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B A 2020 - Chp 13 notes

by: Julia Notetaker

B A 2020 - Chp 13 notes B A 2020

Marketplace > Wayne State University > Business > B A 2020 > B A 2020 Chp 13 notes
Julia Notetaker
GPA 3.0
Introduction to Business
Sherilynn Perelli

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About this Document

I comprised a study guide for chapter 13 from the textbook. Hopefully it can be useful for you guys while you guys are studying for the second midterm and as well the chapter homework assigned.
Introduction to Business
Sherilynn Perelli
Study Guide
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This 7 page Study Guide was uploaded by Julia Notetaker on Saturday October 10, 2015. The Study Guide belongs to B A 2020 at Wayne State University taught by Sherilynn Perelli in Summer 2015. Since its upload, it has received 71 views. For similar materials see Introduction to Business in Business at Wayne State University.


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Date Created: 10/10/15
Chapter 13 Marketing Helping Buyers Buy Marketing Definition the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large more simply as the activities buyers and sellers perform to facilitate mutually satisfying exchanges from the seller to the buyer helping the buyer buy one author calls it quotThe Power of Pull retailers and other marketers who rely solely on traditional advertising and selling are losing out to the new ways of marketing The Evolution of Marketing The four eras a Production The first European settlers began their struggle to survive in America until the early 19005 business owners were mostly farmers carpenters and trade workers they needed to produce more and more so their goals centered on production the greatest marketing need in this industry is for more production and less expensive distribution and storage b Selling By the 19205 businesses had developed massproduction techniques and production capacity often exceeded the immediate market demand hence the business philosophy turned from producing to selling c Marketing Concept After the WWII ended in 1945 families demand for goods and services businesses recognized that they needed to be responsive to consumers if they wanted to get their business and a philosophy emerged in the 19505 called the marketing concept It had three parts a customer orientation b service orientation c profit orientation d Customer Relationship In the 19905 and early 20005 managers extended the marketing concept by adopting the practice of customer relationship management w is the process of learning as much as possible about present customers and doing everything you can over time to satisfy them or even to exceed their expectations with goods and services the idea is to enhance customer satisfaction and stimulate longterm customer loyalty gives the customer the power to build relationships with suppliers and consumers The Marketing Mix businesses blend them together in a welldesigned marketing program they don t necessarily include everything that goes into the marketing process for all products The four factors a Product Definition any physical good service or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers such as the brand designing a wantsatisfying product b m setting a price for the product determine a brand name design a package and set a price c M putting the product in a place where people will buy it select a distribution system d Promotion Definition all the techniques sellers use to inform people about and motivate them to buy their products or services promoting the product including how green it is design a promotional program and build a relationship with customers Test Marketing Definition the process of testing products among potential users Brand Name Definition a word letter or group of words or letters that differentiates one seller s goods and services from those of competitors Marketing Research Definition the analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions Four key steps a Defining the question the problem or opportunity and determining the present situation b Collect research data Primary Data Definition data that you gather yourself not from secondary sources such as books and magazines Q interviews surveys observation focus groups online surveys questionnaires customer comments and letters from customers Secondary Data Definition information that has already been compiled by others and published in journals and books or made available online Q a Government Publications Statistical Abstract of the United States Surveys of Current Business Census of Retail Trade Census of Transportation Annual Survey of Manufacturers b Commercial Publications ACNielsen Company studies on retailing and media Marketing Research Corporation of America studies on consumer purchases Selling Areas Marketing Inc reports on food sales c Magazines Entrepreneur Journal of Retailing Journal of Advertising Bloomberg BusinessWeek etc more on page 362 d Newspapers The Wall Street Journal Barron s your local newspapers e Internal Sources Company records balance sheets income statements prior research reports f General Sources Internet searches googletype searches commercial databases c Analyzing the research data marketers must turn the data they collect in the research process into useful information careful honest interpretation of the data can help a company find useful alternatives to specific marketing challenges d Choosing the best solution and implementing it after collecting and analyzing data market researchers determine alternative strategies and make recommendations about which may be best and why it is a continuous process of responding to changes in the marketplace and in consumer preferences Focus Group Definition a group of people who meet under the direction of a discussion leader to communicate their opinions about an organization its products or other given issues Environmental Scanning Definition the process of identifying the factors that can affect marketing process They include a Sociocultural Marketers must monitor social trends to maintain their close relationship with customers since population growth and changing demographics can have an effect on sales Q Population shifts values attitudes trends increase in the number of older adults creates growing demand for nursing homes health care prescription drugs recreation continuing education and more b Competitive