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Week 1-3 Notes

by: Sivan Weitz

Week 1-3 Notes 305

Marketplace > Chapman University > Marketing > 305 > Week 1 3 Notes
Sivan Weitz

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About this Document

Class notes from the first 3 weeks. Covers the first few chapters in the textbook.
Fundamentals of Marketing for non-majors
Dr. Moorthly
Class Notes
Consumer, buying, Exchange
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This 6 page Class Notes was uploaded by Sivan Weitz on Thursday September 15, 2016. The Class Notes belongs to 305 at Chapman University taught by Dr. Moorthly in Fall 2016. Since its upload, it has received 4 views. For similar materials see Fundamentals of Marketing for non-majors in Marketing at Chapman University.


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Date Created: 09/15/16
9/1/2016  Basics:  ­Learn to learn and ACT  ­How do we acquire goods/services? (EXCHANGE)  ­online purchases → BARTER  ­stores  ­telephone  ­subscription  ­rent/hire/lease/credit → different from others  ­trade  ­catalogue  ­learn  ­beg   ­producing  ­make  ­steal, blackmail → COERCIVE  ­Problems with these methods  ­VALUE  ­LIMITING → based on what you have  ­INEFFICIENT  ­TRANSPORTING  ­LACK OF GROWTH  ­COMMUNICATION BARRIERS  ­How to solve all of these problems​ = MONEY!  ­everyone agrees to exchange with money → FUNGIBILITY    What are the preconditions for exchanges:  ­at least two parties  ­value to the other party  ­willingness  ­communication  ­”WIN­WIN” = both parties gain something after the exchange  ­Fundamental relationship to maintain in business = EXCHANGE          SUPPLIERS/VENDORS → COMPANY ( ​ product, advertising)​  ​(provide price/money)  DISTRIBUTOR → WHOLESALER → RETAILER → CUSTOMER    COMPANY → ​(taxes) ​GOVERNMENT, COMPANY → EMPLOYEES, COMPANY →  (dividends, equity = capital gain) I​ NVESTORS ​(provide capital)    ­In business you need to manage a number of exchanges  ­Ex. Walmart  ­total revenue: $485.7B  ­PNG total revenue: $76.27B (25% of sales come from Walmart)    ­​Marketing: c​ reating customer value and engagement  ­PROCESS by which companies CREATE VALUE for customers and build strong  customer RELATIONSHIPS in order to capture VALUE from customers in return  ­​Marketing management:​ art/science of choosing target market/building profitable relationships  with them       Starting point           Focus                      Means                         Ends  ­​The Selling Concept: ​factory → existing product → selling/promoting → profits through sales  volume  ­​The Marketing Concept: ​market → customer needs → integrated mrkt → profits through  customer satisfc  ­​Actors in the Microenvironment:  ­The Company  ­Suppliers  ­Marketing intermediaries  ­Competitors  ­Publics  ­Customers  ­How all these players influence you and you influence them  ­All decisions you make are for the future, all future is uncertain  ­​Garbage Can Model:​ decision you make is not appropriate for solving the problem, decisions  are random and unsystematic  ­​Decision Making Process:  ­Step 1 → SITUATION ANALYSIS, what is emerging in the future and how it will impact  business, meet client, gather info  ­Step 2 → DEFINE PROBLEM, key to finding solutions  ­Step 3 → SET OBJECTIVES, what do you want to achieve from current state to future  state  ­Step 4 → ALTERNATIVES, alternative solutions to solve the problem and achieve  objectives  ­Step 5 → PRIORITIZE, evaluation parameters (what you use to check if alternatives are  feasible or not)  ­Step 6 → ANALYSIS, look at past numbers and allocate funds based on that, pros and  cons  ­Step 7 → DECISION  ­Step 8 → IMPLEMENTATION PLAN  ­Step 9 → MONITOR  ­Go through Steps 1­9 again in order to create a Plan­B if the first plan is not working  ­contingency plan → situation is changing, but have a new plan for changes  ­​Strategic​ → future plans  ­​Managerial​ → allocation of resources per year/quarter/etc.  ­​Tactical ​→ dynamic, immediate  ­​Macroenvironment:  ­Demographic → changing markets/strategies  ­Economic  ­Natural → green movement  ­Technological  ­Political  ­Cultural → socially responsible  ­​The 5 C’s and Strategic Marketing Basics:  ­Customer → what clients need (ex. market segments, benefits, value of benefits to cost,  frequency of purchases, quantity of purchases, retail channel, needs based on trends  over time)  ­Company  ­Competitors  ­Collaborators  ­Contest  ­​PEST = P​ olitics, Economy, Social, Technology  ­​SMILE = ​Simple, Quantifiable, Clear Time Frame  ­​Syndrome = ​Multiple symptoms manifest together  ­​DYNAMIC PRICING/DIFFERENTIAL PRICING​ → ​the practice of pricing items at a level  determined by a particular customer's perceived ability to pay​ supply/demand, needs of  customers, price fixing is tactical  ­​Insight → ​a deep understanding of a person or thing  ­look beyond just numbers  ­anything you see/hear/read/say can be analyzed as data  ­structured data = INFORMATION  ­Customer Insights  ­fresh/deep insights into customer needs/wants  ­Important but difficult to obtain  ­needs/buying motives not obvious  ­customers usually can’t tell you what/why  ­Better info and more effective use of info  ­​Data vs. Info:  ­Data = raw facts, record measures of certain phenomena which are necessary to  provide  ­Info = facts in a form suitable for managers to base decisions on  ­Insights = what leads to what  ­Knowledge = generalized  ­​Marketing Information System:  ­MANAGERS → analysis, planning, implementation, control  ­analysis = assess info needs, records, marketing intelligence  ­control = distributing info  ­MARKETING ENVIRONMENTS→ target markets, marketing channels, competitors,  publics, macroenvironment forces  ­DEVELOPING INFORMATION → internal records, marketing intelligence, marketing  decision support analysis, marketing research      9/13/16  Consumer Buying Behavior    ­Consumer buyer behavior: ​buying behavior of final consumers, individuals and households  that buy goods and services for personal consumption  ­Consumer markets: ​made up of all individuals and households that buy or acquire goods and  services for personal consumption  ­Create a relationship with consumer so they will continue to buy products/servies  ­what factors determine their behavior  ­how they make the decision to buy  ­why they make decision to buy  ­are satisfied (buy again, refer others)    ­Model of Buyer Behavior:  ­Environment → product, price, place, promotion, economic, technological, social,  cultural  ­Buyer’s black box → buyer’s characteristics, buyer’s decision process  ­Buyer responses → attitudes/preferences, purchase behavior (when, where, how  much), band engagements/relationships    ­EEG/MRI → brain scans    ­NEED (basic) vs. WANT (preference) vs. DEMAND (willingness/ability to pay)    ­What factors influence the cycle of buying:  ­Industry consumers vs. household buyers  ­Cultural   ­culture → set of basic values learned from   ­subculture → groups of people within culture with shared values  ­social class family/society → society’s ordered divisions (low, middle, high)  ­Social  ­groups/social networks → membership groups (belong), aspirational groups (wish to  belong), reference groups (form a comparison), social media, opinion leaders, word of  mouth, buzz marketing  ­family → most important consumer­buying organization in society  ­roles/statutes → defined by position in group  ­Personal  ­age/life­cycle stage → PRIZM Lifestage group system (66 segments, 11 life stages)  ­occupation → affects goods/services bought by consumer  ­economic situation → spending, personal income, savings, interest rates  ­lifestyle → pattern of living  ­personality/self­concept → unique psychological characteristics that distinguish a  person (sincerity, excitement, competence, sophistication, ruggedness)  ­Psychological  ­motivation → pressing need to seek satisfaction from fulfilling need (qualitative research  of consumer motives)  ­perception → process by which people select/organize/interpret information, selective  attention (screen out most info), selective distortion (interpret info for what they already  believe), selective retention (remember good points, forget competing points)  ­learning → change in behavior arising from experience (drives, stimuli, cue, responses,  reinforcements)  ­beliefs → descriptive thought someone has based on knowledge opinion, faith  ­attitudes → consistent feelings towards an idea  ­preference → liking one more than another    Significant difference between brands → complex buying behavior (high), variety­seeking  buying behaviors (low)  Few differences between brands → dissonance­reducing buying behavior (high), habitual  buying behavior (low)    ­Buyer Decision Process:  ­recognition → information search → evaluation of alternatives → purchase decision →  postpurchase behavior  ­adoption process = mental process from leaning new product to final use  ­awareness → interest → evaluation → trial → adoption           


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