Customer Behavior
Definition:
Consumer behaviour studies the way people purchase, use, evaluate and dispose of services and products. Understanding consumer behaviour helps one determine why consumers choose a particular product or service over others. Consumers seek and purchase products to attain maximum satisfaction the needs and won't exist if a customer is dissatisfied. Through the study of consumer behaviour, we are able to understand our consumers better, and thus be able to implement more effective marketing and sales strategies, targeting each consumer more effectively.
Project:
Our team comprises of group discussions, role plays, sharing, critique and review. It is designed to help participants understand consumer behaviour to be able to develop and implement more effective sales and marketing strategies. We conduct primary and secondary research to analyse our consumers more accurately. For example, we plan to sell tarts on our campus for our project. We understand the values affecting consumer choices that have a significant impact on the products and services consumers seek and purchase. For example, the flavours of the tarts. We aligned the brand message and identity with consumer’s values to increase the chances of a sale. We decided to change our price according to the current value of the tarts and develop the marketing strategies based on consumer’s demographic information through market segmentation. From the prediction of purchasing habits of consumers, we managed to price the items strategically. We also developed attractive high-value packages to excite clients to purchase impulsively. When we did sampling on the first day, the students' reactions were so surprised because the tarts look appetizing and attractive with the scent of chocolate and cheese flavours. It was designed well by the bakery and many students started to buy the tarts on the first day itself.
Market Segmentation
Definition:
Market segmentation is one of the steps that go into defining and targeting specific markets. It is the process of dividing a market into a distinct group of buyers that require different products. A key factor to success in today's marketplace is finding subtle differences to give a business the marketing edge.
Project:
The bases for segmenting consumer markets include demographic bases. For example, we choose the age and suitable occupation like students. Our target market is students. In our project, we decided to choose campus students because they always eat basic foods like rice and etc. So, we decided to bring up with this kind of dessert to attract the students. Mostly teenagers will like tarts because it’s sweet and easy to eat. Age of students, like 19 to 25, are willing to eat desserts after lunch, teatime or during class break time. The purpose we choose students because we want to gain knowledge and information on how to segment our markets such as in campus. We use secondary data resources and qualitative research. For example, we research the tarts. We watch the key competitors marketing efforts and get inspired by their strategy, the way they sell, and the way they promote in social media such as Instagram and Facebook. We also talk about key trade buyers about new flavours of tarts. We conduct needs analysis from qualitative research with individuals and groups of customers.
