Customer Buying Behavior. Who is creating this message? What is their purpose in creating this message? What is the message? What other messages might.

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Presentation transcript:

Customer Buying Behavior

Who is creating this message? What is their purpose in creating this message? What is the message? What other messages might different people take away from this? Who is the target audience? What techniques are used to gain or retain my attention? Pick out a new advt you saw on TV last weekend…

Objectives What is the buying process What are the implications for a retailer How to influence the buying process to your advantage How to segment and target the market

Buying Process Need Recognition Information Sear/purchasech Evaluation Choice Visit/Purchase Post Visit

Bike /Scooty purchase What are the processes you underwent before purchase of the vehicle ?

Implications for Retailer Conflicting Needs –You want high quality in bike, but you may compromise on the price/quality of handkerchiefs that you may buy. Stimulating the latent need

Information search Value of product determines the kind of info search Accessibility of info Internal/External –Caveat: It is also important to limit the info search IMPLICATIONS

Evaluation Past experience Weightage to parameters –Multi attribute model Evaluating vis a vis competition IMPLICATIONS –Testimonials, customer service,loyalty –Knowing what are the parameters –Adding new parameters as a differentiator –Order of preference –What is competition doing

Choice Influenced by –Family –Reference groups –Culture

Buying Behavior based segmentation Geographic Demographic Psycographic Geo –demographic

CRM Knowing more on the customer What are the customer touch points Consideration set within the products offered Response set Developing a system

Designing a CRM system What to track ? Customer Identification SKU tracking Patterns/designs/color preferences Complementary product choices Reponses pre and post offers Media response Media habits

Case 32 Starbucks Case synopsis Mission of starbucks How is the target market segmented Who is the target customer, and the targetted segment What is his profile –Need and wants –Currently being met by –Demographic profile –Buying behavior –How would he respond to the café environment –Who would buy the complementary product –What are the customer’s touch points with the brand

Starbucks… What are the implications of the customer profile to Starbucks as an organisation

Case discussion Case 32-Nordstorm Case crux Systems existent Pros and cons of the Customer service systems Is the use of judgement in customer service an adv or dis adv How should employees be handled in such circumstances