We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published bySara Harvey
Modified about 1 year ago
Marketing and Consumer Behavior © 2014 Pearson Education, Inc chapter 12 Better Business 3rd Edition Solomon (Contributing Editor) · Poatsy · Martin
What is Marketing? According to the American Marketing Association… © 2014 Pearson Education, Inc.2 Marketing – the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing: A better definition Process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to facilitate exchanges that satisfy customer needs and organization objectives © 2014 Pearson Education, Inc.3 Facilitate Exchanges (Encourage Purchase) Satisfy Customer Needs Product PricingPromotionPlace IdeasServicesGoods 2 Important Functions
Marketing Fundamentals © 2014 Pearson Education, Inc. 12-4
The Evolution of Marketing © 2014 Pearson Education, Inc.12-5
Production Era & Sales Concept Era Production Era Industrial Revolution until 1920s Limited supplies and strong demand A good-quality product sold itself Industrial Revolution until 1920s Limited supplies and strong demand A good-quality product sold itself Sales Concept Era Mid 1920s to early 1950s Production greater than demand Greater competition for customers Heavy public advertising Mid 1920s to early 1950s Production greater than demand Greater competition for customers Heavy public advertising © 2014 Pearson Education, Inc. 12-6
Marketing Concept Era: The Marketing Concept is a business philosophy that a firm should continually try to offer products that satisfy customers needs while also making a business profit © 2014 Pearson Education, Inc. 12-7
The Societal Marketing Era: Social Marketing is incorporating the marketing concept with social responsibility Began in late 1960s and early 1970s Marketing Concept + Social Responsibility Challenged companies to work for the benefit of consumers and society while making a profit © 2014 Pearson Education, Inc. 12-8
The Customer Relationship Management (CRM) Era: CRM is the process of establishing mutually-beneficial long-term relationships with individual customers to foster loyalty and repeat business © 2014 Pearson Education, Inc.12-9 Good CRM incorporates technologies and information that allows businesses to develop marketing strategies to sustain long-term customer relationships
Nontraditional Marketing © 2014 Pearson Education, Inc
Benefits of Marketing: Marketing Provides Value…the product benefits are greater than or equal to its price Society Investors & employees Sellers Consumers –Utility…ability of product to satisfy customer need or want –Value…product benefits are greater than or equal to its price © 2014 Pearson Education, Inc
Marketing Provides Utility: Utility is the ability of a product to satisfy consumer needs © 2014 Pearson Education, Inc.12 Form Utility Utility created by converting production inputs into finished products (ex. BMW car, Apple iPhone) Time Utility Utility created by making a product available when customers wish to purchase it (ex. fast food after midnight, Christmas trees after Thanksgiving) Place Utility Utility created by making a product available at a location where customers wish to purchase it (ex. popcorn at movie theatre, a pair of jeans at department store) Possession / Ownership Utility Utility created by transferring title (or ownership) of a product to a buyer (ex. credit card acceptance at stores, finance depts at car dealerships) The ability of a product to satisfy needs and wants.
