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UT / Marketing / MSCM 300 / What is maslow's hierarchy of needs?

What is maslow's hierarchy of needs?

What is maslow's hierarchy of needs?

Description

School: University of Tennessee - Knoxville
Department: Marketing
Course: Marketing/Supply Chain Mgt
Professor: Adam hepworth
Term: Summer 2015
Tags:
Cost: 25
Name: Ch. 1-5
Description: I have uploaded the notes for Ch. 1-5 in one document.
Uploaded: 09/13/2015
46 Pages 157 Views 64 Unlocks
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Chapter 1: Creating and Capturing Customer Value Monday, August 24, 2015 6:39 PM


What is maslow's hierarchy of needs?



Marketing: managing profitable customer relationships.  

A. The goal of marketing  

a. attract new customers by promising superior value  

b. keep and grow current customers by delivering satisfaction.  

The Marketing Process  

1. Understand the marketplace and customer needs and wants  

2. Design a customer-driven marketing strategy

3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight

5. Capture value from customers to create profits and customer equity a. Customer Equity: total combined customer lifetime values  If you want to learn more check out Describe the paleozoic era.

Maslow's Hierarchy of Needs (1943)


What is the marketing process?



1. Self-actualization

2. Self-esteem

3. Belongingness and love  

4. Safety  

5. Physiological  

Understanding the Marketplace and Customer Needs  

1. Needs, wants, and demands

a. Needs: states of felt deprivation

b.

Wants: the form human needs take as they are shaped by culture and  individual personality  

c.

Demands: wants backed by buying power; people demand products and  services w/ benefits that add up to the most value and satisfaction

2. Market offerings  

a.

A combinations of products, services, information, or experiences offered to  a market to satisfy a need or a want.  


Consumers themselves are playing a bigger role in shaping their own brand experiences and those of others, is what?



i.

Marketing myopia: the mistake of paying more attention to the  specific products a company offers than to the benefits and  experiences  produced by these products.

3. Value and satisfaction

. We also discuss several other topics like Which are eukaryotes?

   , , ,      a market to satisfy a need or a want.  

i.

Marketing myopia: the mistake of paying more attention to the  specific products a company offers than to the benefits and  experiences  produced by these products.

3. Value and satisfaction 4. Exchanges and relationships

a.

Exchange: the act of obtaining a desired object from someone by offering  something in return.  

b.

Companies want to build strong relationships by consistently delivering  superior customer value.  

5. Markets

a.

The set of actual and potential buyers of a product or service; the buyers  have a specific need or want that can be satisfied through exchange  relationships.

Historical vs. Modern Marketing  

Historical: Organization ---->  consumer

Modern Day: Organization <----> consumer  

Marketing Management: The art of science  of choosing target markets and building  profitable relationships with them.  

Market segmentation: dividing the market into segments of customers  Target Marketing: selecting which segments it will go after  

- How will it differentiate and position itself in the marketplace?  

-

Value proposition: the set of benefits or values it promises to deliver  to  consumers to satisfy their needs If you want to learn more check out What is the paradox of equality?

▪ How a product is differentiated and positioned  

Production concept: consumers will favor products that are available and highly  affordable.  

- Management should focus on improving production and distribution efficiency.  Product concept: consumers will favor products that offer the most in quality,  performance, and innovative features.  

- Marketing strategy focuses on making continuous product improvements.  Selling Concept: consumers will not buy enough of the firm's products unless it  undertakes a large-scale selling and promotion effort.

Marketing concept: achieving organizational goals depends on knowing the needs and  wants of target markets and delivering the desired satisfactions better than competitors  do.  

Societal Marketing concept: questions whether the pure marketing concept overlooks  --

undertakes a large-scale selling and promotion effort.

Marketing concept: achieving organizational goals depends on knowing the needs and  wants of target markets and delivering the desired satisfactions better than competitors  do.  

Societal Marketing concept: questions whether the pure marketing concept overlooks  possible conflicts between consumer short-run wants and consumer long-run welfare.  

