Chapter 13 Marketing

Marketing
The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large
4 Eras of Marketing
Production, Selling, Marketing concept, customer relationship
3 orientations of marketing concept era
Customer, Service, Profit
CRM
Customer relationship management: Learning as much a you can about customers and doing what you can to satisfy or exceed their expectations
4 P’s
Product, Place, Price, Promotion
Product
A good, service, or idea that satisfies a consumers want or need
Test Marketing
Testing product concepts among potential product users
Brand Name
A word, letter, or a group of words or letters that differentiate’s one seller’s goods from a competitors
Promotion
All the techniques sellers use to inform people about their products and motivate them to purchase those products
Market Research
Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions
Primary vs. Secondary Research
Primary: In depth information gathered by marketers from their own research
Ex: Telephone, online surveys, personal interviews
Secondary: Existing data that has already been collected by sources like the government
Focus Group
A group of people who meet under the direction of a discussion leader to communicate opinions
Environmental scanning
The process of identifying factors that affect marketing success. Factors include: global, technological, sociocultural, competitive, economic
B2B, B2C, C2C
Business to Business
Business to Consumer
Consumer to Consumer
Market Segmentation
Divides the total market into groups with similar characteristics
5 ways to segment
Geographic, demographic, psychographic, benefit, volume
Niche Marketing
Identifies small but profitable market segments and designs or finds products for them
One to One Marketing
Developing a unique mix of goods and services for each individual consumer
Mass Marketing
Developing products and promotions to please large groups of people
5 steps in consumer decision making
1. Problem recognition
2. Search for information
3. Evaluating alternatives
4. Purchase decision
5. Postpurchase evaluation
Other influences in Consumer decision making
Marketing mix influences, sociocultural influences, psychological influences, situational influences
The number of buyers in business to business markets is:
relatively small compared to the consumer market
Successful Marketing researchers
listen to customers and other stakeholders