- A bank Y has introduced a new loan service with relatively lower interest and spread over a long time. However, regulations dictate a minimum loan amount to 100000 US dollars. The bank manager wishes to analyze the market his bank is targeting.
The bank needs to set the segment they wish to reach out to. It should be the segment of young, working people who are willing to invest. They should be people who have relatively low but steady salaries and cannot afford loans at the current rates. Their age matters because the loan should be spread across a long period and the bank cannot risk offering the same to the old people who get health complications after they advance in age, leaving the bank at a risk of failing to recover the money fully.
Implementing the plan should be easy because many young people are willing to invest in new ventures because they are aware of the challenges one face at an advanced age. They would therefore receive the idea. The use of employers to allow bank Y to pass information to their employees would be successful. The marketing elements that would have been looked into in the process are communication, segmentation, marketing goals, and the timeline by which all the processes would be completed (William & Ferrell 2012).
- A cloth designer has detected a new taste among the Muslims and wishes to start creating more decorated women clothing for them. She has to be extremely careful with the design so that it does not have any negative effect on the religion, otherwise she will lose all her investment.
The company needs to determine their market carefully. This is because the consumer behavior of their target market is heavily influenced by the culture and religion (McDonald & Dunbar 2004). The buyers have little control over the products because their society dictates the clothing. There is a recommended dressing manner that is recommended by the Islam religion. Such factors need to be factored in by the designer as he creates the product. Since the manufacturer has already identified a market segment and the region that he wishes to cover, he needs to come up with strategies that will be viable for the project. It should be able to penetrate into the Islamic community without causing any dissatisfaction. Such strategies would be through the use prominent Muslim women in their commercials. However, the consent of men should be first sought since women are a little inferior to men among the Muslim community. The price should vary with the designs to accommodate people from all classes and financial capability. The company needs to donate some of these clothing to the poor families in their bid to improve their relationship with the target market. Throughout the process, they need to include a Muslim to ensure that the rest of the people receive the idea without suspicion. Once such a strategy is carried put, the company would have effectively covered the popularly known 4Ps, in the marketing elements. The four Ps represent; product, price, place, and promotion (McDonald & Dunbar 2004).
- A phone manufacturer has discovered a new and cheaper technology to make phones that can almost match the apple design in terms of size and effectiveness. However, with the increased hype about iphones and ipads, he finds it hard to get a segment that he would work on in the market. People who can afford his phone would be happier with Apple’s designs and would rather buy from there. The CEO has to find a way through which he can get his product done.
To find a market segment, the company needs to determine the price of the product (McDonald & Dunbar 2004). They are competing with the brands that have already taken a segment in the market. To challenge the already existing brands and squeeze their new phones in the market, they need to come up with unique strategies . First, they need to target a class of young people who are excited with the new technologies, yet they do not have the finances to acquire the original products. In this case, the company needs to come up with more appealing prices and target the market segment that is found in developing countries. This is possible because the company is using cheaper technology, yet the product is almost similar. This will therefore allow them to get the correct price that has to be not too little in comparison with the existing products of the same line. Secondly, the company needs to carry out an exploratory survey that will look into the process of implementing the segmentation. Philip, Kevin & Keller (2006) notes that such a survey should look into the amount of money that the targeted segment would be willing to pay for the new product.
To communicate the developments to the targeted segment, the company needs to identify the channel that their target mostly uses (William & Ferrell 2012). Sports and social networks are among the most viable channels. In this case, the company will have covered four marketing elements, that is, product, price, place, and promotion (Gupta & Donald 2005).
- Mr. Ahmed Ali wants to buy a house. He is a staunch Muslim and has to buy a house that gives him access t a mosque at any time he needs to pray. The house needs to be large enough to accommodate his three children and a wife. He works in a multinational company but the pay is above average in his country. He therefore needs to get a house in a classy environment and one that gives him free access to the road every morning.
In the case of Ahmed, there are several factors that affect the consumer behavior First, religious factors are vital in that he needs a house that allows him free access to the mosque. Secondly, family factors need to be taken into consideration. Ali must get a house that can accommodate his whole family and not put any of them under pressure. He has three children, two daughters and a son, which he must ensure that they do not have any form of commotion during their movement in the house. The third factor that affects the behavior of a consumer is the class that one lives in. Working in a multinational organization dictates a class. He need not get a house in an area where there is little or no security because he may get guests from different countries. The compound must therefore be favorable to the class he works with. His personal convenience is also important in his behavior. He needs a house that allows him free access to the road so that he can reach his working place in time and within a short time. These are some of the factors that affect the consumer behavior theory, and are different across individuals.