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MKT 337 Principles of Marketing Week 3 Notes

by: Christopher Notetaker

MKT 337 Principles of Marketing Week 3 Notes MKT 337

Marketplace > University of Texas at Austin > Marketing > MKT 337 > MKT 337 Principles of Marketing Week 3 Notes
Christopher Notetaker
GPA 4.0
Principles of Marketing
Professor Gabbi

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MKT 337 Principles of Marketing Week 3 Notes
Principles of Marketing
Professor Gabbi
Class Notes
MKT 336 Principles of Marketing Notes Week 3 Consumer Behavior Buy Behavior
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This page Class Notes was uploaded by Christopher Notetaker on Wednesday February 10, 2016. The Class Notes belongs to MKT 337 at University of Texas at Austin taught by Professor Gabbi in Winter 2016. Since its upload, it has received 27 views. For similar materials see Principles of Marketing in Marketing at University of Texas at Austin.

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Date Created: 02/10/16
Buyer Behavior Ch 6 Cont 02102016 1 Women vs Men Buyer Behavior a Women i Need 1 Emotional ii Info Search 1 Wants a personal connection iii Alternative Evaluation 1 Make the decision slower as to how iv Purchase 1 When gt slow 2 Where gt accessible v PostPurchase 1 Want to see long term plan b Men i Need 1 Logic and returns ii Info Search 1 Who has the best data behind them iii Alternative Evaluation 1 Want the best return who makes the most money iv Purchase 1 When gt now 2 Where gt anywhere v PostPurchase 1 Want to see immediate returns c Conclusion i You must market to two different markets ii There may be tremendous opportunity to create a nancial service that is more personable 2 Business to Business Marketing a Business Products i Are used to manufacture other products ii Become part of another product iii Aid the normal operations of an organization iv Are acquired for resale without change in form 3 Categories of Business Customers a Producers i OEM b Resellers i Wholesalers 1 TargetWalMart ii Retailers c Governments i Federal ii Municipal iH Local d Institutions L Schoob ii Hospitals m CoHeges iv Churches v Unions vi Fraternal Groups vii Civic Clubs vHL Foundanns IX NoneBusiness Organizations 4 NAICS a A detailed numbering C 5 Business vs Consumer Markets system developed by the US Canada and Mexico to classify North American business establishments by their main production processes Provides a common industry classi cation system Valuable tool for marketers in analyzing segmenting and targeting markets Data can be used to determine NAICS Example NAICS Sector Subleeetor industry US Level Group Industry NAICS 3 1 33 334 3346 3346 1 il Code Descriptilon lManulfacliwning Computer Mfg and Reproduction eiIectmniic reproduction elf software p md u ct elf manetiici manlufactiu n ing opiiical media i Number size and geographic dispersion of rms ii Market potentialmarket share estimates iii Sales forecasts iv New Customer identi cation Business vs Consumer Markets Characteristic Business Market Eonsumer Market Demand Organizational Individual Volume Larger Smaller of Customers Fewer Many Location Con eentrated Dispersed Distribution More Direct More Indirect Nature of Buy More Professional More Personal Buy in uence Multiple Single Negotiations More Compiex Simpler Reciprocity Yes No Leasing Greater Lesser Promotion Personal Selling Advertising a 6 Business Buying Behavior a As I ii iii iv v b Th pects of buying behavior Buying Centers Evaluative Criteria Buying Situations Business Ethics Customer Service e buying decision is more complex Businesses score other options for buying products 1 Make it into the evoked set of a marketing Know the criteria that the company wants and the weight their assign to them Research the company beliefs and in uence the criteria c And the decision includes many more people People included in the buying decision often come from different functional groups and play different roles Facilitates 8 executes Inlfliuenoesl Illnlfo flow a Decider i Person who makes the decision b ln uencers i People who the decider trust 1 ln uencers are not really the decision maker 2 Make sure you understand who the in uencers are and who the deciders are c User i People who will ultimately end up using the product d Buyers i People who will write you the check ii Procurement department e Gatekeeper i People who control access to everyone else 1 Don t ignore the little people 2 Most people have a tendency to treat administrators like crap f I Don t Care i There is also the I don t care about you groupquot