Understanding the Customer and Creating Goods and Services that Satisfy Chapter 11 *based on other sources.
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Understanding the Customer and Creating Goods and Services that Satisfy Chapter 11 *based on other sources
I. Overview of marketing A. Three stages of marketing 1. Production orientation 2. Sales orientation 3. Consumer orientation B. Marketing Concept: - Identifying consumer needs and then producing the goods or services that will satisfy them while making a profit for the organization.
Overview of Marketing (cont’d) Elements of marketing concept: 1. Customer value 2. Customer satisfaction 3. Building relationships
II. Developing a Marketing Strategy A. Selecting a target market 1. Market - a group of people who need and want a product and have the ability, willingness, and authority to purchase it. a. Consumer markets - purchase for personal use b. Industrial markets - purchase to produce products
Developing Marketing Strategy (cont’d) 2. Market segments - groups of individuals with one or more similar product needs. -target market - the segment to which a firm directs its marketing activities a. niche b. total market approach c. market segmentation approach
3. Types of Market Segmentation TypeGeneral characteristics Demographicage, education, gender, income, race, family size Geographicregional location (i.e., midwest), population density, city/county size, climate Psychographiclifestyle, personality, interests, values, attitudes Benefitbenefits provided by the good or service Volumeamount of use (light to heavy)
Developing Marketing Strategy (cont’d) 4. Understanding the marketing environment a. economic conditions b. regulation c. politics d. society e. competition f. technology
III. Buyer Behavior A. Influences on consumer decision making 1. Individual factors - perception, beliefs, attitudes, values, learning, self-concept, personality 2. Social factors -family, opinion leaders, social class, culture
B. Business-to-Business Purchase Decision Making (not an individual) Larger purchase volume Fewer buyers More concentrated location of buyers Direct distribution Rational purchase decisions
IV. Designing a Marketing Mix Marketing Mix: The blend of ‘4 Ps’: product offering, pricing, promotional methods, and place (distribution system) that brings a specific group of consumers superior value
V. Marketing Research A. Need for marketing research 1. Define the marketing problem 2. Choose a method of research survey, observation, experiment 3. Collect the data primary data, secondary data (see next slide) 4. Analyze the data 5. Make recommendations to management
Primary data - info collected for the first time and specific to the study, is collected in these ways: 1.) Door-to-door2.) Mall-intercept 3.) Telephone 4.) Internet 5.) Mail interviews Secondary data - published info available from these associations: 1. Government - census data, gov’t surveys 2. Trade - industry results/surveys 3. Commercial - customer surveys –Saves time and money but may not meet researchers’ needs –Both primary and secondary data give researchers a better idea of how market will respond to a product –Reduces the risk of producing something the market doesn’t want