Chapter 13 Marketing Helping Buyers Buy

B2B sales are based on personal selling bc...

-large purchases cost more and are complex -customers demand personal service for larger investments

The Marketing Concept

1. Customer Orientation 2. Service Orientation 3. Profit Orientation

The Marketing Research Process

1. Defining the question and determining the present situation 2. Collecting research data 3. Analyzing the research data 4. Choosing the best solution and implementing it

Consumer behavior factors

1. Learning 2. Reference group 3. Culture 4. Subculture 5. Cognitive dissonance

Consumer Decision-Making Process

1. Problem recognition 2. Information search 3. Alternative evaluation 4. Purchase decision 5. Postpurchase evaluation

The Marketing Mix

1. product 2. price 3. place 4. promotion

Marketing's 4 eras

1. production 2. selling 3. marketing concept 4. customer relationship

f Ford decides to target women to sell its F-150 truck to, then what type of segmentation would Ford be using?

Demographics

Customer Orientation

Find out what consumers want and provide it for them

Profit Orientation

Focus on the goods and services that will earn the most profit

Service Orientation

Make sure everyone in the organization has the same objective: customer satisfaction

Which type of segmentation looks at a consumer's attitudes, values, and personal interests?

Psychographic segmentation

Why do companies use segmentation?

To target specific customers

Economic factors

adapt the selection of products according to the economy

Demographic segmentation

age, income, education, religion, race, occupation most widely segmentation variable

Marketing Research

analyze markets to determines opportunities and challenges, and find info to make good decisions helps identify what products customers have purchased in the past, current purchasing patter, and future wants

Competitive factors

brick-and-mortar companies must stay aware of online competition

The Marketing Concept Era

businesses recognized they needed to be responsive to consumers

Marketers also...

conduct research on business trends, ecological impact of decisions, and global trends

Business-to-business B2B market

consists of all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to other ie: oil-drilling bits, cash registers, display cases, office desks, public accounting audits, business software industrial goods and services

The 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

Promotion

consists of all the techniques sellers use to inform people about and motivate them to buy their products or services -advertising; personal selling -public relations; publicity -word of mouth; viral marketing -various sales promotions such as coupons, rebates, samples, and cents-off deals

CRM

customer relationship management: the process of learning about present customers and doing everything to satisfy them

Benefit segmentation

determining which product benefits your target market prefers and using those benefits to promote a product dividing the market based on specific features of the product that will appeal to different groups the product features that appeal to segments

Mass marketing

developing products and promotions to please large groups of people and sell the same product to as many people Using tv, radio, online ads

Geographic segmentation

dividing a market by cities, countries, states, or regions

Secondary data

existing data since you aren't the first one to gather the data what marketers should gather first to avoid incurring unnecessary expense

Focus group

group of people who meet the direction of a discussion leader to communicate opinion about an organization, its products, or other given issues express their opinions about an organization or product

Niche marketing

identifying small but profitable market segments and designing or finding products for them

Primary sources

interviews, surveys, and observation

Culture

is the set of values. attitudes, and ways of doing things transmitted from one generation to another in a given society

Relationship marketing

leans toward customer goods and services with the goal to keep individual customers over time by offering then new products that exactly meet their requirements

One-to-one marketing

means developing a unique mix of goods and services for each individual customer

Sociocultural factors

monitor social trends to maintain close relationships with customers

States use marketing to attract...

new businesses and tourists

The Selling Era

philosophy from producing to selling

Market segmentation

process of dividing the total market into groups with similar characteristics

Test Marketing

process of testing products among potential users

The Production Era

produce as much as you can because there is a limitless market for it

Secondary sources

publications, magazines, newspapers

Global factors

puts pressure on those whose responsibility it is to deliver products to these global customers

Target marketing

selecting which groups or segments an organization can serve profitably

Volume or usage segmentation

separating the market by volume of product use

Psychographic segmentation

study of the group's values, attitudes, and interests

Consumer behavior

studying the thought process people use to make buying decisions and the factors that influence their choices

Marketing

the activity, set of institutions, and processing, for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large or the activities buyers and sellers perform to facilitate mutually satisfying exchanges -developing the exchange process and advertising

Environmental Scanning

the process of identifying factors that can affect marketing success/marketing environment -global tech -sociocultural -competitive -economic influence

Primary data collections

to gather additional in-depth info to conduct a survey, online surveys, mail surveys, personal interviews

Collecting data

trade-off between the need for info and the cost of obtaining it

Technological factors

using consumer databases, blogs, social networking sites to develops products and services that match the consumer's needs ie:data interchange, telecommunications, bar codes