Chapter 11: Marketing

Marketing

Process for creating, communicating, delivering offerings that have value for customer.

Utility

Form utility

Time utility

Place utility

Ownership utility

People Marketing

Place Marketing

Event Marketing

Idea Marketing

Click it or Ticket

Don’t drink and drive

Don’t Smoke

Marketing Era’s

Production Era

Selling Era

Marketing Era Marketing Concept

Relationship Era

Role of Customer

Customer relationship management Personalization

Limited Relationships

Full Partnerships

Value+customer satisfaction= customer loyalty

Marketing Strategy

Marketing plan

Target Market Size

Profitability

Accessibility

Limited competition

Consumer Marketers vs. Business Marketers

Consumer Direct efforts toward people who are buying products for personal

use.

Business Direct efforts to customers who buy products to produce other

products.

Consumer Market Segmentation

Demographic

Consumer Market Segmentation

Geographic

Consumer Market Segmentation

Psychographic

Consumer Market Segmentation

Behavioral

Business Market Segmentation

Geographic- Concentration of Customers

Customer-Based- characteristics of customers

Product-Use-Based- How customers will use product

Marketing Mix

Product Strategy: brand name, product image, package design

Pricing Strategy: fair prices, add value, relative to the benefits of your product.

Distribution Strategy: shipping, warehousing, and selling outlets

Promotion Strategy: ways that marketers communicate about their products.

Marketing Environment

Environmental Scanning- collecting information from external marketing environment. Key elements include

Competitive: understanding the market share

Economic: Identify and respond to change

Social/Cultural: lifestyle, customs, interests, rapidly changing trends.

Technological: Change in technology

Political/Legal: Laws, regulations

Understanding the Customer

Customer Behavior: How customers act, when buying or using a product.

Consumer Decision Process Need Recognition

Information search

Evaluation of Alternatives

Purchase Decision

Post purchase Behavior

Business buyer behavior- how people act when buying products to produce other products.

Marketing Research

Goal: better marketing decisions

Identify external opportunities

Monitor and predict customer behavior

Secondary data: existing data

Primary: new data Observational research: no interaction

Survey Research: What people are thinking and feeling

Social Responsibility

Fair labor

Environmentalist

Involvement in local community