Although different consumers belong to the same market segments, they do not behave alike, and the characteristics of the products and services would not appeal to them in the same degree. Just as income tastes and other factors influence the demand for a product, so the behaviour of consumers are influenced by socio-economic and cultural factors. Unless these factors are identified and taken care of the marketing manager may be chasing shadows. The way out is the use of marketing research methods that actually determine the socio-cultural factors and measures, which will then put him in a situation to effectively market his products or services.
More information Is there an 'agreement' or 'concerted practice' caught by the Act? Under the Act, agreements, contracts, arrangements and understandings possess similar meanings.
Essentially they involve the development of a plan of action between two or more people that may not be enforceable at law but they have every intention of following.
In relation to the 'arrangement', the court has said: An arrangement as so defined is therefore something whereby the parties to it accept mutual rights and obligations. An understanding must involve the meeting of two or more minds. Where the minds of the parties are at one that a proposed transaction between them proceeds on the basis of the maintenance of a particular state of affairs or the adoption of a particular course of conduct, it would seem that there would be an understanding In fact, such agreements are often not put into writing.
Buying decision behaviour necessary, the court will infer the requisite 'meeting of minds' from circumstantial evidence such as evidence of joint action, similar pricing structures, or even from evidence of opportunities the parties had to reach an understanding.
It is important to consider both what is actually said and what each party understands to be the position. Concerted practices A concerted practice involves communication or cooperative behaviour between businesses that may not amount to an understanding but goes beyond a business independently responding to market conditions.
Most commonly, concerted practices will involve a pattern of cooperative behaviour or communications between two or more businesses. This may involve communicating in public or private. Example At an industry event, Bank A discloses, to its main competitors, its intention to increase its home loan interest rates by 25 basis points.
They do not seek to undercut Bank A but rather move their rates broadly in line with Bank A. Bank A notes the reaction of its competitors and this practice continues over time.
If it does not reach the level of an understanding, the ACCC considers that the conduct of Bank A and its competitors is likely to amount to a concerted practice.
Unlike some conduct where there are strict prohibitions, such as Cartels and Imposing minimum resale pricesconcerted practices are only prohibited if they substantially lessen competition in a market. Guidelines on concerted practices Concerted practices are a new concept in the Competition and Consumer Act.
What is the market? To determine whether conduct has any effect in a market, you need to determine what the market is. One widely-accepted judicial definition is the following: A market is the area of close competition between firms or Within the bounds of a market there is substitution—substitution between one product and another, and between one source of supply and another, in response to changing prices.
In determining the outer boundaries of the market we ask a quite simple but fundamental question: The High Court of Australia has observed that:The customer buying process (also called a buying decision process) describes the journey your customer goes through before they buy your product.
Understanding your customer’s buying process is not only very important for your salespeople, it will also enable you to align your sales strategy. An amount that has to be paid or given up in order to get something.. In business, cost is usually a monetary valuation of (1) effort, (2) material, (3) resources, (4) time and utilities consumed, (5) risks incurred, and (6) opportunity forgone in production and delivery of a good or service.
All expenses are costs, but not all costs (such as those incurred in acquisition of an income.
Government funded, independent advice on residential leasehold and park homes. Also advising on Fire Safety in leasehold. Consumer Buying Behaviour – The Influence Of Culture.
Consumer Buying Behaviour – The Influence Of Culture. Marketing unlike any other social science is entirely concerned with the need and wants of people several and individually..
To place an order . Most supplier sales reps wrongly believe that satisfying customers’ every request for information and support makes buying easier.
86% of sales professionals agree that “helping the customer. The buyer decision process represents a number of stages that the purchaser will go through before actually making the final purchase decision.