Criticisms of Marketing Misuse of personal information Hidden fees Consequences of purchase © 2014 Pearson Education, Inc
Markets and Their Classifications © 2014 Pearson Education, Inc. 14 Market A group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products 2 Main Types of Markets 1) Consumer markets Purchasers and/or household members who intend to consume or benefit from the purchased products and who do not buy products to make a profit 2) Business-to-business (industrial) markets Producer, reseller, governmental, and institutional customers that purchase specific kinds of products for use in making other products for resale or for day-to-day operations
Differences Between B2B & Consumer Markets © 2014 Pearson Education, Inc.12-15
Marketing Strategy: A formal plan that will enable an organization to make the best use of its resources and advantages to meet its objectives © 2014 Pearson Education, Inc Consists of 2 Basic Steps: 1.Identify your Target Market – the specific group of potential customers on which a firm directs its marketing efforts 2.Create your Marketing Mix – the combination of controllable elements of a marketing plan designed to serve a target market, including product, price, distribution and promotion
The 5 Cs of Marketing © 2014 Pearson Education, Inc
Finding A Target Market © 2014 Pearson Education, Inc. 18 Target market selection and evaluation Target market –A group of individuals, organizations, or both for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group Market segment –A group of individuals or organizations within a market that share one or more common characteristics Market segmentation –The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market
A Well Chosen Target Market © 2014 Pearson Education, Inc. 19 Size: There must be enough people in your target group to support a business Profitability: The people must be willing and able spend more than the cost of producing and marketing the product Accessibility: Your target must be reachable through channels that your business can afford Limited Competition: Look for markets with limited competition; a crowded market is tough to crack
Common Bases for Segmentation © 2014 Pearson Education, Inc
The Marketing Mix: The 4 Ps © 2012 Pearson Education, Inc Product differentiation Brand Product Cover costs Competitively priced Price Inform and persuade customers to buy Build positive customer relationships Promotion Distribution channel Distributors and wholesalers Place Product Decisions about product’s design, purpose, brand name, packaging, and warranties Promotion Decisions that sellers use to persuade and communicate to people to buy their products / services Place (Distribution) Decisions based on moving products from producers to consumers (marketing channels) Price Decisions based on price setting (what to charge for product) including rebates, and discounts
The 4 Cs © 2014 Pearson Education, Inc
The Marketing Process © 2014 Pearson Education, Inc.12-23
The Marketing Environment © 2014 Pearson Education, Inc Markets must conduct environmental scanning to analyze the external environment External environment includes competition and market share analysis Key external factors must be considered: – Economic – Social/Cultural – Technological – Political/Legal – Competitive – Global
Consumer Behavior: Decisions! Decisions! Decisions! The ways individuals or organizations search for, evaluate, purchase, use, and dispose of goods and services Knowledge of consumer behavior helps marketers: –select the most profitable target markets –implement the marketing mix © 2014 Pearson Education, Inc Understanding customers is critical Why do people buy one product but not another? How do they use the products they buy?
Understanding Today’s Customers © 2014 Pearson Education, Inc.26 Today’s Customers are: Sophisticated Demanding Price Sensitive Why is Customer Satisfaction Important? Getting new customers costs more than keeping them. Long-term customers boost profits. Satisfied customers tell their friends. Customers pay more for good service. Unhappy customers spread the word.
Marketing Research & Planning: So What Do They REALLY Think? © 2014 Pearson Education, Inc Identify external opportunities Monitor and predict customer behavior Evaluate and improve marketing mix Marketing research involves gathering, interpreting, and applying information to uncover opportunities and challenges Why to find information? 1) Secondary Data – Information that already exists, has already been collected 2) Primary Data – Information collected specific to the problem
Primary & Secondary Sources of Data © 2014 Pearson Education, Inc.12-28
The Consumer Decision-Making Process © 2014 Pearson Education, Inc Need recognition Information search Evaluation of alternatives Purchase or no purchase decision Postpurchase evaluation
What Influences Consumer Decision Making? © 2014 Pearson Education, Inc.12-30
© 2014 Pearson Education, Inc
Marketing and Consumer Behavior © 2012 Pearson Education, Inc. Publishing as Prentice Hall 12-1 chapter 12 Better Business 2nd Edition Solomon (Contributing.
Copyright © 2015 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Marketing: Helping Buyers Buy CHAPTER 13.
Foundations of Business 3e Pride, Hughes, & Kapoor.
Chapter Thirteen Building Customer Relationships Through Effective Marketing.
©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter Thirteen Marketing: Helping Buyers Buy Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
What is Marketing? Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services.
BUSINESS 7 e Copyright 2004 Prentice Hall, Inc.1 PART 3 UNDERSTANDING PRINCIPLES OF MARKETING.
