Marketing

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Exchange

Back 1

Is the act of obtaining a desired product/service from someone by offering something in return

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5 conditions for exchange

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1. Two parties
2. each party much have something of value
3. Each party is free to accept/reject exchange offer
4.Each party is capable of communic/delivery
5. Each party believes it is appro or desirable to deal with other party

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Macro Marketing

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Concerned w/ the creation and delivery of a desired standard of living for society through the effective and efficent exchange process that involve an economys good and services

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Micro Marketing

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Marketing is concerned w/ the satifaction of a customers needs and the accomplishment of an organizations marketing obejective through the effective and efficent exchange processes that involve an organizations good and services

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Need

Back 5

Something you must have
food, clothing, shelter, safty

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Want

Back 6

is a learned behavior which is marketing job to teach consumers

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Demands

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Are specific products that are backed up by an ability and willingness to buy

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Utlity

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the want & satisfying power of a good or service

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Form utility

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Conversion of raw material into furnished goods, a funtion of production

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Place utility

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having products availabe for consumption and conveinient locations

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Time utility

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Having products available at conveinient times

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Ownership Utility

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creating facilities to transfer the title to products at the time of purchase

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Information Utility

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Transfering of wanted and needed information to customers

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Marketing concept

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is a company wide consumer orientation with the objective of achieveing long run profits

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1. Market focus

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occurs when a corporte culture is systematically committed to the continous creation of superior customer value.

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2. consumer orientation

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decide how to meet these need/wants using the organizations scarce resources

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3.Coordinated Marketing effort

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all business function work together to provide customer value

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4. A understanding

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of the importance of marketing intelligence, marketing research, customer contact

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5. A set

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of specific marketing goals and target profitablity

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Meaning mix/strategy elements

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Product
Price
Promotion
Distribution

Front 21

Product

Back 21

comprises decisions about the packaging design branding, trademark,product life cycle,product design

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Distribution

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deals with the broad range of activitirs concerned with the physical flow of goods and services from the point of orgin to the point of consumption

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Price

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The method of setting fair and justifyable prices

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Promotion

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personal selling, advertising and sales promotion tools utilized by the firm to communicate with potiential customers and current customers.

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Consumer behavior

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is the decision process and physical activities individuals engage in when evalutating acquiring usuing and disposing of goods and services during an exchange process.

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Purchasing Roles

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1. Initator
2. Influence
3. Buyer
4. User

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Initator

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the individual who determines that some need/want is not being met

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Influence

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a person why by some intentional or unintentional word or action influence the purchase decision, the actual purchase and or use of the product

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Buyer

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The indivisual who actually makes the purchase transaction

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User

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The person who most directly involved in the consumption or use of the purchase

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Model

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is a simplified representation of reality

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Advantages of model

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1. Frame work of reference is provide for research
2. Facilitates the learning process
3. Models are useful in theory construction
4.Provide a mechanism to better explain behavior

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Marketing segmentation

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the act of dividing an overall market into distinct groups of buyers-market segments who might require customized/unique products and or marketing mixes

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Consumer characteristics

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geographical seg
demograpical seg
Psychographic seg

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Geographical seg

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the dividing of an overall market into relativetly homogenous groupss on the population location

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Demographic Seg

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the dividing of an overall market into relatively homogeonous groups on the basis of characteristics such as age, gender, religion.

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Psychographic Seg

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Utilizes behaviors, profiles developed from the analyis of consumers activiteis, interest and opinion, relating to the targer markets life style.

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Consumers response

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Benefit Seg
Usage Seg
Occassion Seg
Enthusiams Seg

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Benefit Seg

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focus on the benefits the consumer expects to dervice from a product or service

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Usage Seg

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The marketer segms the market on the basis of usage and consumption rate of the product that facilitates the development of a need

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Enthusiams/Affect Segmentation

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People in a market can be segmented based on their degree of affect/enthusiams for a product/positive/indiff/negat/hostile