Marketing Homework
Marketing Homework
Buying Process
A buying process entails the array of steps that a consumer takes to make a decision to purchase. According to Data-Dynamix (2017), the decision making process is comprised of some phases that include a recognition of wants and needs, search of information, choice evaluation, purchase and finally, post-purchase evaluation. With regard to the product in question, that is, basketball shoes, the buying process occurs as follows:
Stage one: Identification of needs and wants
This stage entails the customer actually understanding the kind of basketball shoe they need, which is dictated by the kind of activity the buyer intends to buy the shoe for. The need is a fundamental product that a customer must obtain, and it must features the desirable attitudes as per the customer’s preferences, which are determined by the exact purpose the shoe is required for. Additionally, a want can be regarded as a product appurtenance that is not really essential for the product to have because it does not interfere with the customer’s specific desired product features.
Stage two: Search of information
Following the customer’s identification of what the product should have, the second step of the buying process entails gathering information on the type of shoe that best meets the customer’s preferences. Search information may be obtained from Internet, television, radio and print advertising. The Internet is particularly helpful because there are any customer product reviews on the various retail sites like Amazon.
Stage three: Choice evaluation
After the customer makes the choices on the various shoes, the next step then entails reviewing all the possible choices and measuring them against the specific preferences the customer has on the shoe. These preferences are the main criteria the customer uses to decide if the shoe meets the needs and wants and depending on the allocated budget for the shoes, the customer narrows down the options as required.
Stage four: Buying or purchase
When the customer has evaluated all the choices and made the decision on the best product the decision to purchase is finally made and this decision is guided by the manner that the customer pays for and receives the product. For instance, the customer may decide to buy the product through a specific store because the product will be availed quickly.
Stage five: Evaluation after purchase
Following the purchase and interacting with the product, the customer then evaluates if the decision to buy the product was correct, which then influences the loyalty the customer will have towards the product and towards the company that makes it.
Marketing mix
| Market Segment | Product | Pricing (Strategies and Tactics) | Place | Promotion | Notes |
| Males aged 15 to 25 years (Reyes, (2012). | Air Jordan Trophy Room 23 |
· Charges high premium because of the world renowned brand name · Price shoots up when stock diminishes · This pricing strategy is good because people try to buy it fast so as to acquire a better deal |
· Product found in local sports retailers such as foot locker | · Product is promoted by high performing and world renowned athletes to increase market persuasiveness. | The marketing mix for the product is unique because it entails marketing based on product perception |
| Women and men of all ages but particularly for those engaged in outdoor activities and sports | Nike Kobe A.D. | · Value-based pricing strategy: This entails basing prices on the customer’s perception of the products’ value and Nike understands that consumers highly regard its products.
· Premium pricing strategy: It entails maintaining a high product price but artificially so as to encourage desirable product perception among the consumers solely on the basis of price. |
· Nike Online Store
· Retail stores · Niketown retail outlets that are owned by the company |
· Advertising
· Sales promotions · Direct marketing · Public relations |
This marketing mix is different because it seeks to influence the customer’s perception of the product |
| Women and men engaging in sports as well as individuals wishing to explore different fashion | Adidas Originals Pro Model | · Skimming prices because the product is unique to the shoes market and there are customers willing to pay a high price for this product.
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· Manufacturing to Company to End customer
· Manufacturing to Distributor to Multi brand showrooms · Manufacturing to Online fashion websites / company website to End customer |
· Television advertising using creative adverts that increase persuasiveness
· Product placements, where it partners with renowned players as a favorable brand in sports
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This marketing mix is for a product that has already created a substantive market mix because the customers are willing to pay a high price on the unique product |
| It targets men aged between 30 to 50 and women and aged 18 to 40. | Boy’s S Sport by Sketchers Lapse Athletic Shoes | · Since this is a developed industry, it uses price skimming which enables it to maximize its profits on the basis of the willingness of the customers to pay as well as on the pricing of the competitors | · Online sporting websites, advertised as a shoe designed for active customers who have regard for comfort
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· The product has an established product positioning between ego-expression and utility and as such, it is promoted on social media sites and the Internet, although it needs more presence on these sites. . | The marketing mix is unique to this product because it is based on the company’s already established market niche that targets high end customers who do mind paying a high price.
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References
Data Dynamix (2017), What is the Consumer Buying Process?. Retrieved on 16th March, 2019 from https://www.data-dynamix.com/consumer-buying-process/
Reyes, J. D. (2012). Air Jordan Brand Marketing Strategy. Retrieved on 16th March, 2019 from https://www.slideshare.net/julianavelinodelosreyes/air-jordan-brand-marketing-strategy