Business chapter 13 notes

Production era of marketing

"produce as much as you can, cause there is a limitless market for it"

test marketing

process of testing products amongst potential users

MASS MARKETING

developing products to please a large group of people

Marketing Mix

1. Product - 2. price 3. place 4. promotion

How B2B market differs from consumer market

1. consumers are limited because it is just big corporations and not millions of individual consumers 2. B2B markets tend to be geographically concentrated 3. Business buyers are more rational and less emotional than individual consumers 4. consumer promotions are based on advertising, B2B sales are based on personal selling. fewer customers and more personal service

marketing concept era

1. costumer orientation - find out what customers want and provide for them 2. Service orientation - make sure everyone has the same objective of customer satisfaction 3. profit orientation - focus on goods and services that will earn the most profit and that will survive and expand to more customer needs

NON PROFIT MARKETING EXAMPLES

1. fundraising 2. public relations 3. special campaigns 4. ecological practices 5. changing public opinions and attitudes

FACTORS THAT AFFECT CONSUMER BEHAVIOR

1. learning - creates change is buyer behavior as a result from previous experiences and purchases (ex. trying a shampoo and either repurchasing or not) 2. subculture - set of values, attitudes, and ways of doing things that results from belonging to a certain ethnic group, racial group, etc. 3. Culture - set of values, attitudes, and ways of doing things transmitted from one generation to the other in a given society 4. Cognitive Dissonance - type of psychological conflict that can occur after a purchase. Consumers may have doubts about whether they got the best price and deal.

CONSUMER DECISION MAKING PROCESS

1. problem recognition 2. information search 3. evaluation of alternatives 4. purchase 5. post purchase satisfaction or dissatisfaction

costumer relationship era

Customer Relationship Management: process of learning as much as possible about present customers and doing everything you can over time to satisfy them with goods and services - idea to simulate longtime costumer loyalty

Emerging Mobile/ On demand Marketing Era

Digital age is causing people to want every product and info about it at their fingertips 24/7

RELATIONSHIP MARKETING

Goal is to keep Individual costumers over time by offering them new products that exactly meet their requirements.

ONE TO ONE MARKETING

developing a unique mix of goods and services for each individual costumer

Business 2 Business market

consists of all individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others. (ex. cash registers, display cases, office desks- called industrial services)

consumer market

consists of individuals or households that want goods and services for personal consumption and have the resources to buy them

MARKETING ENVIRONMENT

global factors - using internet, businesses can reach world consumers and create a dialogue with them about the goods and services that they want technological factors - ompanies can develop exact products that match customers needs based on all the info they have throughout social media, blogs, databases, etc. sociocultural factors - marketers must monitor social trends to maintain their close relationship with customers, due to population growth and changing demographics have huge effect on sales competitive factors - marketers must pay attention to the dynamic competition environment and adjust factors like pricing, delivery, and services accordingly in order to keep top business. economic factors - have to pay attention to economic changes and adjust pricing to those changes environmental scanning - process of identifying factors that can affect marketing success (used towards looking at competition)

Niche Marketing

identifying small and profitable market segments and designing and finding products for them.

market segmentation and the different types of characteristics

market segmentation: dividing the total market into groups with similar characteristics characteristics: 1. geographical: (regional, city, state) 2. demographic: (age, gender, religion, race, income, education, occupation) 3. psychographic: (lifestyle, personality, values) 4. Benefit: (comfort, convenience, economy, health, status, safety) Which factor benefits your target market the most? then using that benefit to promote product 5. Volume: (usage, loyalty status)

selling era of marketing

mass production, more then there was a need for. Due to this the focus turned to selling

DATA: primary vs secondary

primary data: conducting surveys secondary data: social media analyzing research data can help companies find out what areas they need to expand their market in order to increase business, research data can help to chose the best solution and then help the company implement it.

Marketing

set of activities; processing for creating, communicating, delivering, and exchanging offers that have value for customers and society at large. - future of marketing = help the buyer buy

target market

specific group of people who you are selling a specific product to

marketing search

when marketers analyze markets to determine opportunities and challenges, and to fine the info they need to make good decisions - helps identify what products consumers have purchased in the past, and what they will need in the future