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Definition
| Convincing someone that they need/want your product. Determine who is likely to but it, attracting attention to it, getting them to buy it, keeping a relationship with them, promoting it, and figuring out what they consumer want, and convincing them they need/want it. |
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| Finding needs to create something that they want, informing them, and creating a relationship. |
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| two approaches to marketing: |
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Definition
Philosophy, attitude, satisfaction: Focuses on the customer, draws on economics and social psychology, related to everyone.
Assumption: Large organization context. Multiple marketing specialists in a marketing principal. |
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| Activity for creating communication, delivering and exchanging offerings that benefit the organization, its stags and societies at large. |
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| For the benefit of the organization. Have a reason to exist (profit investors and provide benefit to customers). |
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| People who are affected by the company and how it performs. Cannot succeed unless stakeholders needs are met, satisfied customers, healthy employees, and sustainable environment. |
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| Perceived lack of something, some needs are stronger than other such as actual V desired state. |
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| Culturally and socially defined as a way to satisfy a need. |
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| Quality or condition of being useful. The usefulness or benefit customers receive from a product |
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| Form, place, time, possession, information, and image. |
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| An attribute or a product or offering, that a producers determines as features. |
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| Seen satisfaction, customer determined. |
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| The relationship between benefit received and the cost of the benefit. Perceived benefits and costs. |
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| Customers idea of whether a good or service met expectation. |
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| Looks beyond transactions, in long term perspective, values the customers rather than the transaction. relationship over money. |
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| 3 Ways to make an exchange: |
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| Make it, buy it, steal it. |
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| The act of giving or taking one thing in return for another. Transaction in a unit of exchange. Requires two or more parties, each side having something of value, communication, participation and appropriate to deal with the other party. |
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| Value self over others. What i do is normal what others do is weird. |
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| Is all the potential customers for your product, potential demand. |
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| The user. Has the resources to make an exchange, the time, money and authority. |
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| A subgroup of people or organizations, who are similar to each other. Reachable, and economically viable. |
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| The segment you choose to address. |
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| Identify and satisfy customer needs to ensure the organizations long term profitability. |
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Production: Success though economies of scale
Sales: success in finding market for production
Orientation: Create products for segment:
Customer relationship: Drive success
Societal: recognize importance of stakeholders |
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Definition
| Listen to environmental scanning to identify customers needs, but offering right product, at the right place, at the right time, at the right price. |
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| Why is marketing important? |
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Definition
| It affects your life and the world you live in. |
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Definition
| A person with unmet needs, purchases things for personal consumption, and receives a benefit for the product. |
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| Consumer buying process (5 stages): |
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Definition
| Problem recognition, info search, alternatives, purchase and post purchase behavior. |
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| Extended problem solving, lots of efforts |
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| routine problem solving, automatic purchase |
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| Internal or external, sudden or gradual. A dissatisfaction with a current product can stimulate a need, |
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| Create dissatisfaction with a current item, come up with a better product, provide a trigger. |
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| Identify alternatives. "awareness set" |
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| Internal search is memory based, and external search is controlled by personal sources, and public sources. |
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| point of purchase, advertising, and unsought products. |
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"consideration act"
evaluate criteria: the way we identify a product
factors to make a decisions: evaluate based on perception
over evaluation of biased: cognitive miserliness and unconscious. |
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| What is the product/ service bundle that will best service my needs? involves evaluation of selled and product |
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| Convenience, sense of urgency, personal selling |
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| customer dis/satisfaction, buyers remorse, cognitive dissonance, depends on cost and similarity to alternatives. |
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| having made one decision, feeling like let alternative get away. |
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| what to do about Buyers Remorse: |
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| post purchase advertising, after sale service, relationship building. |
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| factors that influence buying: |
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| purchase is problem solving, not rational, behavior economics, behavior biased. |
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| drives, two sources are physiological and psychological. Some are more motivating that others. |
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| Self concept, your ideal image. |
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| how we interpret the world, cognitive miserliness, selective perception, selective attention, selective retention, and perceived risk, also threshold level of perception. |
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| Organized patter of knowledge that an individual holds to be true. |
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| Learned predispositions to an object in a certain way. |
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| attitude changes over time, experimental learning, and conceptual learning. |
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| motivation, personality, perception, belief, attitude |
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| family, culture, subculture, reference groups, social class, situational factors, and information |
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| consumer socializations. we learn to consumer from our family. we have brand preference, attitudes and take these patterns with use at a very young age. |
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| values, norms, attitudes, and meaningful symbols that shape human behavior and artifacts or products that are transmitted from one generation to the next such as food preference, or rituals. |
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| people who share element of overall culture and unique element of their own group. maintain a sense of identity within a large group. |
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| has a significant effect on an individual evaluations, aspirations, or behaviors. EX: membership groups, aspiration groups |
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| divisions of society or people sharing similar values, interests, or behaviors. |
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| task or temporal, or mood |
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| social or commercial. We see 2500 commercials everyday but only notice 11-20 of them. |
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| What is a business consumer: |
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Definition
| someone who doesn't pay to enjoy what they bought. Either use it to make other stuff, resell it to people or used to run an organization. |
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| marketing of goods or service to companies, government or non profits for use in goods and services that they can produce to market to others. |
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| finished goods, components (OEM) |
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| Classifying the business consumer |
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| industrial markets, resellers, governments and institutions |
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| north american industrial classification system. A way to categorize business by industry types. important for industry sales, employment, number of firms, salaries, and the census. |
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| Characteristics of business markets: |
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Definition
| demand, demand derived, joint demand, demand is inelastic |
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| business 2 business, products are a means to and end, |
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| Consumers drive demand for components |
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| 2+ products part of the final product. intel chips and a computer |
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| business products insensitive to price fluctuation. any one component is only a small portion of what the consume buys. |
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| Larger transactions, fewer customers, location of customer, shorter distance channels, buying objectives. |
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All people who becomes involved in the purchase decision.
