An organization can improve this perception through its various strategic promotional activities. Every organization should also define themselves to the consumers in comparison to their competition. Brands can be positioned in relation to their competitive brands on product maps in which relative positions are defined in terms of how buyers perceive key characteristics.
What are product maps?
Marketers use perceptual or positioning maps to help develop a positioning strategy for their product/service. The maps are based on the perception of the consumer hence; they are also called perceptual maps. …show more content…
In comparison with Nestlé’s Maggi noodles, Cadbury can position a new product competing with an instant food item where the pricing shouldn’t be too expensive as that can lead to customers not purchasing the product rationalising it as a high price product.
The map also demonstrates Cadbury’s product’s current position in comparison with its competitors like Ferrero Rocher and Lindt giving competition to Cadbury’s high priced-high quality product Silk/Temptation/Bourneville.
Cadbury’s existing positioning of products in the market:
The author now discusses the position of a few Cadbury products in the market
Cadbury Dairy Milk
As a desert As discussed before, Cadbury has positioned this product as a desert option to have post dinner/lunch meals.
As an alternative for Indian sweets Cadbury Dairy Milk can be gifted during festivals. Whereas almost all Cadbury chocolates are gifted and are available in gift packs as Cadbury …show more content…
The questions – what, where, when and how customers buy must be examined by the marketing team of an organization. The buyer’s reaction to these products/services has an impact on the success of the organization.
Importance of understanding buyer behaviour:
Understanding the buyer behaviour is important for any organization for the successful running of their business. It’s useful in developing ways for efficient utilization of the organization’s resources. Keeping up with this pace of the consumer’s habits and behaviour will make the marketers understand the kind of product they can launch that will satisfy the consumers. For an efficient segmentation and targeting strategy, the concept of consumer buying behaviour and understanding different types of it is vital for any organization.
Types of buyer behaviour:
There are four different types of buyer behaviour:
1. Complex buying behaviour