Business Chapter 13
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Four Eras of U.S. Marketing(list)
- Production era
- Selling Era
- Marketing Concept Era
- Customer Relationship era
Marketing involves helping the buyer buy through:
- Websites that help buyers find best price, identify product features, and question sellers.
- Blogs and social networking sites that cultivate consumer relationships.
Production Era (define)
The general philosophy was "Produce what you can because the market is limitless."
Selling Era (Define)
After mass production, the focus turned from production to persuasion.
Marketing Concept Era (Define)
After WWII, a consumer spending boom developed. Businesses knew they needed to be responsive to consumers if they wanted their business.
Customer Relationship Era (define)
Organizations seek to enhance customer satisfaction building long-term relationships.
The Marketing Concept (three steps)
- Customer orientation: finding out what customers want and then providing it.
- Service orientation: Making sure everyone in an organization is committed to customer satisfaction.
- Profit Orientation: Focusing on the goods and services that will earn the most profit.
Customer Relationship Management (CRM)
Learning as much as you can about customers and doing what you can to satisfy or exceed their expectations.
How to keep customers:
- Build trust
- emphasize the long term
- treat them like stars
- show appreciation
- Employees are customers, too.
Nonprofit marketing tactics:
- public relations
- special campaigns
- ecological practices
- changing public opinions and attitudes
- increasing organizational membership
Nonprofit marketing strategies:
- Determine firm's goals and objectives
- focus on long-term marketing
- find competent board of directors
- exercise strategic planning
- train and develop long-term volunteers
- segment the target market carefully
the four P's
- Product: good, service, or idea that satisfies a consumer's want or need
- Pricing and Placing a Product: depends on competitors'prices, production costs, distribution, high/low price strategies
- Promotion: All the techniques sellers use to inform people about their products and motivate them to purchase those products.
promotion includes (list):
- personal selling
- public relations
- word of mouth
- sales promotions
Marketing Research (define)
Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions
- identifies products consumers have used in the past and what they want in the future
- uncovers market trends and attitudes held by company insiders and stakeholders
Market research process (steps)
- defining problem or opportunity and determining the present situation
- Collecting research data
- analyzing the data
- choosing the best solution and implementing it
- in-depth information gathered by marketers from their own research
- Telephone/online/mail surveys, personal interviews, focus groups
existing data that has previously been collected by sources like the government
Benefits of market research (list):
- analyze customer needs and satisfaction
- analyze current markets and opportunities
- analyze effectiveness of marketing strategies
- Analyze marketing process and tactics currently used
- Analyze the reasons for goal achievement or failure
Ways to find out how consumers think:
- Conduct informal consumer surveys
- host customer focus group
- listen to competitors' customers
- survey your sales force
- become a "phantom" customer
- the process of identifying factors that affect marketing success.
- Factors: global, technological, sociocultural, competitive, economic
All individuals or households that want goods and services for personal use and have the resources to buy them
Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others.
The size and diversity of the consumer market forces marketers to decide which groups they want to serve. B2B marketers:
- wholesales and retailers
- hospitals, schools and charities
- Products are often sold and resold several times before reaching final consumers.
- fewer customers; larger purchases
- buyers are geographically located; selling is direct
Divides the total market into groups with similar characteristics
Selecting which segments an organization can serve profitably.
Dividing market by cities, counties, states, regions
Dividing the market by age, income, education
dividing the market by group values, attitudes, interests
Dividing the market according to product benefits the customer prefers
Volume (Usage) Segmentation
Dividing the market by volume of product use
Identifies small but profitable market segments and designs or finds products for them
Developing a unique mix of goods and services for each individual consumer
Developing products and promotions to please large groups of people
rejects the idea of mass production and focuses toward custom-made goods and services for customers
Building Effective Relationships:
- open communication; consistently reliable service
- Staying in contact with customers
- Trust, honesty, and ethical behavior
Key factors in Consumer decision making:
- reference groups
- cognitive dissonance
- problem recognition
- information search
- alternative evaluation
- Purchase decision/or no purchase
- Postpurchase evaluation (cognitive dissonance)
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