Chapter 11
sociocultural factors
Marketing activities are influenced by beliefs and values regarding family, religion, education, health and recreation People over 65 have become one of the fastest growing segments of the U.S. population. education age income
the marketing mix/four Ps
Product, Price, Place, Promotion
If a student majors in marketing, which career options will be available:
Retail store manager Advertising Public relations
technological innovations that companies can use to develop products and services that match consumers' wants and needs more effectively
Social networking Blogs Data bases
marketing environment
Sociocultural, competitive, technological, global, and economic
consumer behavior
The investigation of consumer thought processes at each stage in a purchase in order to determine the best way to help the buyer buy study of people's purchase decisions and the factors that influence those decisions
marketing concept
customer orientation-find out what customers want and provide it for them service orientation-make sure everyone in the organization has the same objective:customer satisfaction. Total and integrated organizational effort Profit orientation-focus on goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs
selling era
emphasized selling and advertising in an effort to persuade consumers to buy existing products; few offered extensive service after the sale
competitive factors
ex brick and mortar companies must stay aware of online competition Marketers must pay attention to the dynamic competitive environment because the Internet gives consumers information instantly change is occurring more rapidly
primary data
information that is collected for the first time; used for solving the particular problem under investigation ex interviews surveys and focus groups
price
represents the value of the product The costs of producing, distributing and promoting the product will all influence this
demographic segmentation
segmenting markets by age, gender, income, ethnic background, and family life cycle
geographic segmentation
segmenting markets by region of a country or the world, market size, market density, or climate
market research
the action or activity of gathering information about consumers' needs and preferences. helps to identify what products customers have purchased in the past, current purchasing patterns, and future wants
marketing
the activities, sets of institutions, and processes that add value for customers. the activities buyers and sellers perform to facilitate mutually satisfying exchanges state governments use this to compete with other states and countries to locate businesses in their areas (attract new businesses and tourists)
technological factors
using consumer databases, blogs, social media, and the like, companies can develop products and services that closely match consumers' needs
A product includes anything that would enhance it in the eyes of consumers, such as
warranty package brand
product
A physical good, service, or idea that satisfies a want or need
promotion
All of the techniques sellers use to inform people about and motivate them to buy their products or services
customer relationship era
CRM emphasizes finding out everything possible about customers and using that information to satisfy or exceed expectations in order to build long-term customer loyalty. newest: social networks, online communities, tweets, and blogs
Marketing era
From 1950 to at least 1990, the dominant philosophy among businesses is the marketing concept.
niche marketing
When a company finds a small but profitable market segment and designs products just for them
business-to-business market (B2B)
consists of all the individuals and organizations that want goods and services to use in producing other goods and services to sell, rent, or supply goods to others. oil drilling bits, cash registers, display cases, office desks, public accounting audits, and business software are B2B services includes manufacturers, intermediaries, hospitals, schools, charities, and the government
consumer market
consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them
economic factors
consumers income, purchasing power, inflation, recession
psychographic segmentation
dividing the market using groups' values, attitudes, and interests
production era
focus on producing as much as possible because of high demand
factors that affect consumer behavior
learning-Changes in an individual's behavior resulting from previous experiences and information reference group-the group an individual uses as a reference point in forming beliefs, attitudes, values, or behavior culture- set of values, attitudes, and ways of doing things transmitted from one generation to another in a given society subculture- set of values, attitudes, and ways of doing things that results from belonging to a certain ethnic/racial/other group which one closely identifies cognitive dissonance- type of psychological conflict that can occur after a purchase,
global makret
marketers must be sure to dialogue with customers to ensure they understand about the good and services they want Globalization can create more opportunities for marketers but along with that comes more pressure because they must take into account the differing attitudes and values of various country cultures
secondary data
marketers should gather this first because it is already available and to avoid incurring unnecessary expense. Ex government publications and magazines
intermediaries
middle links in a series of organizations that distribute goods from producers to consumers. perform many of the activities required to move products efficiently from producers to consumers or industrial buyers and are often wholesalers or retailers
consumer decision making process
problem recognition, information search, evaluation of alternatives, purchase decision, postpurchase evaluation