3 Topics Marketing Strategy Consumer Decision-Making Process Major Sources of Consumer InformationShopping Locations
4 Marketing StrategyWhat does a marketing strategy provide for a business?Two steps of a marketing strategy:Identify a target marketA target market consists of a group of people that have similar needs and wants.Create a marketing mixA marketing mix consist of a blending of the marketing elements (product, price, distribution, and promotion)What does a marketing strategy provide for a business?A marketing strategy provides vital information on how a business will meet its goals of satisfying customers that will result in making sales and profits
5 Marketing Strategy continued Steps in the consumer decision-making process:Recognize a need or wantGather informationSelect and evaluate alternativesMake a purchase decisionDetermine the effectiveness of the decision
7 Product Testing Organizations Test products and services to detect benefits.ExamplesUnderwriter LaboratoriesAssociation of Home Appliance ManufacturersConsumers Union (Independent testing organizations)
8 Media SourcesProvide specific information about products and services.Types of media sources:PrintExamplesMagazinesNewspapersBroadcast OrganizationsRadioTelevisionInternet
9 Government AgenciesInform consumers and may handle consumer questions.TypesFederalStateLocalWhat are some ways that government agencies protect people?
10 Business SourcesBusiness sources are available as a public service and to sell products and services.TypesThe main function of advertising is to sell.Product labels provide helpful information about nature of product, how to care for product, where product was made, and the size of the product.Customer Service Departments focus on assisting customers.Better Business Bureau (BBB) provide facts about products or services.
11 Major Sources of Consumer Information What kinds of information has anyone obtained from an advertisement?How was the information obtained from the advertisement used?What product label has someone used recently?How was the information obtained from the product label used?
12 “Word of mouth” advertising. Personal Contacts“Word of mouth” advertising.
14 Traditional Retailers Department StoresProvide broad product lines and highlight their serviceWhat are some examples?Discount StoresHighlight their offering of lower prices for productsSpecialty StoresProvide a special line of products
15 Traditional Retailers continued SupermarketLarge, full service store that offer many brands of productsWhat are some examples?Convenience StoreProvide popular items, offer long operating hours, and are usually located in highly accessible areas
16 Contemporary Retailers Specialty SuperstoresProvide wide variety of limited products at low pricesWhat are some examples?SuperstoresProvide a wide variety products in the retail services such as food, bakery, auto, and electronics.
17 Contemporary Retailers continued Warehouse ClubProvide products in large quantities at practical prices.What are some examples?Factory OutletsProvide high-quality products at low prices.
18 Non-Store ShoppingAllows purchasing of goods and services by telephone, computer, television, fax, or door-to-door.What are some examples of non-store shopping opportunities?Vending machines provide products through automation.What are some examples of vending machine shopping opportunities?