Marketing Study Guide PDF

Marketing STUDY GUIDE Ch 1-3 Consumer Behavior- The action a person takes to select, purchase, use and dispose of a product or service. In order to satisfy their needs. Benefits: 1.​ Understanding how buyers feel, think and decide. 1.1.​ Businesses can use them to determine how...

Marketing STUDY GUIDE Ch 1-3 Consumer Behavior- The action a person takes to select, purchase, use and dispose of a product or service. In order to satisfy their needs. Benefits: 1.​ Understanding how buyers feel, think and decide. 1.1.​ Businesses can use them to determine how best to create and market their products and services. 1.2.​ Find unmet needs also helps businesses 1.2.1.​ Example: Tyler Perry & his storylines cater to African American women being seen on TV. Consumer Purchasing Process includes: 1.​ Problem Recognition- Example; Needing a suit for a party on a weekend. 2.​ Information Search- Internal, External and Ongoing. 3.​ Alternative Evaluation- Example; Comparing different options of the suits based on price. 4.​ Make a decision/purchase 5.​ Use the product/service 6.​ Post Purchase evaluation/behavior Return or Start over. Marketing- Act of process of bringing awareness, knowledge about a product, service , individual or company; whether it is tangible (physical) or intangible (trademarks, copyrights,etc). Goals: ❖​ Increase Market Share, profit, sales and corporate social responsibility(what the company does for the community). Marketing Mix: Place, Price, Product and Promotion Also: Physical Evidence, packaging, People, Processes Marketing Related Decisions Market Segmentation- Potential customers divided into small groups of similar characteristics. ​ Demographic ​ Geographic ​ Psychographic ​ Behavior Marketing Strategy Guide 1.​ Identify the problem/what problem are you solving? 2.​ 8ps/Marketing Mix & why 3.​ S.W.O.T. Analysis [Company/Self, Competition & Industry] aka Target Audience a.​ S.W.O.T (Strengths, Weaknesses, Opportunities, Threats) Maslow’s Hierarchy of Needs- Theory set of ideas & thoughts used to explain certain actions & guesses. There is some truth to them that explains how humans are motivated by our needs. Some are more critical than others. DRAW TRIANGLE 1.​ Self-Actualization(Self-growth, fulfilment, want to do better) 2.​ Esteem(Status, self-respect, superiority, prestige) 3.​ Love and Belonging(intimacy, friendship, affection, trust) 4.​ Safety(Protection, law, stability, security) 5.​ Physiological(air, food, water, shelter, sleep) Social Proof- When people are free to do what they want; where people assume the actions of others in an attempt to reflect the correct behavior based on a given action/situation. 1.​ Expert 2.​ Celebrity 3.​ User 4.​ Wisdom of the crowd 5.​ Wisdom of your friends 6.​ Certification or Authoritative Supply- the amount of a specific product or service that is available in the market. Demand- the amount of goods or services that customers want to buy. Scarcity Principle- Scarcity increases perceived value and urgency that influences consumer behavior. An increased value of something, the more something scarce it is. 7 Strategies for SP 1.​ Limited supply 2.​ Deadline/limited time 3.​ Invitation only 4.​ Out of stock 5.​ Holiday special (short-term buying window) 6.​ Clearance sale  7.​ Anniversary celebration Stakeholders- A group that has any interest in any decision of an organization. ​ ​ Examples: Superbowl(players, coaches, spectators, city, residents, etc). Contrast Principle- act of evaluating 2 things that appear right next to each other or one after the other. EX: Tip jar could have the worker’s own money in there to start off and convince others to tip. APA: M. Main Idea E. Evidence A.​ Analysis (Compare n Contrast, strengths & weaknesses, causes & effect, advantage & disadvantage, effectiveness & ineffectiveness) L. Link/Transition Extra definitions: Loss Aversion- concept where people avoid the losses over acquiring equivalent gains. Fear of missing out. Reactance Theory- people feel their freedom of choice is threatened, thus they react by wanting the item even more. Increase desirability. Case Study:​ [TOTAL SET, AWARENESS SET, CONSIDERATION SET, CHOICE SET, DECISION SET]