Understanding consumer psychology in marketing involves exploring the cognitive processes between receiving marketing stimuli and making purchase decisions. Here's a deeper look at how psychological factors like motivation, perception, learning, and memory guide consumer behavior, with illustrative examples for each point. A. Consumer Motivation Motivation stems from … [Read more...]
Consumer Characteristics Influencing Buying Behaviour
Understanding the Consumer Characteristics Influencing Buying Behaviour is critical to decoding how consumers make buying decisions A. Cultural Factors Cultural factors are pivotal in shaping a consumer's buying behavior, as the wider cultural, social, and personal environments influence them. Broad Influence of Culture: Culture represents the broadest and deepest … [Read more...]
Marketing 6.0 Concept with Example
Marketing 6.0: A New Paradigm in Consumer Engagement This article explores the Marketing 6.0 concept with examples that are relevant to the Indian context Evolution of Marketing: Marketing has undergone several transformations, from product-centric (Marketing 1.0) to customer-centric (Marketing 2.0), human-centric (Marketing 3.0), and beyond. Marketing 6.0 represents the … [Read more...]
PESTEL Framework with Examples
The PESTEL model is a strategic framework used in marketing and business analysis to assess the external macro-environmental factors that can impact a company or industry. It stands for Political, Economic, Social, Technological, Environmental, and Legal factors. 1. Political Factors: Political factors encompass the influence of government policies, regulations, and … [Read more...]
Porter’s Five Forces Model with Examples
Porter's Five Forces model is a framework developed by Michael Porter to analyze the competitive environment of an industry. Let's break down porter's five forces model with examples of the automobile and e-commerce industries: 1 Threat of New Entrants: This force examines how easy or difficult it is for new companies to enter the industry. High barriers to entry, like … [Read more...]
