Chapter 5-8 notes
Chapter 5-8 notes MKTG 2101 - 005
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MKTG 2101 - 005
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This 11 page Class Notes was uploaded by Roberto Pelucarte on Monday October 5, 2015. The Class Notes belongs to MKTG 2101 - 005 at Temple University taught by Craig Atwater (P) in Fall 2015. Since its upload, it has received 116 views. For similar materials see MARKETING MANAGEMENT in Marketing at Temple University.
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Date Created: 10/05/15
Chapter 5 Analytics Customer Relationship Management CRM lmprove the value prepositions Firm get quotup close and personalquot Capture information at each customer touchpoint 1 on 1 marketing includes several steps 1dentify 2Differentiate 3nteract 4Customize Share of Customer Spading the relationship with the customer Social Media Sources Web scraping Segment analysis Measuring brand Corporate sources CRM Backed website databases Web analytics Google Analytics Accounting Government and NGO Sources 1US Census 2Index Economics Freedom 3Bureua of Transportation Statistics 4Bureua of labor Statistic 5 Recalls gave Commercial Entities Company collectaggregate in large quantities to sell to others Partner Databases Two way information exchange between purchasing organization and supplier Bene ts to buyers and seller 1Realtime demand 2Fewer stockouts 3Track movement Data Mining Process which analytics sift through big data to identi cation patterns trends 1 Data warehouse 2 Data brokerslntermidity 3 Reality Mining Acquisiti on Market Basket date AnalySiS Mininf Customer Abandome nt Marketing analytics marketers to collect measure analyze and effectiveness Marketing Metrics 1CostPer Click Advertises charge only when users clicks on ad 2CostPer lmpression Advertiser charges when ad shows up on user page Expensive no as easy to measure ClickThrough Rate Conversion rate Number of result divided by number of websites business Cost per order Advertising cost divided orders Chapter 6 Understand Consumer and Business markets Consumer Decision Making Consumer Behavior Process that individual or group go through to select purchases and dispose of product in order to satisfy their wants and needs Decision Making Behavior in uenced by internal social and situational External problem solving Limited problem solving Habitua problem solving Consumer decision making Problem Recognition Information Search Evaluation of Alternatives Identify small number of products for closer consideration Product Choice Retail Analysis Heuristics Shorcuts in making deci Price equal quality brand loyalty and country of origen Postpurchase evaluation Cogni disonance in common Consumer satisfaction following purchases of roduc is critical Internal In uence Perception Process of which we select organized and interpret information from outside world 3 Factors necessary for perception 1Expose Register stimulus 2Attention Mental processing 3lnterpretation Assign meaning Motivation Drives us to satisfy needs by activating goaloriented behavior Learning Relationship permanent change in behavior caused by information or expenence Cognitive Behavioral conditioning Attitudes A learned predisposition to respond favorably to stimuli on the basis of relatively enduring evaluation of people objects and issues Personality Psychological characteristic or traits that in uence how a person respond to situation Ade Life Circle Lifestyle Respect a pattern of living Activities interest and opinion Psychographics group or people thing and what they like Situational in uences Factors can shape purchases behavior Time poverty Physical environment and sensory marketing Culture Share value beliefs customer and tastes of group of people People with a common culture share 1Languages 2Symbols 3Holiday and ritual Subculture Group of people within culture with shared value system based on common life experiences Ethnicity religion age Social class The overall rank or social standing of groups of people within a society according to the value assigned to factors such as family backgrounds education occupation and income Members tend to share values interest income education and wealth Status symbols allow people to know with group are you Membership Formal and informal BusinesstoBusiness Market Tota Business Market Producers shing agriculture and lumbers Size of purchases Different in business consumer market and geography B2B Demand Different from consumer demand 1 Derived 2 Relativity inelastic 3 can beJoint Business Buying Situation Straight buy same product rebuy Modi ed Change some of the characteristics New task Starting from zero buy Chapter 7 Segmentation target marketing and positioning Segmentation Different part of the market can have different needs Target Marketing Picking the segment that are product to choose the best one Positioning Actualizing the actual strategy What make the product better Market Segmentation Geography segmentation Location county city Density climate Demographic segmentation Age and lifecycle gender ethnic income Psychographic segmentation Lifestyle personality Behaviora segmentation Occasions Bene t user states Usage rate Target Market Evaluating potential market segments Characteristic Pro les Differentiable meets the needs Dimensions Sales growth pro tability Selecting Target Range from undifferentiated mass marketing Undifferentiated Different Marketing Concentrated Micromarketing Segment marketing Local marketing Don t segment the Meet the needs of Identify a segment Meet the needs of market Focuses on the speci c and good for it the local market common needs segment rather them differences Factors in choosing a strategy Company resources LimitedExtensive Product Life Circle PLC stage New productMature change Market variability Stablevolatile change of the market Positioning Focus on consumers Differentiation From over products Varying marketing offering for competitive advantage Type of differentiation 1Product 2Service 3Price 4 Distribution Positioning how offering is de ned by consumer or important attributes Positioning Map Help de ne a brand Perpetual Positioning How to perceive a brand Chapter 8 Product innovation and new product develobment Product vs Services 1Product Tangible 2Services Intangible ProductServices Continuous Places ideas and people Market People Core Product Basic characteristics of a product Actual Product Features design packages quality and bran recognition Augmented Product After sell service Warranty Financing and credit delivery product support Classifying Product Good vs services How long product last Durable Cars Furniture appliance Nondurable Food Personal applicarion Types of Consumer Products 1Convience Brand discrimination not expensive 2 Shopping Compare price quality and brand 3Specialty Search for the product more expensive not huge matket high end 4 Unsought I don t want them Bur we have to buy it Aggressive selling Dynamically Discontinues Continues Continuous Innovation Modify or and existing product Most common form of innovann Knockoff New Product that copies with slighting different Dynamically continuous innovation Modi cation to on product Learn more about consumer to use Discontinuous Innovation Gone charges replace the product in way people live New Product Development Phase 1 ldea Generation Market use variety of sources to come up with new products lnterna Sources External Sources Phase 2 Product development and screening Product development cost increases dramatically in later stages Phase 3 Marketing strategy development Deveop plan to deliver the plan MlT has develop online technologies target feedback Phase 4 Business Analysis Asses products commercial viability Phase 5 Technical Development Engineers work to develop and re ne working prototype Phase 6 Test Marketing Ful marketing plan tested in a small geographic area similar to a larger market Virtua testing Creating a site on a retail environment Phase 7 Commercialization New product launched into the market Full scale production distribution advertising and sales promotion begins Product adoption What do is it takes Process by which a customer begin to buy on use a new product service or idea Diffusion Process by which products will be send into the market What affects the adoption process 1Relatively advantages 2ComplexityDif culty to understand and use 3TriaabiityEase of sampling new product 40bsersabilityEase of seeing
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