New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Chapter 13: Helping Buyers buy

by: Sarah Silberg

Chapter 13: Helping Buyers buy BUSN 101-009

Marketplace > Drexel University > Business > BUSN 101-009 > Chapter 13 Helping Buyers buy
Sarah Silberg

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

This chapter discusses marketing types, the marketing mix, the marketing research process, and two different types of markets.
Foundations of Business
Mr. Eric Rios
Class Notes
25 ?




Popular in Foundations of Business

Popular in Business

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


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


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'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Anthony Lee UC Santa Barbara

"I bought an awesome study guide, which helped me get an A in my Math 34B class this quarter!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.