Analysing consumer market

ANALYSING CONSUMER & BUSINESS MARKET :

Cultural, social and personal factors help us analyse the consumer market effectively.

Culture includes sub culture while social factors relate to a consumer’s reference groups :

• Primary Groups - With whom the person interacts continuously and  informally such as family, friends, neighbours and co-workers.
• Secondary Groups - such as religious, professional and trade union groups which tend to be more formal and require less continuous interaction.

People are also influenced by groups to which they do not belong.

Aspirational groups are those a person hopes to join.

Dissociative groups are those whose values or behaviours an individual rejects.

An opinion leader is the person who offers informal advice on information about a specific product or product category. Example: Many people would have started eating Maggi after they got to know about it from a person who acted as an opinion leader.

The key psychological processes include - marketing stimuli, consumer psychology, consumer characteristics, buying decision process and purchase decision.

Analyzing Business Markets :

The raw materials (like vegetables,flour,jowar,oats,oil,spices etc) providers for Maggi would constitute the business markets.
Another component of the huge business markets are the departmental stores and retail outlets which buy maggi packets in bulk.