that does not care at all g Practical Decision Event i Commitment from the CEO to spend 60 million dollars on your product for the next 10 years ii Procurement is going to try and undercut you in order to get a higher bonus 1 Marketing must have a relationship with the buyer department d And is much more involved in the decision involvement doesi however still vary by situation F New bluyinlgl New product 139quot c E Change of some type 39 gt1 to the product terms 6 or suppliers gt1 5 Reorder existing product from approved supplier Marketing Priority a Straight rebuy i If you are currently the supplier you want this b Modi ed rebuy i If you are trying to get into a market you want the business to pop out and buy your product ii How do you do this 1 I can save you lots of money 2 I am way better 1 Consumer Behavior a How consumer make purchase decisions b How consumer use and dispose of product 2 Purchase Decision Process 5 Steps DPOFT Recognize need Information Search Evaluation of Alternatives Purchase One Post purchase behavior analysis f 5 Steps 39 Need Recognition 1 Result of an imbalance between actual and desired needs a Present Status and preferred state i The different between these two is the need b Social or Marketing External and Physiological or Psychological Internal ii Information Search 1 Internal Information Search a Recall information in memory 2 External Information Search a Seek information in outside environment i Nonmarketing controlled ii Marketing controlled 3 What are you trying to gure out a Criteria to consider b Options to consider c Value perceptions performance along various criteria iii Evaluation of Alternative 1 Evoked Set a Group of brands resulting from an information search from which a buyer can choose 2 Evaluation of Alternative a Analyze product attributes b Use cutoff criteria c Rank attributes by importance iv Final Purchase Decision 1 From whom to buy a Convenience i How easy is it to get to the place buy b Return Policy i Can I return the product c Overall Experience 2 When to buy a Personal circumstances eg nances b Marketing actions eg promotions i 50 off sales to get buyers in the door now v PostPurchase Experience and Behavior 1 Compare ACTUAL EXPERIENCE with EXPECTATIONS a Worse Unsatis ed b Equal Satis ed c Better Delighted i Situations in which people go from unsatis ed to delighted are the situations people tell the most other people about 2 Expectations come from a Personal experience and reasoning b Social in uences c Marketing in uences 3 Level of Satisfaction strongly affects repurchase and wordofmouth ie Loyalty 3 Marketing Implications of Involvement a Highinvolvement purchases require i Extensive and informative promotion to target market b Lowinvolvement purchases require i In store promotion ii Eye catching package design and good displays iii Coupons centsoff iv 2for1 offers 4 Individuals In uences a Gender b Age Life Cycle c Personality SelfConcept Lifestyle 5 Psychological In uences a Perception i We tend to follow things we already know b Motivation c Learning i Conceptual 1 People who want to just do problems over and over to gure it out ii Experimental 1 People who want to simply experience everything d Beliefs and Attitudes i Apple v Samsung on Big Screen ii e Graphic 1 Apply initially tried to rede ne why a big screen is bad they said it is terrible to try and reach across the screen with your thumb a Until Apple decided it was better to have one This section deals with Evaluation of Alternatives Psychological In uences Selective Exposure Changing importance of Beliefs 6 Social In uences a Graphic Social In uences Affect aspiration levels Wren 137 quot13 7 33 sever HULuefLILILHILQJDL Socialization Process l ii Reference Groups iii Opinion Leaders 7 Some marketing tactics to In uence Consumer Behavior a Suggest or trigger a need b Provide information to i Gain inclusion in consideration set ii Changing attitudes andor suggest a decision strategy 1 Change beliefs about a product s attributes change importance of attributes and new attributes c Make it easy to purchase 0 Evaluation i Make product easily available of Alternatives ii Trigger purchase with promotion d Deliver i Understand and satisfy needs ii Meet or exceed expectations 8 BMW Article a Older BMW Market was sophisticated performance car and they moved to innovative entrepreneurial independent thinkers i In order to do this they 1 Designed Different 2 Marketed Different 3 Sponsored a F1 b PGA i Trying to create an impression that BMW is associated with upper style events


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