Fourth Edition Copyright ©2003 Prentice Hall, Inc. PART 4........................ Understanding Principles of Marketing.

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Fourth Edition Copyright ©2003 Prentice Hall, Inc. PART Understanding Principles of Marketing

Copyright ©2003 Prentice Hall, Inc Chapter 10 Understanding Marketing Processes and Consumer Behavior

Copyright ©2003 Prentice Hall, Inc “In our factory, we make lipstick. In our advertising, we sell hope.” ~ Charles Revson Revlon Cosmetics

Copyright ©2003 Prentice Hall, Inc Key Topics Definition of marketing The external marketing environment Segmentation and target marketing The consumer buying process Organizational markets and buying behavior Consumer and industrial products Branding and packaging

Copyright ©2003 Prentice Hall, Inc What Is Marketing? “Planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives” Finding a need and filling it! OR

Copyright ©2003 Prentice Hall, Inc The Influence of Marketing Permeates Everyday Life Goods Consumer Industrial Services Ideas Relationship marketing emphasizes lasting relationships with customers and suppliers

Copyright ©2003 Prentice Hall, Inc Competitive Environment Political & Legal Environment Social & Cultural Environment Economic Environment Technological Environment The External Environment Shapes Marketing Programs The Firm & It's Marketing Plan  Plans  Strategies  Decisions

Copyright ©2003 Prentice Hall, Inc Substitute product competition Brand competition International competition The Competitive Environment Drives Marketing Decisions

Copyright ©2003 Prentice Hall, Inc Marketing Mix The “Four P’s” (Distribution) roductroduct ricingricing romotionromotion lacelace

Copyright ©2003 Prentice Hall, Inc The Promotional Mix Advertising Personal Selling Sales Promotions Public Relations

Copyright ©2003 Prentice Hall, Inc Market Segmentation & Target Marketing Market Segmentation Dividing a market into customer categories Target Marketing Selecting a category of customers with similar wants and needs who are likely to respond to the same products

Copyright ©2003 Prentice Hall, Inc Identifying Market Segments Psychographic Variables Geographic Variables Demographic Variables

Copyright ©2003 Prentice Hall, Inc Consumer Behavior Psychological Influences Personal Influences Social Influences Cultural Influences Why do consumers purchase and consume products?

Copyright ©2003 Prentice Hall, Inc Postpurchase Evaluation Purchase Decision Evaluation of Alternatives The Consumer Buying Process Information Seeking Problem Recognition PsychologicalPersonalSocialCultural Personal & Environmental Factors ProductPricingPromotionPlace Marketing Factors

Copyright ©2003 Prentice Hall, Inc Organizational Markets Industrial Market Government & Institutional Market Reseller Market

Copyright ©2003 Prentice Hall, Inc Organizational Buying Behavior Differences in buyers Professionals Specialists Experts Differences in buyer/seller relationships

Copyright ©2003 Prentice Hall, Inc Product Features and Benefits Features Tangible and intangible qualities that a company builds into its products Benefits The results of using those products

Copyright ©2003 Prentice Hall, Inc Classifying Products Consumer Convenience Goods Shopping Goods Specialty Goods Industrial Expense Items Capital Items

Copyright ©2003 Prentice Hall, Inc Product Offerings Product Line A group of similar products, intended for similar buyers, who will use them in similar ways. Product Mix The total group of products that a company offers for sale.

Copyright ©2003 Prentice Hall, Inc Developing New Products The New Product Development Process Product Mortality Rates Strategy of introducing new products to respond quickly to customer or market changes

Copyright ©2003 Prentice Hall, Inc Creating Product Brands Branding Using symbols to communicate the qualities of a given product to create loyal consumers Types of Brands: National Brands Licensed Brands Private Brands

Copyright ©2003 Prentice Hall, Inc The World’s 10 Most Valuable Brands 1.Coca Cola 2.Microsoft 3.IBM 4.GE 5.Nokia 6.Intel 7.Disney 8.Ford 9.McDonald’s 10.AT&T Source: “The Best Global Brands,” BusinessWeek, August 6, 2001

Copyright ©2003 Prentice Hall, Inc The Future of Top Brands Gaining Value… Starbucks+32% Samsung+22% Financial Times+14% GE+11% Guinness+11% Losing Value… Xerox-38% Amazon.com-31% Yahoo! -31% Duracell-30% Ford-17% Source: “The Best Global Brands,” BusinessWeek, August 6, 2001

Copyright ©2003 Prentice Hall, Inc Product Packaging Attracts consumers Displays brand name Protects contents Supplies information Communicates features and benefits Provides features and benefits (e.g. easy pour spout)

Copyright ©2003 Prentice Hall, Inc The International Marketing Mix PRODUCTS PRICING PROMOTION DISTRIBUTION

Copyright ©2003 Prentice Hall, Inc Small Business and the Marketing Mix ProductsPricingPromotionDistribution

Copyright ©2003 Prentice Hall, Inc Chapter Review Define marketing Describe the forces of the external marketing environment Explain market segmentation and target marketing Describe the consumer buying process Discuss the organizational market categories

Copyright ©2003 Prentice Hall, Inc Chapter Review Define product and distinguish between consumer and industrial products Explain the importance of branding and packaging