogeneous market for a product and dividing it
into several submarkets or segments each of which
tends to be homogeneous in full significant aspects.
William J Stanton
Types of market segments
Territorial or graphic segmentation-Rural and urban
markets,district wise and state wise segmentation
Demographic segmentation-Customers classified on
the basis of age,sex,educational level,income
level etc
Socio psychological segmentation-Aggressiveness,
submissiveness, cautiousness and value
differences make differences in social classes and
their spending behavior.
Segmentation continued
• Need oriented segmentation-based on the needs or
benefits a group seeks
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• Volume segmentation-segmentation on the basis of
usage of products
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• Qualitative segmentation-based on the repeat
purchases by the buyers
• Product segmentation-differences among products
that comprises markets.
• Life style segmentation-on the basis of mode of living
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Importance of market
segmentation
Adjustment of product and marketing appeals -
opportunity to understand the nature of the market
&attract more customers by promotional aids.
Better position to spot marketing opportunities
Allocating marketing budget
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Importance continued
Counter competition effectively-get to know the
competitors strategies
Effective marketing programme -to serve consumer
better at a low cost.
Evaluation of marketing activities-market potential,
adjust production, change product line
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Social responsibility of Business
to consumer
Business activities should be by the people,through
the people and for the people.
By the people-entrepreneurs and business Managers
For the people-customers and community
Through the people-employees and sales force in the
organisation.
Multidimensional objectives of an
organisation
Economic objectives-
Earning of profits-
• making sure business is not mere money chasing
• Do not earn profits at the cost of the customer
•Earn profit with customer satisfaction
Human objectives
Employees should be treated well by their employers
Every business scheme should be a partnership for
progress
Employees should get oppurtunity to develop new
skills
Employees should have a good work environment
and a good salary package
Human objectives for employees
contd
The prosperity of the company should be shared
with the employees
Business enterprise should not make profit through
adulteration,hoarding of stock etc
Social objectives
Good products or services at a favorable prices
Right product at the right place with right promotional
efforts
To ensure fair trade practices
To make optimum utilization of resources
Don’t disturb the nature and environment
National objectives
To provide import substitution for products
To make sure that surplus products are exported and
it will earn foreign exchange and clear balance of
payments
To try fostering small scale and cottage industries
To ensure the country is self sufficient in goods and
services
To contribute to the economically weaker sections
Organic objectives