<p>The stimulus response model of consumer behaviour is useful to understand the buying behaviour of individual consumers in the context of individuals buying consumer products. An extended stimulus-response model of behavioural processes in consumer decision making is proposed that serves to integrate the influences and interlinkages of buyer psychology, various buyer characteristics, and the impact of the buyer decision process on consumer decision making. The model proposes that the behavioural process of consumer decision making be as a result of the interaction of three aspects of individual buyer behaviour: communication sensitivity; enculturated individuality; and rational / economic decision making. The paper addresses the flip side of the consumer decision making process in terms of the five stages of decision making from need recognition to post-purchase satisfaction. An aggregate level framework of behavioural process in consumer decision making has been provided, that could lead to a richer analysis of micro level factors and relationships influencing consumer decision behaviour.</p>
Marketing Strategy Implementation (MSI) is responsible for delivering the value proposition to the customers. MSI can be seen as (1) dichotomous with marketing strategy formulation; or as (2) a mutually interdependent process along with marketing strategy formulation; or as (3) a program. Aspects postulated to be important during the implementation process include (a) presence of good leadership; (b) careful attention to the formative years of MSI program; (c) presence of trust in all important relationships; (d) system of early warning / feedback; (e) achieving functionalities in the marketing process; (f) a fetish for execution; (g) hype about rewards and incentives; and (h) choice of market vs. hierarchy. The study first addresses the placement of MSI in the strategic marketing process and the strategic organizational process, secondly examines the nature of marketing execution, and thirdly puts forth some postulates for marketing strategy implementation. These postulates are subsequently empirically checked in the market and implications for managers are subsequently laid out.
The formulation of marketing strategy is augmented with the firm making efforts to develop market orientation. Market orientation is the ability of the firm to "orient" its marketing strategy to the requirements of the market and continually re-orient its marketing strategy to the changes that occur in the market and business environment. The paper examines the nature of market orientation through literature review and outlines the meaning of the types of strategic thrusts, with specific focus on introducing a new position of competitive advantage called "market mechanisms." The paper then postulates aspects of enabling reorientation of marketing strategy to keep up with changes in the market and business environment. The paper then extends the understanding of market orientation in extant literature by outlining the details of accommodating the convergence between the business purpose of firm orientation and the business purpose of value creation that encapsulates the firm-customer relationship or the market. An empirical section on certain "orient" aspects is laid out. Implications for marketing strategists are discussed.
Emerging markets, as of recent times, are going through phases of liberalization towards market economies, increasing privatization, and are witnessing an emphasis of emerging markets' governments towards globalization. There has been a rise in the contribution of emerging market firms to the economies of emerging markets. A study with a purpose to conceptualize strategic marketing issues for an emerging market firm to go global is significant, given that success in overseas marketing ventures is critical to sustain the phases of globalization. The challenge is to enter, obtain market share, and sustain in advanced economies and other emerging markets. This paper attempts to address the conceptualization and the challenge. The method of the study is to (i) define strategic marketing, outline and distinguish the different types of firms marketing overseasinternational, multinational, and transnational / global; and (ii) analyze using extant literature, the aspects and issues of global entry and implementation of global marketing strategy. The study, post analysis, conceptualizes and postulates three moderating success factors, wherein consideration of these factors will aid the emerging market firm in improving its performance (i) acculturation processes in global businesses; (ii) achievement of global marketing synergies; and (iii) the importance of overcoming global negatives. Given that conditions for global entry and implementing global marketing strategy are met, and the three success moderating factors are addressed, the study recognizes that it is necessary to address the competitive forces in the global environment to be able to obtain an optimal share of the market. The study includes a discussion based on an in-depth interview with a leading garment exporter in Bangalore, India, to understand global entry and global marketing strategy implementation. In conclusion, it can be stated that that (i) an explicit process to address global negatives is required to overcome the perceptual gap of emerging market firms on deliverables; (ii) explicit attention to the achievement of global market synergies has to be given by global marketing strategists.
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