The implication for marketers is that relevant brand information should be disseminated as widely as possible and included on any forum where consumers are likely to search for product or brand information, whether traditional media or digital media channels.
More aggressive marketing effort, consisting of high and continuous advertising expenditure, diffuses faster than otherwise. Market segmentationespecially demographic segmentation based on socioeconomic status SES index and household life-cycle, also became fashionable. The strength of the underlying need drives the entire decision process.
Market Oriented It stresses on how much exposure consumers have on the new product: A typical strategy is to look to peers or significant others for validation of the purchase choice.
A decision to purchase an analgesic preparation is motivated by the desire to avoid pain negative motivation A decision to buy an ice-cream sundae is motivated by the desire for sensory gratification positive motivation Another approach proposes eight purchase motivations, five negative motives and three positive motives, which energise purchase decisions as illustrated in the table below.
Individual decisions head to faster diffusion than collective ones.
The more the risk associated with changing to new innovation, the slower is the rate of diffusion. The faster a need is satisfied or fulfilled by a product, the greater is the rate of its diffusion. Social psychologists have established that the need to belong is one of the fundamental human needs.
These products like medicines, and other low-priced items have faster diffusion.
The key to a powerful call-to-action is to provide consumers with compelling reasons to purchase promptly rather than defer purchase decisions. The rate of spread of innovation depends on a number of factors listed below: People patronize the product immediately, and later on there is again slow diffusion.
The spread of innovation is very quick. At the end of the s, two important reports criticised marketing for its lack of methodological rigor, especially the failure to adopt mathematically-oriented behavioural science research methods.
The decision model situates the black box in a broader environment which shows the interaction of external and internal stimuli e.
Continuous innovation In this type of innovation, minor behavioral changes are required for adoption of the product,from ordinary cookware to Teflon-coated cookware, where minor behavioral changes are required. Brand image or brand personality is an important psycho-social attribute.
Such brands will typically be excluded from further evaluation as purchase options. The fact that a consumer is aware of a brand does not necessarily mean that it is being considered as a potential purchase.
Social identity factors include culture, sub-culture and reference groups. Not only are they popular, but they were unthinkable a decade or two back. In innovation, behavioral change stake place. Spread refers to the purchase behavior where a product is purchased with some continuing regularity.
Practice Test Diffusion of Innovation in Consumer Behaviour An innovation is an idea, practice, or product, perceived to be new by an individual or a group.The launch is symbolic of ITC Foods' distinct approach of introducing innovative and differentiated products in a largely undifferentiated market place.
Bingo’s launch was strategically timed around the World Cup. Fmcg – Analysis of Consumer Behaviour towards FMCG 1. FMCG Fast Moving Consumer Goods (FMCG) - alternatively known as consumer packaged goods (CPG). These are products that are sold quickly and generally consumed at a regular basis.
It is relatively low cost. FMCG is probably the most classic case of low margin and high.
Diffusion of Innovation in Consumer Behaviour. An innovation is an idea, practice, or product, perceived to be new by an individual or a group.A product is said to be an innovation when it is perceived by the potential market as a change,and not by a technological change brought in it.
CONSUMER BEHAVIOUR AND MARKETING ACTION LEARNING OBJECTIVES After studying this chapter, you will be able to understand: Consumer behaviour is said to be an applied discipline as some decisions are products like designer wear, imported cars, health care products etc.
A Case Study on Consumer Buying Behavior towards Selected FMCG Products mi-centre.comi, Dr. Ajay Kumar Tyagi, Vivek Pandey The consumer behaviour plays an important role in marketing of fast moving consumer mi-centre.com consumer products.
Examples of FMCG generally. Consumer behaviour is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services, including the consumer's emotional, mental and behavioural responses that precede or follow these activities.
Consumer behaviour emerged in the s and 50s as a distinct sub.Download