Customer Relationship Management: the overall process of building and  maintaining profitable customer relationships by delivering superior customer  value and satisfaction If you want to learn more check out What kind of account is a sales discount?

Customer-perceived value: the customer's evaluation of the difference between  all the benefits and all the costs of a market offering relative to those of  competing offers.  

Customer satisfaction: depends on the product's perceived performance relative  to a buyer's expectations.  

New Marketing!!  

Customer- engagement marketing: fostering direct and continuous customer  involvement in shaping brand conversations, brand experiences, and brand  community.  

Consumer-generated marketing: consumers themselves are playing a bigger role  in shaping their own brand experiences and those of others.  

Partner relationship management- means working closely with others inside and outside  the company to jointly bring more value to customers.  

Mobile, Digital, and social media marketing

Chapter 2  

Thursday, August 27, 2015

11:10 AM

Strategic Planning: The process of developing and maintaining a strategic fit between  the organization's goals and capabilities and its changing marketing opportunities If you want to learn more check out Why was aristotle's thought of “policy” considered better than “democracy”?

Chapter 2  

Thursday, August 27, 2015

11:10 AM

Strategic Planning: The process of developing and maintaining a strategic fit between  the organization's goals and capabilities and its changing marketing opportunities  

Mission statement: a statement of the organization's purpose  

- What it wants to accomplish in the larger environment  

○ They should be meaningful and specific yet motivating  

Questions the mission statement should answer If you want to learn more check out What are the consequences of sex?

1. What is our business?

2. Who is our customer?

3. What do our customer's value?  

4. What should our business be?  

- The mission should be translated into supporting objectives for each level of  management.  

- Creates a hierarchy that are consistent with one another

- The business portfolio is the collection of business and products that make up a  company.  

- The company must:  

Analyze its current business portfolio or Strategic Business Units (SBU's)-the key businesses that make up the company  

□ A unit of a company that has a separate mission and objectives  and that can be planned independently from other company  business

          

(SBU's)-the key businesses that make up the company  

□ A unit of a company that has a separate mission and objectives  and that can be planned independently from other company  business  

Can be a company division, a product line within a  division, or sometimes a single product or brand

▪ Decide which SBU's should receive more, less, or no investment  

▪ Develop strategies for growth or downsizing

Portfolio Analysis: management evaluates the products and businesses that make up  the company.  

Resources are directed to business units that help the company as a whole to be  more successful  

Business units that don't contribute to the portfolio might be less successful  Growth Share Matrix - by using the BCG approach, a company classifies all its SBUs

Market Penetration: make more sales to current customers without changing products  

-

How? Add new stores in current market areas; improve advertising, prices and  service  

Market Development: identify and develop new markets for current products  How? Pursue different demographic customer group; expand to different  geographic regions

Product development: offer modified or new products to current markets  - How? Add food offerings, sell coffee in supermarkets

Diversification: start up or buy business outside current products and markets  - How? Making and selling CD's, testing restaurant concepts, coffee makers  

9/1 Notes  

Tuesday,  September  1, 2015

11:03 AM

Real class examples that might be seen on the test….

How do we measure our customers' perception of value?  

• Customer satisfaction

• Surveys  

Cole's Mission Statement for Harley Davidson was fantastic

Critical Questions that Managers ask

1. What is important to our customers?  

2. How do we know if we are delivering value to our customers?  3. How do we judge whether we are offering superior value relative  to competitors?  

Customer Value is the customer's perception of what they want to have happen in a  specific use situation, with the help of a product or service, in order to accomplish a  desired purpose or goal  

Customer Value = Customer Satisfaction??

- Satisfaction is about falling short or exceeding expectations  

Customer Vaue is te customers perception o wat tey want to ave appen in a  specific use situation, with the help of a product or service, in order to accomplish a  desired purpose or goal  

Customer Value = Customer Satisfaction??

