Analyzing Business And Consumer Markets

 Markets for any product are of two kinds- consumer and business markets.

Consumer Markets:

A consumer's buying behaviour is influenced by cultural, social and personal factors.

Cultural Factors:

For these cultural differences, MTR has a range of Noth Indian and South Indian dishes in its Ready To Eat range. And also different dishes under each category.

Social Factors:

The Indian marketers classify the customer markets into different SECs (Socio Economic Classifications). According to the SECs, MTR RTE targets A 1 and A2 customers mostly and at the most B1.

Personal Factors:

It is targeted at nuclear families and above average or high income groups.

As it is food, it satisfies Physiological Needs and since it decreases cooking time, also indirectly satisfies the Social Needs in Maslow's Hierarchy of Needs. 

Buying Decision Process:

In the 5 stage model,

Problem Recognition- No time to cook, not enough training in cooking all kinds of traditional food from across the country.

Information Search- Advertisements, display in supermarkets, family/friend recommendations

Evaluation of Alternatives- There are various alternatives available in the market i.e., competitors like Maiya's, ITC etc. But MTR is the market leader.

Purchase Decision- It is the most preferred brand and hence that infuences the purchase decision.

Postpurchase Behavior- Satisfaction is high post purchase.

Business Markets:

Usually, there are no Businesses buying an MTR RTE product in bulk for use. The only B2B transactions are from the manufacturer to the dealer and from the dealer to the retailer. There are very few dealers and most of the transactions are manufacturer to retailer.