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Fourth Edition Copyright ©2003 Prentice Hall, Inc. PART 4........................ Understanding Principles of Marketing
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Copyright ©2003 Prentice Hall, Inc. 10 - 2 Chapter 10 Understanding Marketing Processes and Consumer Behavior
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Copyright ©2003 Prentice Hall, Inc. 10 - 3 “In our factory, we make lipstick. In our advertising, we sell hope.” ~ Charles Revson Revlon Cosmetics
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Copyright ©2003 Prentice Hall, Inc. 10 - 4 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 5 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 6 The Influence of Marketing Permeates Everyday Life Goods Consumer Industrial Services Ideas Relationship marketing emphasizes lasting relationships with customers and suppliers
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Copyright ©2003 Prentice Hall, Inc. 10 - 7 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 8 Substitute product competition Brand competition International competition The Competitive Environment Drives Marketing Decisions
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Copyright ©2003 Prentice Hall, Inc. 10 - 9 Marketing Mix The “Four P’s” (Distribution) roductroduct ricingricing romotionromotion lacelace
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Copyright ©2003 Prentice Hall, Inc. 10 - 10 The Promotional Mix Advertising Personal Selling Sales Promotions Public Relations
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Copyright ©2003 Prentice Hall, Inc. 10 - 11 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 12 Identifying Market Segments Psychographic Variables Geographic Variables Demographic Variables
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Copyright ©2003 Prentice Hall, Inc. 10 - 13 Consumer Behavior Psychological Influences Personal Influences Social Influences Cultural Influences Why do consumers purchase and consume products?
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Copyright ©2003 Prentice Hall, Inc. 10 - 14 Postpurchase Evaluation Purchase Decision Evaluation of Alternatives The Consumer Buying Process Information Seeking Problem Recognition PsychologicalPersonalSocialCultural Personal & Environmental Factors ProductPricingPromotionPlace Marketing Factors
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Copyright ©2003 Prentice Hall, Inc. 10 - 15 Organizational Markets Industrial Market Government & Institutional Market Reseller Market
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Copyright ©2003 Prentice Hall, Inc. 10 - 16 Organizational Buying Behavior Differences in buyers Professionals Specialists Experts Differences in buyer/seller relationships
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Copyright ©2003 Prentice Hall, Inc. 10 - 17 Product Features and Benefits Features Tangible and intangible qualities that a company builds into its products Benefits The results of using those products
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Copyright ©2003 Prentice Hall, Inc. 10 - 18 Classifying Products Consumer Convenience Goods Shopping Goods Specialty Goods Industrial Expense Items Capital Items
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Copyright ©2003 Prentice Hall, Inc. 10 - 19 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.
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Copyright ©2003 Prentice Hall, Inc. 10 - 20 Developing New Products The New Product Development Process Product Mortality Rates Strategy of introducing new products to respond quickly to customer or market changes
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Copyright ©2003 Prentice Hall, Inc. 10 - 21 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 22 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 23 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 24 Product Packaging Attracts consumers Displays brand name Protects contents Supplies information Communicates features and benefits Provides features and benefits (e.g. easy pour spout)
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Copyright ©2003 Prentice Hall, Inc. 10 - 25 The International Marketing Mix PRODUCTS PRICING PROMOTION DISTRIBUTION
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Copyright ©2003 Prentice Hall, Inc. 10 - 26 Small Business and the Marketing Mix ProductsPricingPromotionDistribution
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Copyright ©2003 Prentice Hall, Inc. 10 - 27 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
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Copyright ©2003 Prentice Hall, Inc. 10 - 28 Chapter Review Define product and distinguish between consumer and industrial products Explain the importance of branding and packaging
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