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Predicting Purchasing Behavior Patterns in Stationary Markets

Predicting patterns of consumer behavior can be difficult. To date no one has developed a perfect model as each has its own particular short-comings. The Dirichlet model is well-established that both describes and predicts purchasing behavior patterns in stationary markets. The researchers McCabe, et. al. (2012) focuses on the success of the model for companies trying to gain market share.  It should be first understood that all purchasing is based in habits of purchase. Customers follow certain patterns based upon how they associate the information among competing brands. Marketing nudges individuals to make one choice over another to expand their repertoire of purchasing behaviors. Strong marketing creates memories that become associated with products and services.  Structural changes in behavior can occur when changes force choices beyond day-to-day decisions. Even though industrial marketing and purchasing is long-term and stable it can change. These changes usually are

Forecasting The Markets by Managing the Data Monster

Accurate forecasting data is paramount to successfully trending the market and creating strategic advantages. A paper by Bill Stringer discusses the use of big data programs and how this influences the success of the chemical industry. For the purposes of my own research, I am considering the merits of big data in proper market forecasting.  Big data can uncover information that is not easy to find or discern. The relationship between the data pieces offers an opportunity to find trends and information that is not contained in standalone measurements.   When organizations use big data well they can more accurately assess performance and variability to meet market trends.  The author believes that big data is the next frontier of nearly every economic sector. Companies will find ways to appropriately analyze large and complex data sets in both the private and public arenas. The ability to harness the data monster will allow for greater waves of growth, productivity and inn

Become an Influencer-Learning the Art of Persuasion

Improving on communication skills and influencing is extremely important for potential success.   A paper by Johnson and Young (2012) discusses the concepts of influencing others to achieve objectives. Their advice appears to be practical in the sense that it continues to expand the network creating more adherents. It also takes into account the natural resistance people display and how to overcome those concerns.  Most people tune out a significant amount of daily conversation and lots of information is lost from one day to the next. To attract someone’s interests it is sometimes necessary to do or ask something interesting. In sales they may call this “making the pitch” but in daily conversation it is more of “tuning in” to potential engagement. Most people are receptive to things that help them. Explaining concepts through their vantage point and the potential benefits of certain actions helps them to visualize the possibilities. Focusing on encouraging others to engage

Book Review: Brand Asset Management by Scott Davis

Brand Asset Management by Scott Davis discusses the development of a brand image that sells within the modern market. Brand asset management is the inherent value organizations gain by having a proper image and brand for both the company and the market. Ensuring that the brand meets customer expectations is one way in strengthening your marketing prospects. A brand is the forward face of the company that comes with significant competitiveness. According to the book 72% of customers will pay a 20% premium on their brand, 50% a 25% premium and 40% of customers will pay up to a 30% premium. This makes developing a brand a very lucrative endeavor.  Developing stronger brands can lead to some of the following benefits:   Loyalty that drives business.   Brand-based price premiums that offer higher margins   Strong brands that lend credibility to new product releases   Greater shareholder and stakeholder returns   Clear, valued and sustainable point of differentiation relative t

Selecting Sales Channels

Sales channels can influence which products customers are exposed. Manager’s often select the sales channels they believe will best foster business growth. The researchers Karamehmedovic and Bredmar (2013) investigated the strategic choices behind how managers make sales channel decisions. You may be shocked to find that most decisions are rooted in personal experience or faulty logic without a thorough analysis of what makes one channel more effective than others. Managers regularly believe that marketing channels often compete with each other. Even though this can be true in some cases, it is often not the market related. Companies that use a single marketing channel are often less competitive than those who find multiple ways of getting products into the hands of customers (Porter, 2001). Marketing is about exposure and if channels are not properly reviewed for effectiveness, the company may be missing excellent opportunities. Even though managers may have preferred chann

Positive First Sales Impressions

The first impressions are important for steering the course of future interactions between organizations and their customers.   Salespersons who can build long term relationships by selling experiences above products will reap the financial rewards in the future. Making money comes through helping customers feel positive affectivity toward the company, the salesperson, and its products in order to motivate them to seek future repeat of these positive experiences. The very first impression will determine the future of the customer-company relationship. Listing is important in creating the right interactive impression on the customer. Listening helps employees understand their customer and what they need. This is can be called impressions of affective and cognitive empathy (Pryor, Malshe, & Paradise, 2013). It means that listening to customers not only provides an impression that the company wants to serve their needs but also allows for the accurate servicing of those needs.