- Satisfaction is about falling short or exceeding expectations  

○ Customer Delight  

- REMEMBER THIS ---->  

□ Customer Value = Importance

□ Customer Satisfaction =  Performance  

5 Key Aspects of Customer Value  

1. Tradeoff of benefits and sacrifices  

a. IKEA Sideboard Cabinet: less expensive, does not come assembled  (∑ what I get) - (∑ what I give up) = X  

Benefits                              Sacrifices

∑ = sum

You want to see that benefits out weigh the sacrifices  

1. Interaction of both customer and product

Value

judgement

   

Example of his friend Jake who has a company with the slogan "Compete Everyday" and  he bought a Ford F-150 and put a wrap on it as a form of advertisement 1. Relative to competitors, individuals, and situations  

Example of his friend Jake who has a company with the slogan "Compete Everyday" and  he bought a Ford F-150 and put a wrap on it as a form of advertisement 1. Relative to competitors, individuals, and situations  

Desired  End state  

Customer's  

1. Goal Driven by customer's desired attributes, desired outcomes, and end goals  a. Examples: wine coolers? They have less alcohol  

2. Dynamic - in that it changes over time  

What Makes Customer's Perceptions of Value Change?  

- What is the Environment?  - Consumers: life changes    

-----> Top 3  

When you are broke in college, your purchases are different than when you  

have a job and start making more money  

- Changes from competitors  

○ Expanded innovation….competitors can change customer value  - Things happening inside the company  

Customer  research

Customer complaints

Customer complaints

Customer Value Strategy Process

1. Identify the Value  

2. Choose the Value  

3. Provide the Value  

4. Communicate the Value  

5. Assess the Delivered Value  

= Competitive Advantage  

By understanding customer value, we can develop better strategies to: - Satisfy & Retain Customers  

- Acquire New Customers

- Differentiate the firm from competitors in the marketplace

= Sustainable Competitive Advantage

9/3 -9/8

Thursday, September  3, 2015

11:05 AM

We had a quiz today in class online….but it didn't work so everybody received an A  Ch.3 Analyzing the Marketing Environment 

Marketing Environment- actors and forces outside of marketing that affect marketing's  ability to connect with  the customer.

- Microenvironment: actors close to the company that affect its ability to serve its  customers  

○ Considered to be somewhat under the control of the marketing environment  - Macroenvironment: Larger societal forces that affect the microenvironment  ○ Considered to be beyond the control of the organization.  

               customers  

○ Considered to be somewhat under the control of the marketing environment  - Macroenvironment: Larger societal forces that affect the microenvironment  ○ Considered to be beyond the control of the organization.  

The Company's Microenvironment 

- Areas inside a company  

- Defines the companies strengths and weaknesses; capabilities and limitations

-

Microenvironment - Plinko Interaction: we have a strategy and control our chip, we  may hit pegs but we still control the chip  

-

Suppliers: Provide resources needed to produce goods and services - An important link in the "value delivery system"  - Enlightened marketers consider key suppliers to be partners  

Example: Coors Light marketing advantage. They talked to a supplier and  

they initiated the idea that the mountains on the label will turn blue to  indicate that the beer is cold.  

Marketing Intermediaries :  

- Help the company to promote, sell, and distribute its goods to final buyers ○ Resellers  

○ Physical distribution firms - help the company stock and move goods  ○ Marketing services agencies  

Financial intermediaries: a financial institutions such as banks to help finance  

transactions  

Customers:  Five types of markets that purchase a company's goods and services1. Consumer Markets

    

Financial intermediaries: a financial institutions such as banks to help finance  

transactions  

Customers:  Five types of markets that purchase a company's goods and services 1. Consumer Markets

2. Business Markets  

3. Reseller Markets  

4. Government Markets  

5. International Markets  

Competitors are those who serve a target market with products and services that are  viewed by consumers as being reasonable substitutes  

- Direct vs. Indirect Competitors  

- Competing brands under 1 roof  

Example: Abercrombie & Fitch as the parent company and Hollister as the  

competing clothing company  

Publics: group that has an interest in or impact on an organization's ability to achieve its  objectives  

Citizen-action publics are often larger than local publics. The teaher's union would be a  citizen-action public

Internal Publics: Employees, managers, volunteers and the board of directors The Macroenvironment 

-

The company and all of the actors in the microenvironment operate in a larger  macroenvironment of forces that  shape opportunities and pose threats to the  company.  

