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Features Of Consumer Market

Consumer market consists of the products for daily uses .It has the following features:

1. Market Focus
Consumer market focuses on individual and households because it consists of products for daily uses.

2. Consumption Purpose
Buyers buy the products in order to satisfy their daily needs. They consume only those products that can satisfy their individual and household needs.

In consumer market, products have a different brand image and consumers choose their favorite brand in order to satisfy their needs. Most of the consumers are brand loyalty. 

4. Packaging
Products are attractively and properly packaged to attract buyers. Good packaging is essential in consumer market.



5. Promotion
Products are promoted through different promotional tools like advertising, after sale service etc. to attract buyers.

6. Demand
Generally there are a large group of buyers in consumer market . They consume products in small volume. Demand of these products is elastic and affected by price and income.

7. Emotion
Buying of consumer product depends on the emotion of the buyers. They can buy the product if they like and can quit the product if they are not satisfied. 

Requirements Of Total Quality Marketing

Total Quality Marketing Requires:

1. Commitment
Commitment to improve product quality is a must for total quality marketing. This commitment should come from top level management.

2. Customer-orientation
Customer-orientation is another essential requirement for total quality marketing. Proactive marketing should be practiced for this purpose.

3. Team Effort
Total quality marketing needs team effort. Group decision making is essential.

4. New Technology
Total quality marketing requires new technology to improve product quality and marketing quality. Latest communication technology, digitalization, computerization etc. play very key roles in quality improvement.

5. Co-ordination
Total quality marketing requires co-ordination between production and marketing departments. All the departments and sections are equally responsible for the quality.

6. Flexibility
Total quality marketing needs flexible production methods with high quality materials.

7. Quality Measurement
Quality of different processes, products and services should be measured by the use of different types of quality control tools. 

8. Organizational Involvement
Whole organization should involve in total quality marketing. All organizational functions must work together to improve the quality.

Related Posts : 
Meaning Of Total Quality Marketing
Principles Of Total Quality Marketing

Methods Of Tracking Customer Satisfaction

Business organizations use following methods to track customer satisfaction:

1. Complaint And Suggestions
This is most common and widely used  for tracking customer satisfaction. In this method, suggestions and complaints are collected from customers. Organizations try to resolve problems as soon as possible according to the customers' suggestions.

2. Customer Satisfaction Survey
This is another popular customer satisfaction tracking method. In this method, different surveys conducted with the help of questionnaire and interview with customers. It is helpful to get customers view regarding the product. But it is time consuming and costly also.

3. Mystery Shopping
This method is also known as "Ghost Shopping" in which business organizations hire mystery shoppers as potential buyers. These mystery shoppers provide information regarding the product and share their experience in buying process.

4. Lost Customer Analysis
In this method of tracking customer satisfaction, organizations contact the customers who have switched brands. Their views are asked and suggestions are collected for future improvement.  

Barriers To Global Market Entry

5 Major Barriers To Global Market Entry

1. Political And Social Risk
Political and social risks may restrict global market entry. Political instability, government policies, nationalism, agitation etc. are the major barriers for globalization.

2. National Barriers And Control
Non-tariff barriers such as bureaucracy, subsidies, anti dumping provisions etc. and tariff barriers such as import tariff, export tariff etc. serve as barriers to global market entry. Different control mechanisms like quota, quality control, exchange control also restrict the global market entry.

3. Entry Barriers
Balance of payment problem, reservation policy for nationals also controls the global market entry. 

4. High Cost
High cost of production reduces competitive advantage and restrict global market entry. So, costs for factors of production of the host country should be properly studied before going global.

5. Cultural Barriers
Cultural factors like customs, value, attitude, religion etc. are also considered as barriers while going global.

So, a company should properly analyze and consider these barriers before entering the global market.

Related Post:
Considerations For Global Market Entry

Considerations For Global Market Entry

Followings are the main factors that should be considered before going global

1. Political Risk
Before going global, a company should analyze the political risk of the host country. Political instability, government policies, civil disorders etc. may lead to loss. So, these factors should be properly studied.

2. Access To Market
This is another important factor that should be considered before going global. There may be several barriers to market entry. Host country may have the reservation policy for its nationals, a problem in balance of payment, different regional cooperation agreement etc. These barriers may limit market access.

3. Cost Structure
The cost of factors of production, tax rates, wage rates etc. should be considered before going global. So, cost structure is another considerable factor global market entry.

4. Logistic Costs
Logistic costs should be considered before going global. Storage, transportation, power, management costs must be considered. There should be an adequate infrastructure at reasonable cost.

5. Foreign Exchange
Foreign exchange rates also need to be considered before going global.

6. Marketing Programme 
A company should adopt marketing program to local environment. Product strategy, price strategy, promotion strategy, and distribution strategy should be suitable for the host country.

Related Post:
Barriers To Global Market Entry




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