Seventh Edition Copyright © by Houghton Mifflin Company. All rights reserved. PowerPoint Presentation by Charlie Cook 13 Pride I Hughes I Kapoor Chapter.
© 2013 South-Western, a part of Cengage Learning. All rights reserved. Chapter 11 | Slide 1 Marketing Chapter11.
Chapter 12 Building Customer Relationships Through Effective Marketing.
Chapter Nine Building Customer Relationships Through Effective Marketing.
Chapter 11: Marketing. Marketing Process for creating, communicating, delivering offerings that have value for customer.
© Prentice Hall, 2005Excellence in Business, Revised Edition Chapter Fundamentals of Marketing, Customers, and Strategic Marketing Planning.
The World of Marketing Standard 1 Objective 1. Marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering,
Overview of Marketing Class 23 Tuesday 11/15/11. Nature of Marketing To create value by allowing people and organizations to obtain what they need and.
Marketing: Building Profitable Customer Connections 11 BUSN 8 Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated,
Copyright ©2005 by South-Western, a division of Thomson Learning. All rights reserved. Introduction to Marketing.
Chapter 1 MARKETING IS ALL AROUND US. The Scope of Marketing Marketing is activity, set of institutions, and processes for creating, communicating, delivering,
BUSINESS 1 Understanding Marketing Processes and Consumer Behavior.
Marketing: Helping Buyers Buy Chapter 13 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
UNIT C The Business of Fashion 3.01 Explain the concept of marketing in fashion.
Marketing Is All Around Us. Essential Questions Describe the scope of marketing. Describe the scope of marketing. Describe each marketing core function.
Ass. Prof. Dr. Özgür KÖKALAN İstanbul Sabahattin Zaim University.
Customer-Driven Marketing Chapter Learning Objectives Define marketing. Discuss the evolution of the marketing concept. Summarize consumer.
Chapter 13 THE FUTURE OF BUSINESS Gitman & McDaniel 5 th Edition THE FUTURE OF BUSINESS Gitman & McDaniel 5 th Edition Chapter 13 Understanding the Customer.
Chapter 13 Marketing in Today’s World pp
Unit 3 Basic Marketing Concepts. ge&v=ssXV0wXUZYg
3.01 Fashion Marketing. Marketing The process of developing, promoting, pricing, and distributing products in order to satisfy customers’ needs and wants.
1 12. Customer-Driven Marketing. 2 How Marketing Creates Utility Marketing indirectly influences form utility Three kinds of utility are directly created.
Marketing Foundations What is Marketing? What is the goal of Marketing?
The learning objectives: What is Market? What is Marketing and marketing management? Marketing core Concepts Marketing management philosophies 1.
* * Chapter Thirteen Marketing: Helping Buyers Buy Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
Consumer Behavior: Meeting Changes and Challenges CHAPTER ONE.
Sports and Entertainment Marketing 2.01 Explain the concept of marketing.
Sports and Entertainment Marketing I Explain the basic concepts of marketing.
Understanding Principles Of Marketing Pertemuan 09 Matakuliah: J Pengantar Bisnis Tahun: 2009.
Irwin/McGraw-Hill CHAPTER ONE Consumer Behavior and Marketing Strategy Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved.
1-1 Chapter 1 Introduction: Consumer rule. 1-2 Objectives of One-to-One Marketing To attain customers Sell them more products Make a profit.
Lecture 07 Marketing. Working Definition of the concept > – The process of determining customer wants and needs and – then providing.
1- 1 i t ’s good and good for you Chapter 1 Marketing: Creating and Capturing Customer Value.
4.4 Select target marketing appropriate for product/business to obtain the best return on marketing investment.
Chapter 1 Marketing: Creating and Capturing Customer Value Copyright ©2014 by Pearson Education, Inc. All rights reserved.
© 2017 SlidePlayer.com Inc. All rights reserved.