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Notes #1

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Notes #1 PSY 290

Dodo Notetaker
Intro to Research Methods
Rick Stuetzle

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Intro to Research Methods
Rick Stuetzle
Class Notes
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This 6 page Class Notes was uploaded by Dodo Notetaker on Monday August 31, 2015. The Class Notes belongs to PSY 290 at University of Miami taught by Rick Stuetzle in Summer 2015. Since its upload, it has received 220 views.

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Date Created: 08/31/15
Marketing 201 Exam 1 Chapter 1 Overview of Marketing Marketing is the activity set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large In other words marketing is getting the business to the consumer and satisfying their wants and needs gt Need to identify the consumer gt What is the market place Marketplace refers to the world of trade but it can be segmented into groups of people who are pertinent to an organization for particular reasons Marketing gt Helps create value Occurs in many settings Can be performed by both individuals and organizations Requires product price place and promotion decisions Entails an exchange gt ls about satisfying customer needs and wants 2 2 2 2 Marketing costs money good marketers carefully seek out potential customers who have both an interest in the product and ability to buy it and are interested in their offers Marketing is about an exchange the trade of things of value between the buyer and the seller so that each is better off as a result Sellers provide products or services then communicate and facilitate the delivery of their offering to consumers Buyers complete the exchange by giving money and information to the seller The marketing mix also called the 4 P s are the controllable set of activities that the rm uses to respond to the wants of its target markets gt Product Creating goods services ideas gt Price Capturing cost to the customer time money effort mental energy gt Place Delivering getting value to the consumer gt Promotion Communicating communicating the value Product Creating Value by providing goods services and ideas to satisfy costumer needs Goods are items that you can physically touch unlike goods services are intangible customer bene ts that are produced by people or machines and cannot be separated from the producer ldeas include thoughts opinions and philosophies and intellectual concepts such as these can also be marketed Price Capturing Value it does not only mean money but all the time the buyer gives up money time energy in exchange for the product Place Delivering the Value Proposition also known as supply chain management represents all the activities necessary to get the product to the right customer when that customer wants it It refers to a set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers manufacturers warehouses stores and other firms involved in the transaction such as transportation companies into a seamless value chain in which merchandise is produced and distributed in the right quantities to the right locations and at the right time as well as to minimize system wide costs while satisfying the service levels required by their customers Promotion Communicating the Value Proposition it is communicating by a marketer that informs persuades and reminds potential buyers about a product to in uence their opinions and elicit a response BZC Marketing business to consumer businesses sell to consumers BZB Marketing business to business selling merchandises or services from one business to another C2C Marketing consumer to consumer consumers sell to consumers Marketing affects other stakeholders including supply chain partners employees and society at large Employment marketing programs use marketing techniques to attract and retain the best employees ProductionOriented Era till 1920 s most rms were production oriented and believed that a good product would sell itself SalesOriented Era 1920 till 1950 production and distribution techniques because more sophisticated and because of events customers decided to consume less or manufacture items themselves Manufacturers had capacity to produce more than consumer s wants and therefore rms became more salesoriented MarketOriented Era 1950 till 1990 buyers started to make purchasing decisions on the basis of factors such as quality convenience and price Manufacturers and retailers thus began to focus on what consumers wanted and needed before they designed made or attempter to sell their products and services ValueBased Marketing Era started 1990 s is the current marketing era with the recognition that marketers should strive to give customers greater value than the competition It is based on the buyers wants and needs gt Value re ects the relationship of bene ts and costs or what you get for what you give gt Customers seek a fair return for their money and what products that meet speci c needs and wants at competitive prices gt Some companies engage in value cocreation to provide additional value to consumers Consumers make explicit and implicit tradeoffs between the perceived bene ts of a product or service and its cost They naturally seek options that provide the greatest bene ts at the lowest costs For example roomfoodservices by giving up time and money A Firms compete on the basis of value B How do firms become value driven 1 Exhibit 17 shows how firms become value driven by focusing on three activities 2 They share information about customers and competitors which has been collected and integrated throughout the firm s departments 3 They strive to balance benefits and costs 4 They concentrate on building relationships with customers a A transactional orientation regards the buyerseller relationship as a series of individual transactions b A relational orientation is based on the philosophy that buyers and sellers should develop a longterm relationship c Firms that practice valuebased marketing may also use a process known as customer relationship management CRM which is a business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the firm s most valued customers II WHY IS MARKETING IMPORTANT A Exhibit 18 illustrates the major business functions that interact With marketing B Marketing expands firm s global presence C Marketing is pervasive across the organization D Marketing is pervasive across the supply chain 1 Exhibit 19 illustrates the supply chain functions 2 Effectively managing the supply chain relationships have a marked impact on a firm s ability to satisfy customers and increase profitability E Marketing makes life easier and provides employment opportunities F Marketing enriches society 1 Firms recognize that a strong social orientation makes good business sense 2 Ethical and Societal Dilemma 11 examines how fast food companies are enriching society by becoming more socially responsible in their marketing to children G Marketing can be entrepreneurial 1 Marketing is at the center of entrepreneurial successes launched to satisfy unfulfilled needs 2 Some major companies were once entrepreneurial ventures Pixar Studios is one example Chapter 2 Developing Marketing Strategies and a Marketing Plan Chapter 4 Analyzing the Market Environment Chapter 8 Segmentation Targeting and Positioning Step 1 Establishing overall strategies and objectives gt To articulate the vision or objectives of the company s marketing strategy clearly gt It needs to include the rms mission and objectives as well as a SWOT Step 2 Segmentation Methods gt To use a particular method or combination of methods to segment the market gt With the different segmentation they can distinguish customer similarities within a segment and dissimilarities across segments Segments are 1 Geographic segmentation organizes customers into groups on the basis of where they live A market could be grouped by country zip code and region This is most useful for companies whose products satisfy needs that vary by region 2 Demographic Segmentation group s consumers according to easily measured objectives characteristics such as age gender income and education 3 Psychographic Segmentation is one that delves into how consumers actually describe themselves Studies how people selfselect based on the characteristics of how they chose to occupy their time and what underlying psychological reasons determine those choices SelfValues are goals for life not just the goals one wants to accomplish in a day They are the overriding desires that drive how a person lives their own lives like selfrespect selfful llment or a speci c sense of belonging SelfConcept is the image people ideally have of themselves Lifestyles is the way we live our lives to achieve goals 0 The most widely used psychographic tool is VALS it enables rms to identify target segments and their underlying motivations It shows correlations between psychology and lifestyle choices Chapter 9 Marketing Research


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