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Objective of GDB
The prime objective of this discussion is to make students familiar with the importance of family influence on consumer behavior.
Modern research shows that the marketers are not only interested in the physical act of purchasing of product or services but they are also very curious to know about the stages leading to making the final decision .Knowledge obtained through research help marketers in formulating the product, promotional, pricing and the channel strategies for companies. There are situations where husband influence is greater than wife or children in decision making process likewise there are some situations where wives are more involved in initiation, information seeking and the purchasing of a product than the husband. Joint decision making is also more prevalent among couples.
A research study on children’s influence on family decision making showed that there were number of products / services where the decision are child centered as they participate more in problem recognition than elders. Today advertising and especially the personal selling message is strongly impacted by family roles. The evaluation criteria adopted by a family for purchasing a product should be understood by the marketer for developing a strong message. In Pakistan, there are number of reputed companies and franchises that have developed such advertising campaigns which feature children.
Point of Discussion:
You are required to discuss how marketers are designing strategies to attract families by keeping in mind the role of children in purchase decision. Provide at least three strategies with proper justification.
The total marks of this discussion are 30. Where 10 marks for each strategy. Avoid irrelevant text/material and lengthy discussion; be precise and stick to the topic while answering.
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Marketing strategy helps to develop efficient ways to reach customers and encourage their future loyalty to a business,. The marketing plan focuses on the best opportunities for increasing sales and rising.
As we know children has very much influenced in their families. Parents earn for their children. So as a marketer . As a marketer I have to establish marketing strategies to make a trend for the children. For this purpose I have to set goal Target customers, and how we are different with competitors
First of a marketer should have to Set realistic goals according to the children a major element of good marketing strategy in this perspective because he has to set up his mind according to the children perspective. He can set realistic goals by stating what he wants to accomplish with his marketing plan. Obviously, one major goal of any marketing strategy is to gain customers and profits. Another important goal in our strategy will be providing quality and consistent customer service.
The identification of our existing and potential customers which (is children here) and their needs is a key element in a marketing strategy. With this information, the company works to address these needs more thoroughly or successfully than the competition. Of course, our business cannot meet every need for every person, so we must analyze the market to determine how to focus on the individual needs within the target market. Without focusing on your target, we will be wasting time, energy and money, casting too wide a net. The goal of identifying your target market and working to meet their needs is the development of customer relationships and loyalty.
A solid marketing strategy includes an honest SWOT analysis of a business, which is a breakdown of the company’s strengths, weaknesses, opportunities and threats. If your company name is recognized within your market, that's a strength; lack of recognition is a weakness. An opportunity might come from rising demand somewhere in your market; a common threat is new competitors. The results of the SWOT analysis guide your marketing strategy. For example, if a supplier is prohibitively raising costs on a product that is less popular, you may need to consider changing the product line or searching for a new supplier. Or if the SWOT reveals outstanding customer relationships but a weak financial position, your marketing may need to focus on improving free word-of-mouth advertising efforts.