Marketers must pay attention to the dynamic competitive environment they also must adjust their pricing delivery and services accordingly Q Speed service price selection c Economic Marketers must pay close attention to the economic environment They had to adapt by offering products that were less expensive and more tailored to consumers with modest incomes Q GDP disposable income competition unemployment d Global the globalization process puts more pressure on those whose responsibility it is deliver products Q Trade agreements competition trends opportunities internet e Technological the most important technological changes also relate to the internet Q Computers telecommunications bar codes data interchange internet changes companies can develop products and services that closely match consumers needs firms can now produce customized goods and services for about the same price as massproduced goods thus flexible manufacturing and mass customization are also major influences on marketers Two Different Markets Consumer Market Definition all the individuals or households that want goods and services for personal consumption or use BusinesstoBusiness BZB market Definition 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 others Q Oildrilling bits cash registers display cases office desks public accounting audits and business software Traditionally they have been known as industrial goods and services because they are used in industry the buyer s reason for buying that is the end use of the product determines whether a product is a consumer product or a BZB product Market Segmentation Definition the process of dividing the total market into groups whose members have similar characteristics Example on page 367 Target Marketing Definition marketing directed toward those groups market segments an organization decides it can serve profitably Geographic Segmentation Definition dividing a market by cities counties states or regions You might focus on just one or two regions where you can be most successful say southern states such as Florida Texas and South Carolina Demographic Segmentation Definition dividing the market by age income and education level Alternatively you could aim your product s promotions toward people ages 2545 who have some college education and aboveaverage incomes so are religion race and occupation Psychographic Segmentation Definition dividing the market using groups values attitudes and interests with that information you would develop advertisements for those TV shows using those stars Benefit Segmentation Definition dividing the market by determining which benefits of the product to talk about Volume or usage Segmentation Definition dividing the market by usage volume of use once you know who your customer base is you can design your promotions to better appeal to that specific groups or groups the best segmentation strategy is to use all the variables to come up with a consumer profile that represents a sizable reachable and profitable target market Reaching Smaller Market Segments Niche marketing Definition the process of finding small but profitable market segments and designing or finding products for them it so easily offers an unlimited choice of goods the internet is transforming a consumer culture once based on big hits and bestsellers into one that supports more specialized niche products Onetoone marketing Definition developing a unique mix of goods and services for each individual customer Ex travel agenices often develop such packages including airline reservations hotel reservations rental cars restaurants and admission to museums and other attractions for individual customers Moving toward Relationship Marketing Mass Marketing Definition developing a unique mix of goods and services for each individual customer the mass marketer tries to sell the same products to as many people as possible Relationship marketing Definition marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements the goal is to keep individual customers over time by offering them new products that exactly meet their requirements The Consumer DecisionMaking Process The five steps in the process are often studies in courses on consumer behavior a Problem Recognition which may occur when your washing machine breaks down and you realize you need a new one b Information Search you look for ads and brochures about washing machines c Consumer Reports you may consult a secondary data source or other information perhaps online and you ll likely seek advice from other people who have purchased washing machine d Evaluate Alternatives e Purchase Decision After the purchase you may ask the people you spoke to previously how their machines perform and then do other comparisons to your new washer Consumer Behavior Definition marketing researchers investigate these consumer thought process and behavior at each stage in a purchase to determine the best way to help the buyer buy Important factors a Learning creates changes in an individual s behavior resulting from previous experiences and information b Reference group is the group an individual uses a reference point in forming beliefs attitudes values or behavior c Culture is the set of values attitudes and ways of doing things transmitted from one generation to another in a given society the US culture emphasizes and transmits the values of education freedom and diversity d Subculture is the set of values attitudes and ways of doing things that results from belonging to a certain ethnic group racial group or other group with which one closely identifies e Cognitive dissonance is a type of psychological conflict that can occur after a purchase consumers who make a major purchase may have doubts about whether they got the best product at the best price The Businesstobusiness Market marketing strategies also differ from consumer marketing because business buyer have their own decisionmaking process Several factors make BZB marketing different a customers in the BZB market are relatively few b business customers are relative large c BZB markets tend to be geographically concentrated d business buyers are generally more rational and less emotional than ultimate consumers e BZB sales tend to be direct but not always f whereas consumer promotions are based more on advertising BZB sales are based on personal selling Fig 138 shows some of the difference between buying behavior in the BZB and consumer markets


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