Ugba- Marketing

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marketing

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the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals; marketing's goal is to provide value and utility for consumers

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value

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relative comparision of a product's benefits with its costs; value: benefits/cost; marketing resources are used to add value to a product to greater satisfy a customer; example: opening a store extra hours during a busy season

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utility

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ability of a product to satisfy a human want or need; marketing strives to provide four kinds of utility: time utility, place utility, ownership utility, and form utility

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consumer goods

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products purchases by consumers for personal use

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industrial goods

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products purchased by companies to produce other products

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services

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intangible products, such as time, expertise, or an activity that can be purchased

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relationship marketing

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marketing strategy that emphasizes lasting relationships with customers and suppliers

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external environment

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outside factors that influence marketing programs by posing opportunities or threats; the political-legal, social-cultural, technological, economic, and competitive environments

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subsitute product

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product that is dissimilar to those of competitors but that can fulfill the same need; fitness program and drugs are two ways to lower one's cholesterol level

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brand competition

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competitive marketing that appeals to consumer perceptions of similar products

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internationbal competition

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compeititve marketing of domestic products against foreign products; cheese from Wisconsin vs. cheese from France

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markeitng manager

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manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer

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marketing plan

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detailed strategy for focusing marketing efforts on consumer needs and wants

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makerting mix

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the combination of product, pricing, promotion, and distribution strategies used to market products: product, pricing, place, and promotion

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product

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good, serivce, or idea that is marketed to fill consumer needs and wants----->>>> product differentiation

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product differentiation

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creation of a product or product image that differs enough from existing products to attract consumers

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pricing

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selecting the best price at which to sell at; successful pricing means finding a profitable middle ground between supporting the costs of making the product and the costs of the competition

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place (distribution)

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part of the markeitng mix concerned with getting products from producers to consumers

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promotion

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advertising: any form of paid nonpersonal communication used by an identified sponsor to persuade or inform potential buyers about a product
personal selling: person-to-person sales; purchasing agents used in transactions of industrial goods
sales promotions: used for inexpensive goods; gifts, coupons, and package inserts
public relations: communication efforts directed at building goodwill; Ronald McDonald House

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target market

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group of people that has similar wants and needs and that can be expected to show interest in the same products

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market segmentation

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market segmentation is a result of targeting marketing; process of dividng a market into categories of customer types: geographic, demographic, and psychographic

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geographic variables (market segmentation)

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geographical unites that may be considered in developing a segmentation strategy; people in Iowa don't wanna buy surf boards

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demographic variables (market segmentation)

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characteristics of populations that may be considered in developing a segmentation strategy; age, income, gender, ethnic background, marital statues, race, relgion, and social class

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psychographic variables (market segmentation)

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consumer characterisitis, such as lifestyles, opinions, interests, and attitutdes, that may be considred in developing a segmentation strategy; can be changed by marketing efforts; making Burberry into an international luxury good sold at Neiman Marcus

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consumer behavior

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various facets of the decision process by which customers come to purchase and consume products
FACETS
psychological influences: individual's motivations, perceptions, ability to learn, and attitudes
personal influences: lifestyle, personality, and economic status
social influences: family, opinion leaders, friends, coworkers
cultural influences: distinguishable cultural values, subcultures such as ethnic groups, social class affected by background, occupation, and income

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brand loyalty

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pattern of regular consumer purchasing based on satisfaction with a product

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consumer buying process

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this process is borken up into different stages and each process is influenced by both personal and environmental factors (psychological, personal, social, cultural) as well as marketing factors (product, pricing, promotion, place)

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STAGES OF THE CONSUMER BUYING PROCESS

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PROBLEM/NEED RECOGNITION: when you realize youneed something or buying habits change (substantial raise)

INFORMATION SEEKING: go do research from websites and people as well as personal experiences

EVALUATION OF ALTERNATIVES: comparing products in terms of color, price, prestige, quality, service record, etc

PURCHASE DECISION: Based on rational motives (reasons for purchasing a product that are based on a logical evalution of product attributes) and/or emotional motives (reasons for purchasing a product that are based on nonobjective factors)

POSTPURCHASE EVALUATIONS: marketers wants consumers to be happy with their purchase so they'll buy from the company again, brand loyalty!!! sometimes works negatively if a person doesn't like their purchase, matt doesn't like his converses

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rational motives

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reasons for purchasing a product that are based on a logical evaluation of product attributes such as cost, quality, and usefulness

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emotional motives

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reasons for purchasing a product that are based on nonobjective factors including socialbility, imitatoin of others, and aesthetics

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data warehousing

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process of collecting, storing, and retrieving data in electronic files; just random facts preferences in movie rentals, are you married, what groceries you like all stored online!!! how freaky

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data mining

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application of electronic technologies for searching, sifting, and reorganazing data in order to collect marketing information and target products in the marketplace

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industrial market

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organizational market consisting firms that buy goods that are either converted into products or used during production

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reseller market

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organizational market consisting of intermediaries that buy and resell finished goods

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institutional market

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organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations

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industrial buyers

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professionals trained in negotiating; specialists in their line of items; do extensive research on products

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feature

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tangible quality that a company builds into a product

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value package

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product marketed as a bundle of value-adding attributes, including reasonable cost
possible attributes for a computer:
- choices of color
- attractive software packages
-attractive prices
- warranties
- presitge of owning a state-of-the-art system
- technical support

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convenience good/service

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inexpensive product purchased and consumed rapidly and regularly; milk and newspapers

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shopping good/service

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moderately expensive, infrequently purchased product; stereos shoes

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specialty good/service

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expensive, rarely purchased product; wedding gown

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expense item

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industrial product purchased and consumed rapidly and regularly for daily operations; buulkloads of tea are processed into tea bags

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capital item

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expensive, long-lasting, infrequently purchased industrial product such as a building

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unsought good/service

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life insurance, burial plot, NOT UNWANTED

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product mix

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group of products that a firm makes available for sale; black & decker makes toasters, vacuum cleaners, electric drills, and other crazy ass appliances