Internal Publics: Employees, managers, volunteers and the board of directors The Macroenvironment 

-

The company and all of the actors in the microenvironment operate in a larger  macroenvironment of forces that  shape opportunities and pose threats to the  company.  

There are 6 forces in the microenvironments of a company  Demographic forces:  

-

The study of human populations in terms of size, density, location, age, gender,  race, occupation, and other statistics  

- Marketers track changing age and family structures, geographic population shifts,  educational characteristics, and population diversity  

Marketers need to track the changes in demographics, because it could  

create a trend to the market needs

- A great deal of domestic date stems from the census

We watched a Levi's commercial that only had women in it and it didn't seem like it  would be a Levi's commercial. They are trying to capture the audience of women who are  of different shapes and sizes.  

Economic Environment

- Consists of factors that affect consumer purchasing power and spending patterns  ○ i.e. subprime mortgage crisis of late 2007  

▪ Changes in income  

Economic Environment

- Consists of factors that affect consumer purchasing power and spending patterns  ○ i.e. subprime mortgage crisis of late 2007  

▪ Changes in income  

□ Led up to the major recession from 2008-2011

▪ Income distribution

□ Upper class: getting wealthier

□ Middle class: shrinking in size  

□ Working class: struggling  

□ Underclass: remain poor  

Natural Environment  

-

Involves the natural resources that are needed as inputs by marketers or that are  affected by marketing activities  

Trends in the natural environment  

- Shortages of Raw Materials  

- Increased Pollution  

- Increased Govt. Intervention

- Environmental Sustainability  

Technological Environment  

- Most dramatic force now shaping our destiny  Political Environment

Cultural Environment  

-

The institutions and other forces that affect a society's basic values, perceptions,  preference, and behaviors  

Ch. 4  

Tuesday,  September  8, 2015

11:20 AM

The Importance of Information  

- Companies need information about their:

○ Customer needs  

○ Competition  

○ Marketing Environment  

- Marketing managers do not need more information, they need better information ○ Quality vs. Quantity  

Marketing Information System (MIS)  

-

An MIS consists of people, equipment, and procedures to gather, sort, analyze,  evaluate and distribute needed, timely, and accurate information to marketing  decision makers.  

- The MIS helps managers to: 1. Assess information needs 

i.

A good MIS balances the information uses would Like against what they  really need and what is feasible to offer

ii.

Have to decide whether the benefits of more information are worth the  costs  

iii.

Sometimes the company cannot provide the needed information  because it is not available or due to MIS limitations  

2. Develop needed information  

i. Where will this information come from?

1)

Internal Databases: Electronic collections of information obtained  from data sources within the company  

2) Marketing Intelligence: Systematic collection and analysis of  publicly available information about  competitors and  developments in the marketing research

a)

Ex. Procter & Gamble admitted to "dumpster diving" at rival  

1)

Internal Databases: Electronic collections of information obtained  from data sources within the company  

2) Marketing Intelligence: Systematic collection and analysis of  publicly available information about  competitors and  developments in the marketing research

a)

Ex. Procter & Gamble admitted to "dumpster diving" at rival  Unilever's Helene  Curtis headquarters to find out about their  marketing developments  

3)

Marketing Research: Systematic design, collection, analysis, and  reporting of data relevant to a specific marketing situation facing  an organization  

a)

1. Defining the problem and objectives -

-

1. Developing the research plan

- Includes :  

○ Determining the exact information needed  

○ Developing a plan for gathering it efficiently  

○ Presenting the written plan to management  

- Gathering Secondary Data  

○ Information that already exists somewhere  

▪ Internal databases

▪ Commercial data services  

▪ Govt. sources  

○ Available more quickly and at a lower cost than primary data ○ Must be relevant, accurate, current, and impartial

• ** Reliability  can be problematic!