Initiators, users, influencers, deciders, gatekeepers, and buyers.
All use strategic alliance though cooperative agreements in formalized relationship marketing, goal to improve completive postion.
Issues: commitment and trust |
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Definition
| types of decisions, straight re-buy, routine purchases |
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| first time or one time purchase, extensive problem solving |
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| reason to be dissatisfied with current solution |
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| Info search, product specification |
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| help customers design product specifications |
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| Request for proposal, bidding |
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| Value analysis, evaluate alternatives |
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Definition
| price that is lowest overall, and quality, technical capability, service such as delivery and warranty, past performance such as product capability. |
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| bidder list, approved vendors |
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Definition
| single v multiple source, production v outsource, make v buy, buy v lease, |
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| A market is all the people who benefit from you product, have resources needed to exchange it, money to spend, willingness to spend it, and ability to exchange. |
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Term
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Definition
| perception is in the mind of the consumer. no two people are alike |
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| Law of truly large numbers: |
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Definition
| given enough people, you are able to make money aka segmentation |
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| What is a segment (4 conditions): |
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Definition
| group of similar buying in terms of consumption behavior. four condition are similar to each other, different from everyone else, reachable, and economically viable. |
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Definition
| Respond more effectively to the wants of groups of potential buyers and increase sales and profits. |
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| Company characteristics such as geographic location, size, type of company, product use, buying process, reachability, and measures. |
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| lower cost producer. there is only room for one low cost producer everyone else differentiates. |
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| logistics, regional differences, cultural differences, reachable |
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| Common way to segment markets. age, gender, family, life cycle, income, ethnicity, occupation. |
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| eight unique consumer segments, primary motivations and resources. |
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| 66 segments, social and life stage groups, demographics. |
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| outlet types, benefit sought, usage, awareness, involvement. |
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| undifferentiated, concentrate, multisegment. |
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| Develop marketing programs: |
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Definition
| specific marketing programs for each segment you target. |
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Definition
| develop a specific marketing mix to influence potential consumers over all perceptions of a brand, product line, or an organization in general. |
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| Head to head positioning: |
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Definition
| direct competition, same attributes |
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| differentiation positioning |
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Definition
| Different attributes than the marketing leader. |
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| Become a category leader: |
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Definition
| Be the first or use marketing mix to create a marketing position. |
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Definition
| Figure out who you are, where you want to be, and how to get there. |
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| Many companies dont know how their customers perceive them. Look at sales and feedback. use internal marketing to develop a honest understanding of who you are to a customer. |
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| Figure out the important attribute for a product class. use statistical tools to make a map to identify gaps |
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| Change the product, organize resources, anticipate competitive response. to create a new category or reposition yourself. |
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| estimate sales of a product for a defined future period. |
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| Dollars, units, you need both to understand market dynamics |
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| upper limit for the market, if everyone who needed one.. bought one |
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| upper limit for you. if everything went right, how much you would make. |
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| the portion of the market captured by a single entity (percentage). |
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| measurable in relation to demand. |
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| Actionable sales estimate based on sales potential, marketing plan, mitigating factors, unknown factors. |
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| Marketing factor analysis: |
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Definition
| correlation between demand and known market factor. |
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| Survey knowledgable people though buyers intentions |
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Definition
| ask customers what they plan on purchasing. Canvass people or crowd of people. Works best in business markets with few buyers. |
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Definition
| you ask people to estimate customer purchases. |
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| Trend analysis and test marketing |
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Definition
| future sales are projected based on previous results. use in industries with stable demand. best for short term predictions. |
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Definition
| introduce a limited scale, useful for unpredicted products |
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Definition
| direct forecast and lost horse methos |
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| used in early stages or strategic projects |
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| start with what you know about historical facts, make assumption about what has happened since. |
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| forecasting tool, use for large scale or starting out of my garage operation. Integrated forecasting into strategic management. Starts with marketing potential and reduces it with a series of facts or assumptions that are critical to the strategic plan and end up with actionable estime about the market. (COFFEE EXAMPLE) |
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| How to use a sales forecast: |
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| recognize its a guess, develop multiple scenarios, develop contingency plan. |
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