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This 0 page Class Notes was uploaded by Anna Notetaker on Monday November 2, 2015. The Class Notes belongs to Mkt 3820 at Middle Tennessee State University taught by Dr. Lucy Matthews in Fall 2015. Since its upload, it has received 14 views. For similar materials see principles of marketing in Business at Middle Tennessee State University.
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Date Created: 11/02/15
What are the steps involved in the consumer decision making process 1 Need Recognition 2 Information Search 3 Evaluate the Alternatives 4 Make Informed Decision 5 PostPurchase Behavior What is the difference between direct and indirect competition Direct competitor39s product similar goods to that of your own Indirect provide alternatives ie Muf ns instead of bagels A rm39s major consideration is how much it will adjust the four P39s product promotion place and price within each country Product Promotion Place Distribution Price One product one Channel choice Dumping message Product invention Channel structure Countertrade Product adaptation Country infrastructure Exchange rate Message adaptation Purchasing power Pyramid of Social Responsibility 1 Economicbe pro table 2 Legalobey the law 3 Ethicalbe ethical 4 philanthropicgive back to the community Purchasing power is a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas In ation is a measure of the decrease in the value of money expressed as the percentage reduction in value since the previous year Recession is a period of economic activity characterized by negative growth which reduces demand for goods and services Basic research is pure research that aims to con rm an existing theory or to learn more about a concept or phenomenon Marketers are responsible for remaining aware of and abiding by such regulations that are legal environments like Consumer Product Safety and Food and Drug Regulations The competitive environment encompasses the number of competitors a frim must face the relative size of the competitors and the degree of intervention within the industry Declining population growth rising costs and shortages of resources have heightened domestic competition Business marketing provides goods and services that are bought for use in business rather than for personal consumption Intended use not physical characteristics distinguishes a business product from a consumer product Many marketers use social media to create awareness and build relationships and community Some metrics that are particularly useful for increasing success of a social media campaign are awareness engagement and conversion Relationship marketing entails seeking and establishing longterm alliances or partnerships with customers A strategic alliance is a cooperative agreement between business rms An exchange may not take place even when the conditions are met For example you maybe craving a box of cookies You get to the market and they are in stock but the price is higher than you desire to pay So the exchange did not happen because the cost was higher and you chose to reject the item rather than purchase There are four marketing management philosophies 1 Production 2 Sales 3 Market 4 Societal After the audit three tasks remain First pro le and make recommendations about weaknesses and inhibiting factors as well as strengths and new opportunities Second ensure that the role of the audit has been clearly communicated Finally make someone accountable for implementing recommendations