Essays on Markets with Consumer Switching Costs Term Paper

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The paper "Markets with Consumer Switching Costs" Is a great example of a Marketing Term Paper.   Different internal factors have a role and impact on consumer behavior is which needs to be analyzed so that analysis of different factors will help to understand what customer buys when they buy the product, how they finally buy the product and the intent which looks at inducing them to purchase the product (Schiffman and Kanuk, 2006). Consumers thereby look making changes in their purchasing ability which revolve on a continuous basis and every day different behavior is identified. Problem Recognition This is where the customer tries to make a balance between what the customer has achieved and what the customer wants thereby helping to identify the gap which has to be filled so that the different needs of the customer can be satisfied. Information Search This process involves where the customer looks to search for different and relevant information pertaining to the product and uses both the internal and external stimuli to find out the different information Evaluation & selection of alternatives The customer looks for different options and searches all the relevant information so that the best possible one can be selected.

This will improve the overall process of decision making and will highlight the different dimensions through which the correct decision will be made Decision Implementation This stage is one where the different alternatives after being evaluated are being taken which thereby results in the customer selecting the option which will provide the correct decision based on a decision that has to be taken. Post Purchase Decision The post-purchase decision stage where the person looks at evaluating the decision and finding whether the option which is selected as the best which thereby highlighted the manner different involvement is ensured and ensure whether the involvement is high or low determining the manner in which decisions are taken. Section II – Selection of Product, Segmentation & Positioning Selection of Product Shoes are considered one of the necessities which and irrespective of people belonging to any age group or income level.

An organization that is involved in the manufacturing of shows looks to employ different marketing strategies so that they are able to target the niche market which fits their offerings.

The marketing objectives which the business looks to thereby deploy are developed on the four elements of marketing which are price, product, promotion, and place. The main purpose of the paper is to analyze the manner in which different internal factors shape consumer behavior while looking to purchase shoes from a renowned company named Bata. This will help to provide useful dynamics for the marketers and help the marketing team to develop marketing strategies based on it (Kotker, 2003). Highlights of the level of involvement The highlights of the level of involvement towards shoe areas Perceived Risk The level of involvement also shapes the consumer decision making process as products that have a high level of involvement aim towards ensuring that customers get attracted to those (Weizsacker, 2004).

Bata shoes have a high level of involvement as it is required by the customers in their daily lives. Further, the shoe manufacturer has also brought about a change in the manner the business works and has thereby ensured that customers are better attracted and retained.

References

Amemiya, T. (2011), Qualitative Response Models: A Survey, Journal of Economic Literature, 19: 1483-1536

Assael, H, C. (2005), Consumer Behavior: A Strategic Approach, Biztantra, New Delhi

Hey, J. D. and McKenna, C. J. (2011), Consumer Search with Uncertain Product Quality, Journal of Political Economy, 89: 54-66

Kotler, P (2003), Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know, John Wiley & Sons Inc., New Jersey

Kotler, P and Armstrong, G. (2001), Principles of Marketing, Pearson Education Asia, Delhi

Kotler, P (2004), “A Three-Part Plan for Upgrading Your Marketing Department for New Strategies”, Strategy and Leadership, Vol. 32, No. 5, pp. 4-9

Klemperer, P. (2007), Markets with Consumer Switching Costs, Quarterly Journal of Economics, 102: 375-394

Schiffman Leon G and Kanuk Leslie Lazar (2006), Consumer Behavior, Prentice Hall, New Delhi

Shapiro, C. (2003), Optimal Pricing of Experience Goods, Bell Journal of Economics, 14: 497-507

Weizsacker, C. C. (2004). The Costs of Substitution, Econometrica, 52: 1085-1116

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