Quiz 3: Consumer Learning Starts Here: Perception

Business

Headlines across US alerted consumers that the company TG has implemented a way to predict the gestational state of women. This sort of discovery will help the organization improve its sales by identifying the needs of the customer. The basic logic behind this is not magic, but it is all about customer personality. The firm TG was able to identify the gestational state by observing the preferences women were giving to the products. For example, women giving importance to certain health conscious supplements, unscented soaps, etc. Identifying the changes and needs of the customer provided such sort of accuracy to the firm TG. In order to analyze the information of the customer, demand of the particular product, and to undergo marketing mix strategy, the firm has to use powerful software known as collaborative analytics. The much more important factor that differentiates the leader from that of their followers is not the software, but the proper strategical implementation of the marketing mix. Purchase behavior: The consumer buys the product based on his needs, preference, etc., but the decision to purchase is always based on the attitude, intention, etc. The firm TG was focusing much on consumer behavior. This helped them to discover a way to identify the gestational state of women. In order to understand the consumer behavior any organization should undergo the structured process as follows: • Problem recognition: Based on wants of the women, purchase behavior can be identified. • Information search: Based on the products been chosen by the women, information may be gathered on what particular product is fulfilling her need • Evaluation: Here, cost plays a vital role. Even though an individual is choosing a particular product, he or she may drop based on the price of the product. Women during pregnancy are not bothered about the price, as they pay more for health conscious food. • Purchase: The ultimate decision is always important. Most of the women may focus on health conscious food, but women's with needs will make a purchase. In general, women give importance to certain health conscious supplements, unscented soaps, etc. Apart from this, TG can guess the gestational state of women based on the infrequently purchased items. Women may focus on some products that are important for a pregnant lady, so such kind of infrequent purchases will allow the marketers to identify the needs of the customer. Other than unscented soaps, lotions, and spending on health conscious supplements, the other products that indicate the buying behavior of pregnant lady are purchase of baby's related products.

Headlines across US alerted consumers that the company TG has implemented a way to predict the gestational state of women. This sort of discovery will help the organization improve its sales by identifying the needs of the customer. The basic logic behind this is not magic, but it is all about customer personality. The firm TG was able to identify the gestational state by observing the preferences women were giving to the products. For example, women giving importance to certain health conscious supplements, unscented soaps, etc. Identifying the changes and needs of the customer provided such sort of accuracy to the firm TG. In order to analyze the information of the customer, demand of the particular product, and to undergo marketing mix strategy, the firm has to use powerful software known as collaborative analytics. The much more important factor that differentiates the leader from that of their followers is not the software, but the proper strategic implementation of the marketing mix. Collaborative analytics: This sort of analytics is used to analyze the business activities. In general, the organization collaborative analytics is built in the form of software to undergo the steps as follows: • Gather data regarding the customers purchase • Organize data automatically to analyze the information • To holds important information regarding the purchase made by a customer • It helps to prioritize the important activities that the purchase has undergone. Collaborative analytics consist of data, analysis, and action loop which allows the firm to communicate the required information. Impact of collaborative analytics on Buyers and sellers: It helps the sellers to predict the needs and wants of the customer. It also helps the marketers to identify the demand for a particular product. This sort of technology advancement helps the marketers to undergo strategic marketing mix which is targeted on the needs of the customer.

Headlines across US alerted consumers that the company TG has implemented a way to predict the gestational state of women. This sort of discovery will help the organization improve its sales by identifying the needs of the customer. The basic logic behind this is not magic, but it is all about customer personality. The firm TG was able to identify the gestational state by observing the preferences women were giving to the products. For example, women giving importance to certain health conscious supplements, unscented soaps, etc. Identifying the changes and needs of the customer provided such sort of accuracy to the firm TG. In order to analyze the information of the customer, demand of the particular product, and to undergo marketing mix strategy, the firm has to use powerful software known as collaborative analytics. The much more important factor that differentiates the leader from that of their followers is not the software, but the proper strategical implementation of the marketing mix. Marketing mix: This is a tool which the organization uses in order to promote its brand value and product within the selected segment of the market. Marketing mix comprises of product, price, place, promotion, positioning, packaging, people, and politics. Most of the organization looks on all the marketing mix elements. Each element of the marketing mix has an impact on the other. The elements of the marketing mix can make or wreck the organization depending upon its implementation. Before undergoing marketing mix, marketers have to do a proper research on the target market, and know the pulse of the customer. The collaborative analytics can be interlinked with the marketing mix. Based on the information of collaborative analytics, the marketers can plan the elements of the marketing mix. For example: If the company TG finds the pulse for its products among target customers (mothers), the marketing mix can be applied in terms of promotion and pricing. Apart from this, the TG firm can use the data to predict the needs, and plan accordingly to introduce a wide variety of products. This will allow the firm to expand its place in the market. The company can also position its products, and occupy the market as a leader in baby products.