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by: Morgan Christensen


Morgan Christensen

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About this Document

Marketing Management
Michael J Swenson
Class Notes
marketing management, Marketing
25 ?




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This 4 page Class Notes was uploaded by Morgan Christensen on Thursday September 22, 2016. The Class Notes belongs to BUS M 241 at Brigham Young University taught by Michael J Swenson in Fall 2016. Since its upload, it has received 4 views. For similar materials see Marketing Management in Business Management at Brigham Young University.

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Date Created: 09/22/16
BUS M 241 WEEK 4: 09/20 —09/22 CH 6: MARKETING ANALYTICS  Role — how to transform data into a way that consumers can understand it & then make informed managerial decisions o Focus on understanding the 3Cs  Company  Competition  Customer  Managerial Decision  Consumer Insight  Big Data o Types  Structured — organized form that is easily accessible and from which you can easily extract information  Unstructured — needs to be organized in order to be usable o Definition  Volume — lots of data are collected daily  Velocity — data flows continuously and rapidly  Variety — arrives in differed formats (structured and unstructured) o Much of Big data comes from secondary data sources.  Marketing Analytics Process o Data wrangling — preparation and cleansing (most time consuming part) o Data exploration — understanding the relevant parts o Data modeling — transforming it so you can get insights o Deployment and socialization — communicating the data  Effective storytelling  Know your audience  Begin with the end in mind  Recognize the core of your story CH 7: CONSUMER BEHAVIOR  Market — structures allowing buyers and sellers to exchange goods and services for money o Business Market  Business-to-business (B2B) market — purchasing products or services for use within the company  i.e., BMW buys tires from a particular company and then uses them in the production of automobiles o Consumer Market  Business-to-consumer market (B2C) — exchanging products and services for personal use  i.e., buying a candy bar from the store for personal consumption  Consumer Behavior — this determines marketing decisions BUS M 241 WEEK 4: 09/20 —09/22 o Marketing insight — understanding of consumer attitudes and beliefs that can shape the behavior of humans  Models of Consumer Behavior: o Black Box Model — consumer decisions are not predictable nor understandable; you can’t determine it by a formula  Stimuli influencing the buyer  Marketing Environment o Product o Price o Place o Promotion  Other Environmental Influencers o Economic o Technological o Social o Cultural  Buyer’s Black Box  Buyer’s characteristics — attitudes, interests, opinions, motivations, values, perceptions of the world, stage of life, lifestyle, education, buying situation  Buyer’s decision process — low/high involvement, low/high cost, routine process, new product  Buyer’s Responses  Buying attitudes  Buying preferences  Purchases: products/ service; when; where; how much  Ways to Disrupt Low-Involvement Decisions — so routine, they become habit; pass quickly through Consumer Behavior Process and possibly omit some of the stages o Technology — powder detergent to liquid to pre measured to Tide pods o Product Sampling — free samples at Costco or Sam’s Club o Advertising  High-Involvement Decisions — includes financial, social and/or physical risk; spend a lot of time through the Consumer Behavior Process  Consumer Behavior Process o Problem Recognition — discrepancy between current state and desired state o Information search  First moment of truth — favorably compared and selected at point of purchase o Evaluation of Alternatives  Elimination by aspects rule — eliminate based on certain important aspects missing  Compensatory rule — poor performance in one aspect can be compensated for better performance in another  Lexicographic rule — all product attributes are ordered by importance. The product that has the best most-important attribute is selected BUS M 241 WEEK 4: 09/20 —09/22 o Purchase o Post-purchase Evaluation  Second moment of truth — evaluation while using it  Factors Influencing Consumer Behavior o Cultural Factors — concepts and values that motivate and individual’s core behavior (i.e., being a good parent, self-improvement “Just Do It” Nike)  Culture — values, norms, attitudes, behaviors, beliefs  Subculture — sharing elements of the overall culture and then unique elements of their own (i.e., ethnic subcultures of African Americans, Hispanics and Asians)  social class — wealth, income, education, occupation; influences the types of products bought, stores and communities o Social Factors  Family — the central buying unit; people often make buying decisions similar to their parents  reference groups — consumers look to them as standards for evaluation their purchasing decisions (i.e., friends, classmates, colleagues)  opinion leaders — anyone good at something or popular in something is an opinion leader for something. Consumers look up to them for advice. o Psychological Factors  Perception — selecting, organizing and interpreting  Selective attention — people only pay attention to messages that are immediately useful  Selective distortion —people change what they hear or see to fit what they already believe  Selective retention — people only remember that which is immediately useful  If the ads don’t meet these qualifications, they won’t be remembered  Motivation — what reinforces an action towards a goal or a particular need  Needs: Physiological, safety, social, esteem, self-actualization  Learning styles  Beliefs — perception on how well something performs  Attitudes— consistent feelings towards an object or idea o Individual Differences — gender, age, stage of life, economic condition, occupation, region, self-confidence, sociability, independence, etc.  Brands have personality and people buy what reflects their own personality o Buying Situation — needs and wants change depending on the situation o Marketing Mix of Competition  Business-to-Business o buying decisions:  Straight rebuy — routine ordering of products  Modified rebuy — routinely purchased products with some modification (specification, price, terms, suppliers)  New task purchase —first-time purchase decision o Buying Center BUS M 241 WEEK 4: 09/20 —09/22  Influencers — share expertise for evaluation of products and services  Gatekeepers — control the flow of info from seller to buyer  Users — those that use or work with the product or service  Deciders — select the vendor with lowest bid (typically)  Buyers — those that buy, write contracts and try to get the lowest cost


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