Consumer Behavior and Marketing Strategy A sound understanding of consumer behavior is essential to the long-run success of any marketing program. In fact, it is seen as a cornerstone of the marketing concept, an important orientation or philosophy of many marketing managers. The following descriptions explore the role of consumer behavior in designing and deploying three major marketing activities.

Brand Positioning A well-crafted brand positioning has three primary components: 1) A definition of the target market you wish to pursue; 2) A definition of the business your company is in or the industry or category it competes in; and 3) A statement of your point of difference and key benefits. The language of a well-crafted positioning usually takes this general form: To (target market), Brand X is the (definition of business) that provides you with (stated point of difference/key benefit). Brand Asset Management The purpose in this phase is to understand customer perceptions and perspectives about your brand relative to the competition and opportunities for growth. This phase asks the following questions: a) Among current and target customers, what does our brand really stand for today? What are its strengths and weaknesses? How does our brand compare to competitive brands? Competitive Forces in Porter Model Five competitive forces in Porter's Model are as follows: 1) Rivalry among competing sellers; 2) Threat of potential entry 3) Competition from substitutes; 4) Power of suppliers and 5) Power of customers Two Types of CRM Operational CRM is focused on the automation of the customer-facing parts of businesses. Various CRM software applications enable the marketing, selling and service functions to be automated. The major applications within operational CRM are as follows.

More... CRM Value Chain CRM Application Key Elements of Brand Equity What is Perceived Quality?

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