A consumer goes through several stages before purchasing a product or service i.e. decision making process of a consumer.
EVALUATION OF ALTERNATIVES
PURCHASE OF PRODUCT/SERVICE
POST PURCHASE EVALUATION
The Company decided that youngsters in the age group of 16-30 are the most experimental and hence they would be the primary target audience. However, being an edible product every individual is a target customer. NEED RECOGNITION
A large variety of snacks was already available in the market but there existed a difference in desired and existing state due to limitations in flavours. Therefore, the Bingo research team studied the snacking habits of the Indian consumer and concluded with an insight that Indian consumers were looking for novelty and excitement in existing snacks. Based on this research it introduced 16 new flavors with twists like bindaas masti chaas, chatkila nimbu achar and tandoori paneer tikka-flavored potato chips, chilli and tomato-flavoured mad angles inspired by khakras, bhel, gol gappas and other snacks.
Awareness amongst the customers was created through mass promotions on television. The company rigorously advertised daily on youth channels such as MTV and Star World, mass Hindi channels like Zee and Star TV, and news channels. Non personal sources of information included - Bingo had around 20 spots on a variety of radio channels and advertised in most leading national dailies. In big cities outdoor hoardings advertised the product.
It also created a website www. bingeonbingo.com with offers, online games, downloads and even mobile games. It occupied large shelf space to create visibility for the product. Word of mouth with his friends, family members and also depends on his past experience about taste of different varieties of chips as many alternatives are present in market like uncle chips, lays, fun flips etc. EVALUATION CRITERIA
“ Taste “ is the major driving factor for which people like to eat bingo. Customer’s evaluation is based on the degree of risk involved :
* Hedonic Risk is high as consumers in case of food items are very particular about what they want like taste, health, preference etc. Hedonic risk is concerned with sensory pleasure and people will not be ready to compromise with their specific taste. * Product differentiation –low risk involvement as availability of substitutes is high. The consumer is at leisure during purchase due to low risk involvement. The price factor is not of much importance as all the products in this category have nearly same prices. So, it is a low involvement decision as less degree of financial risk is involved. PURCHASE DECISION
After the evaluation of these factors, the consumer shows his intention to purchase and then buys the product. The intention to purchase is executed immediately as the product has low risk and low involvement. Moreover, the price is also not very high. In this case the consumer follows the DO – FEEL – LEARN i.e.,
* he first purchases the product and consumes it
* after consumption he analyses the product based on taste and quality parameters * if he likes the product then goes for repurchase and develops brand loyalty. POST PURCHASE
If the consumer is satisfied with taste and value offered in terms of price, quality and quantity consumer purchases bingo once again and tries new flavours. STRATEGIES
The market strategies are formulated keeping in mind the objectives which are : * Create identity in short duration
* Offer a wide range
* Reach every nook and canny
* Distinct approach (innovative and differentiated product) The marketing strategies followed by Bingo are :
* PRODUCT STRATEGY :
* Positioned itself as snacks brand with Indian twist and taste. * Variants like masala chaat, tomato, salted etc.
* Further differentiation by...