Few CBB Notes Part 2

[sagar sankhe]

Q. Describe the PACD (Acquire, Consume, Disposal) a.k.a Circle of Consumption

Ans:

Consumers (Individuals or groups) acquire, use and dispose products, services, ideas, or experiences. They search for information and actual purchase. Companies work on consumer thoughts, feelings, and actions

Production

Manufacture, Adding values 

Acquisition

Receiving, Finding, Inheriting, Producing, purchasing

Consumption

Collecting, Nurturing, Cleaning, Preparing, Displaying, Storing, Wearing, Sharing

Disposal

Giving, Throwing away, Recycling, depleting

Q. Types of Innovation?

Ans:
4Ps’ model (John Bessant and Joe Tidd) talks about 4 innovation types:

> Product innovation: changes in products/services offered by organization
> Process innovation: changes in the ways in which products and services are created or delivered
> Position innovation: changes in the context in which the products/services are framed and communicated (positioning)
> Paradigm innovation: changes in the underlying mental models which shape what the organization does

Also there are 3 types (shown by sir)

> Continuous Innovations: New models with no learning curve for consumers.
e.g.electric knife or blender, Teflon 
> Dynamic Continuous innovations: Requires two concepts or more learning curves so that consumers can easily understand the product
e.g. Walkman to iPad, Kodak Roll Camera to Digicam to DSLRs

> Discontinuous Innovations: Requires new experience, understanding and learning to be able to be used properly

e.g. Microwave oven (Entirely new concept/totally radical), took 20 years to move through the innovator stage of its life cycle into early adopter stage, Nintendo Wii

Q. Types of customers?

Ans:

Existing: Current users of Sony mp3 players

Potential: Users of iPods, philps mp3 player

Internal: Sony employees

Q. Advertising (from Exposure to Decision)

Ans: 

Exposure -> Attention -> Interpretation -> Memory -> Short term/Long term -> Decision

Q. Rate and dpread of innovation and adoption depends upon? 

Ans: 
a) type of group 
b) perceived risk(high/low) 
c) marketing efforts (passive->adoption low) 
d) fulfilment of need (real solution provided->high adoption) 
e) comp-ability & complexity
f)  relevant advantage (based on price/performance

Q. Ultimate Consumer Buying Motives

Ans: Increase wealth, Alleviate fear, Secure social approval, Satisfy bodily needs, Experience happiness or pleasure, Gaining an advantage, Imitating, Dominating others, Recreation, Improving health

Q. Ultimate Organizational Buying Motives

Ans: Profit. Economy, Flexibility, Uniformity of output, Salability, Protection, Utility, Guarantees, Delivery, Quality

Q. Write short notes on Consumer Attitutde? And write short notes on Tri Component Model?

Ans: 

Predisposition to behave in a consistently favorable or unfavorable way with respect to a given object whether it is a product, product category, a brand, a service, an advertisement, a website, a store is called an Attitude. Attitudes are extremely relevant in consumer behaviors and marketing.

The 4 broad categories of attitude models are:

> Tri component attitude model

> Multiattribute attitude model

> Trying to Consume Model

> Attitude toward the ad Model

Tri component model: Says Attitude has 

> Cognitive Component: captures a consumer’s knowledge and perceptions about products and services

> Affective Component:  focuses on a customer’s emotions or feelings with respect to a particular product or service

> Conative component:  likelihood that a consumer will act in a specific fashion (Intention to buy)

Q. Write short notes on market segmentation?

Ans:

Market Segmentation Bases

> Demographic

> Geographic

> Geo-Demographic

> Psychological

> Social 

> Usage

Market Segmentation: Advantages

> Specific Definition of the Market

> Satisfaction of Consumer Needs

> Meeting Changing Market Demands

> Assessment of Competitive Strengths and Weaknesses

> Efficient Allocation of Marketing Resources

> Precise Setting of Marketing Objectives

Q, What are 7Ps? 

Ans:

Thanks & Regards,
Sagar Sankhe

Sagar Ramkrishna Sankhe

Ex-Employee: TATA CONSULTANCY SERVICES. (2009-2012)

MMS 2012-14

Consultancy & Entrepreneurship Committees Member at
Sydenham Institute of Management Studies, Research & Entrepreneurship Education (SIMSREE), Mumbai.
Contact No: 9773682257