Principles Of Marketing 1-5

Front 1

The Marketing Conept

Back 1

Seeking to make a profit by serving the needs of customer groups. Rivet the attention of marketing managers on customer orientation, rather than product or selling orientation

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Marketing

Back 2

The activity, set of institutions, and processed for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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Major Types of Marketing

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Product, service, person, place, cause, organization

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Strategic Planning

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Development of an organizational mission, organizational objectives, and appropriate strategies to achieve the organization's objectives

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Organization's Strategic Plan

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Organizational mission➡organizational objectives➡organizational strategies➡organizational portfolio plan

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Organizational Mission

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Developing a mission statement which should include the organization's history, distinctive competitiveness, and environment (achievable, motivating, and specific)

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Organizational Objectives

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Specific, measurable, and action committing: will provide direction, specific action, long run priorities, and can facilitate management control

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Organizational Growth Strategies

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Market penetration (use product more): present products with present customers
Market development (new users): present products with new customers
Product development: new products with present customers
Diversification: new products with new customers

Front 9

Organization Strategies Based on Competitive Advantage

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Cost leadership: firm focuses on being the low cost company in its industry
Differentiation: firm seeks to be unique in its industry along particular dimensions that customers value

Front 10

Organizational Strategies Based on Value

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Best price, best product, best service

Front 11

Organizational Portfolio Plan

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Identify various divisions and product lines of strategic business units (SBUs), then establish methods to determine how resources should be allocated among the SBUs

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Marketing Management Process

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Process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives

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Situational Analysis

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Involved analysis of six major environments: cooperative, competitive, economic, social, political, and legal

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Marketing Planning

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Produces three outputs: establishing marketing objectives, selecting the target market, and developing the marketing mix

Front 15

Marketing Mix

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A set of controlled variables that must be managed to satisfy the target market and achieve organizational objectives

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Buying Process

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Social, marketing, and situational influences all account for psychological influences, which deals with consumer decision making

Front 17

Culture in Marketing

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Basic influences on an individual's wants, needs, and behavior. Transmitted through family, religious organizations, and educational institutions

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Reference Groups

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Groups than an individual looks to when forming attitudes and opinions (primary and secondary)

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Product Influences

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Brand name, quality, newness, complexity, physical appearance of the product, packaging, and labeling information

Front 20

Price Influences

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Value-conscious consumers buy products more on the basis of price than other attributes

Front 21

Promotional Influences

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Advertising, sales promotions, salespeople, and publicity

Front 22

Situational Influences

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All of the factors particular to a time and place that have a demonstrative and systematic effect on current behavior (including physical and social features, time, task features, and current conditions)

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Product Knowledge

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Amount of info a consumer has stored in his own memory about particular products and ways to purchase them

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Product Involvement

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A consumers perception of the importance or personal relevance of an item. If purchase is for a high involvement product, consumers are more likely to develop a high degree of product knowledge

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Consumer Decision-Making Process

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Need recognition➡alternative search➡alternative evaluation➡purchase decision➡post purchase evaluation

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Extensive Decision Making

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Requires the most time and effort since the purchase typically involves a highly complex or expensive product that is important to the customer

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Limited Decision Making

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Requires a moderate amount of time and effort to search for and compare alternatives

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Routine Decision Making

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Involves little in the way of thinking and deliberation

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Need Recognition

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Recognition by the consumer of a felt need or want: either internal or external stimuli may activate needs or wants

Front 30

Alternative Search

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Exposed to info, becomes attentive to the information, understands the information, retains the information

Front 31

Alternative Evaluation

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Consumer has info about a number of brands in a product class, they perceive that some of the brands are viable alternatives for satisfying a recognized need; each of these brands has a set of attributes, the brand the consumer likes best is the brand they will intend to purchase

Front 32

Purchase Decision

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Involves product type, brand, model, dealer selection, and method of payment. Consumers reduce risk by reducing negative consequences and uncertainty

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Cognitive Dissonance

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Lack of harmony among a person's thoughts after a decision has been made

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Disconfirmation Paradigm

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Views consumer satisfaction as the degree to which the actual performance of a product is consistent with expectations of a consumer had before purchase

Front 35

Market Segmentation

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Process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve

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Target Market

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Group or segment a company selects to serve

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Relevant Dimensions of Market Segmentation

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A prior vs post hoc segmentation, relevant dimensions to use for segmentation, and bases for segmenting consumer and organizational buyer markets

Front 38

Model of the Market Segmentation Process

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Delineate firms current situation➡determine consumer needs and wants➡divide markets on relevant dimensions➡develop product positioning➡decide segmentation strategy➡design marketing mix strategy

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A Priori Segmentation

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The marketing manager decides on the appropriate basis for segmentation in advance of doing any research on a market

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Post Hoc Segmentation

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People are grouped into segments on the basis of research findings

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Benefit Segmentation

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Focuses on satisfying needs and wants by grouping consumers on the basis of the benefits they are seeking in a product

Front 42

Psychographic Segmentation

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Focuses on consumer lifestyles as the basis for segmentation (VALS)

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Geodemographic Segmentation

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Identifies specific households in a market by focusing on local neighborhood geography to create classifications of actual, addressable, mappable neighborhoods where consumers live and shop

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Positioning Map

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Visual depiction of consumer perceptions of competitive products, brands, or models