Chapter 13: Helping Buyers buy
Chapter 13: Helping Buyers buy BUSN 101-009
Popular in Foundations of Business
Popular in Business
verified elite notetaker
This 4 page Class Notes was uploaded by Sarah Silberg on Saturday September 24, 2016. The Class Notes belongs to BUSN 101-009 at Drexel University taught by Mr. Eric Rios in Summer 2016. Since its upload, it has received 7 views. For similar materials see Foundations of Business in Business at Drexel University.
Reviews for Chapter 13: Helping Buyers buy
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 09/24/16
Sarah Silberg Finnin, BUSN 101 9/23/16 Chapter 13: Helping buyers buy What is marketing? Marking is the activity buyers and seller perform to facilitate perform to facilitate mutually satisfying exchanges. Marketing is helping buyers buy The easier a marketer makes the purchase decision process, the more they will sell Helping buyers buy also helps sellers sell For the traveling market- the role of marketing is to make sure that a company’s products or services are easily found online, and that the company responds effectively to potential customers. Good marketers provide a wealth of info online and make relationships through social media o Online communities provide a window into the product buyers and can help them see feedback Companies that use traditional advertising are missing out on new ways of marketing The Evolution of Marketing What marketers do at any particular time depends on what they need to do to fill the customers’ needs and wants- always changing. Four different Era’s o Production Era- “produce as much as you can, because there is a limitless market for it.”- mostly a time of farmers, carpenters, and trade workers o The selling era- 1920’s- philosophy turned from producing to selling. Most companies emphasized selling and advertising to persuade consumers to buy products. o Marketing concept era Three parts to era: Customer orientation- find out what consumers want and provide it for them- consumer needs over sales Service orientation- everyone has same objective- Customer service Profit orientation- focus on goods/service that will earn the most o Customer relationship era Customer relationship management- processes of learning as much about the customer and doing everything over time to satisfy them This enhances customer satisfaction and customer loyalty o Emerging mobile/on-demand marketing era People want answers and help asap As digital tech grows consumer demands will rise in Now. Consumers want to interact anywhere, anytime Can I? They want to do new things with different kinds of information in ways that create value for them For me. Consumers expect data stored about them to be personalized Simple. Consumers expect all interactions to be easy. Companies want employees that will improve their social media, big data and customer experiences. Nonprofit Organizations and Marketing o Charities, Environmental groups, states, crime prevention- all use marketing Marketing Mix- business blend them together in a well-designed marketing program o Marketing process that is controllable Designing a want-satisfying product Setting a price for a product Putting the product in a place where people will buy it Promoting the product o Four P’s of marketing Product Price Place Promotion Apply the Marketing process The full marketing process o Find opportunities Conduct research Identify a target market Design a product to meet the need based on research determine a brand name, design a package, and set a price select a distribution build a relationship with customers o Target market- when you have a group of people interested in your product Designing a product to meet consumer needs After you research consumer needs and find a target market you begin to use the 4 P’s Product- any physical good, service, or idea that satisfies a want or need. After you come up with a product you should do a concept test- you develop an accurate description of your product and ask people, in person or online of whether your product appeals to them or not Test marketing- process of testing products among potential users. If consumers like the products and agree they would buy them, you have a promising business Brand name- the name of a service or good that will differentiate that company from the rest To set a price you have to consider the cost of producing, distributing, and promoting the product Getting the product to the right place How you market a product will vary on the area where you are selling. o Developing an effective promotional strategy o Promotion- consists of all the techniques sellers use to inform people about the motivate them to buy their products or services. Includes but is not limited to advertising, personal selling, public relations, publicity, word of mouth…etc. Building relationships with customers Listening to customers and responding to their needs*** Providing Marketers with information Marketing research- marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions. Marketing research helps identify the past purchases of a customer and help companies determine products they would purchase in the future. Businesses need to conduct research on business trends, ecological impact of their decisions, global trends. Information is mandatory for a successful business o Gathered online o Gathered through customers, employees, shareholders, dealers, consumer advocates, media representatives, and other stakeholders The Marketing Research Process Defining the question (problem or opportunity) and determining the present situation o Marketing researches have to determine the information they are looking to analyze Collecting research data o Existing data- secondary data o Secondary data is what marketers should gather first to avoid incurring unnecessary expensive. o Primary data- a marketers own research Conducting a survey Telephone Online Mail Personal interviews o Focus group- 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 Analyzing the research data o Marketers must turn the data they collect into useful information o Produce information the company can use Choosing the best solution and implementing it. o The company can now determine alternative strategies and make recommendations which may be better Marketing Environment Environmental scanning- the process of identifying factors that can affect marketing success Including global technological, sociocultural competitive, and economic influences Global factor Using internet can globalize the process Technological factors Firms produce customized goods for almost the same price as bulk Flexible manufacturers/max customization By using a consumer database, blogs, social networking companies can match the customers’ needs Sociocultural Factors Marketers must monitor social trends to maintain their close relationship with customers People 65+ population has been the fastest-growing segments of the US The increase in number of older adults creates growing demand for retirement communities, health care, prescription drugs, recreation, continuing education, et. Competitive Factors Marketers must pay attention to the dynamic competitive environment Brick-and-mortar companies should be aware of new competition from the internet, including firms that sell automobiles, insurance, music, and clothes. Economic Factors Marketers must pay close attention to economic environment Two different markets: consumer and business to business A market consists of people with unsatisfied wants and needs who have both the resources and willingness to buy Two major markets in business o Consumer market- consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them o Business to business (B2B) market- all the individuals and organizations that want goods and services to use in producing other goods and services or to sell rent or supply them to others Industrial goods and services Remember buyer’s reason for buying- the end use of product- determines whether a product is a B2B or a consumer product
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'