- Primary Data Collection

○ Consists of information collected for the specific purpose at hand  ○ Must be relevant, accurate, current and unbiased  

• Primary Research  

□ Qualitative Research  

◆ Observations  

◆ In-depth interviewing

◆ Focus groups  

□ Quantitative Research

◆ Surveys

◊ Survey Research

◆ Experiments

◆ "Big Data" - grocery store loyalty programs  

◆ Data Mining

1. Distribute information

Ch.5  

Thursday, September  10, 2015

11:09 AM

Understanding Consumer and Business Buyer Behavior  

Consumer Buying Behavior

- Refers to the buying behavior of people who buy goods and services for personal use - These people make up the consumer market

- The central question for marketers is:

"How do consumers respond to various marketing efforts the company might  

use?"  

- Ex. GoPro: Innovation + Customer Understanding  

○ What does GoPro offer its customers?  

▪ They come with editing software  

▪ Resilient to water and being dropped  

○ How has the company been successful?  

Buyer Characteristics - Culture

- Culture is the most basic cause  of a person's wants and behavior.  ○ Culture is learned from famil church school eers colleaues etc.

▪ Resilient to water and being dropped  

○ How has the company been successful?  

Buyer Characteristics - Culture

- Culture is the most basic cause  of a person's wants and behavior.  ○ Culture is learned from family, church, school, peers, colleagues, etc. ○ Culture includes basic values, perceptions, wants, and behaviors.  

▪ Subculture - groups of people with shared value systems based on  common life experiences.  

□ Ex. Different ethnic groups within a society can be a subculture  ◆ The LGBT consumer?  

Ex. Subculture of Irish Language Preservationists of Gaelic, the  government uses Irish and English signage  

▪ Social Class  

Society's relatively permanent and ordered divisions whose  members share similar values, interests, and behaviors.  

□ Measured by a combination of: occupation, income, education,  wealth, and other variables  

◆ Social Factors  

◆ Personal Factors  

◊ There is a difference in gender psyche differences  ???? We watched a video: "It's not about the nail"  

- The Buyer Decision Process (5 steps)

○ Marketers aim to influence each step of the process  1. Need recognition

i.

An imbalance that exists between a consumer's current state and  his/her desired state.  

ii. Individual may be unaware of the problem or need  

iii.

Marketers may used sales personnel, advertising, and packaging to  trigger recognition of needs or problems  

2. Information search  

i.

This stage begins after the consumer becomes aware of the problem or  need  

ii. The search for the information about products will help resolve the  problem or satisfy the need

1) Internet  

2) Friends and Family  

3) Reading nutrition labels  

4) Product reviews, etc.

1. Evaluation of alternatives

i.

Ex. Kitchen Aid Mixer vs. Sunbeam Mixmaster (one is more expensive  than the other)  

2. Purchase decision (binary variable, either yes or no)  

3. Postpurchase behavior  

i. Consumer satisfaction is a function of  

1) Performance < Expectations ----> Disappointment  

2) Performance = Expectations ----> Satisfaction

3) Performance > Expectations ----> Delight  

- Cognitive Dissonance or buyer's remorse  - A buyer's doubt shortly after a purchase  about whether it was the right decision  

Marketers combat cognitive dissonance via 1-800 numbers, FAQs, and web  

feedback forms  

- Business Buyer Behavior  refers to the buying behavior of the organizations that buy  goods and services for use in the production of other products and services that are  sold, rented, or supplied to others  

Just as is the case w/ consumer buyer behavior, marketers want to know how  

business buyers behave  

- Business Markets Differ from Consumer Markets

○ Market Structure and Demand  

▪ Contains far fewer but larger buyers  

▪ Customers  are more geographically concentrated

▪ Business demand is derived from consumer demand  

○ Nature of the Buying Unit

▪ Business purchases involve more decision participants  

▪ Business buying involves a more professional purchasing effort  

        

▪ Business buying involves a more professional purchasing effort  

Bottom Line

○ Whether the customers are end consumers, or business - to - business  customers, marketers want to know:

▪ What are the factors that influence their choices?  

▪ How do they make decisions?  

Marketers want to know how customers are likely to respond to their  

marketing actions  

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