Marketing BUS 100 PDF

Marketing Date @05/16/2024 Backlink BUS 100 What Is Marketing? Marketing — The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large. Marketing today involves helping the buyer b...

Marketing Date @05/16/2024 Backlink BUS 100 What Is Marketing? Marketing — The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large. Marketing today involves helping the buyer buy through: Blogs and social networking sites that cultivate consumer relationships. Websites that help buyers find the best price, identify product features, and question sellers. The Evolution of Marketing Four eras: Production Era Selling Era Marketing Concept Era Customer Relationship Era The Production Era The general philosophy was “Produce as much as you can, because there is a limitless market for it.” The Selling Era Most companies emphasised selling and advertising in an effort to persuade consumers to buy existing products. The Marketing Concept Era After WWII, a consumer spending boom developed. Businesses knew they needed to be responsive to consumers if they wanted their business. Marketing concept — A three-part business philosophy. Marketing 1 1. Customer orientation 2. Service orientation 3. Profit orientation The Customer Relationship Era Customer relationship management (CRM) — Learning as much as possible about customers and doing everything you can to satisfy or exceed their expectations. Organizations seek to stimulate long-term customer loyalty. Social networks, online communities, and blogs are used in relationship building. The Emerging Mobile/On-Demand Marketing Era As digital technology continues to grow, consumer demands are expected to rise in: 1. Now: Consumers want to interact anywhere, anytime. 2. Can I?: They want to use information in new ways that create value for them. 3. For me: Consumers expect personalized experiences. 4. Simple: Consumers expect all interactions to be easy. Marketing Mix Product Place Promotion Price Marketing manager manages all the aspect of the Marketing Mix Product - Designing a Product to Meet Consumer Needs Product — Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers. Test marketing — Testing products among potential users. Brand name — A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors. Price - Setting an Appropriate Price Pricing products depends on many factors: Promotion Distribution Production costs Competitors’ prices Place - Getting the Product to the Right Place Intermediaries are important because getting a product to consumers when and where they want is critical. Promotion - Developing an Effective Promotional Strategy Promotion — All the techniques sellers use to inform people about and motivate them to buy their products or services. Promotion includes: Sales promotions Word of mouth Publicity Marketing 2 Personal selling Advertising Providing Marketers with Information Marketing research — The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. Research is used to identify products consumers have used in the past and what they want in the future. Research uncovers business trends, global trends, and more. The Marketing Research Process 1. Defining the problem or opportunity and determining the present situation. 2. Collecting research data. 3. Analysing the data. 4. Choosing the best solution and implementing it. 5. Evaluvation Defining the Question and Determining the Present Situation What’s the present situation? What are the problems or opportunities? What are the alternatives? What information is needed? How should the information be gathered? Collecting Data Primary data — Data that you gather yourself (not from secondary sources). Telephone, online and mail surveys, personal interviews, and focus groups are ways to collect primary data. Focus group — A small group of people who meet under the direction of a discussion leader to communicate opinions. Secondary data — Information that has already been compiled by others and published in journals and books or made available online. Secondary data incurs no expense and is usually easily accessible. Secondary data doesn’t always provide all the needed information for marketers. The Marketing Research Process continued Analyzing the Research Data Marketers must turn data into useful information through careful, honest interpretation. Choosing the Best Solution and Implementing It Marketers use their analysis to plan strategies and make recommendations. Finally, marketers must evaluate their actions and determine if further research is needed. The Marketing Enviroment Environmental scanning — The process of identifying factors that can affect marketing success. Influences involved in the environmental scan include: Global factors Technological factors Marketing 3 Sociocultural factors Competitive factors Economic factors B2B & B2C Consumer market (B2C) — All the individuals or households that want goods and services for personal consumption or use. Business-to-business (B2B) market — All the individuals and organisations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others. Consumer Market The size and diversity of the consumer market forces marketers to decide which groups they want to serve. Market segmentation — Dividing the total market into groups whose members have similar characteristics. Target marketing — Marketing directed toward those groups an organization decides it can serve profitably Segmentation Segmenting the Consumer Market Geographic segmentation — Dividing the market by cities, counties, states, or regions. Demographic segmentation — Dividing the market by age, income, and education level. Psychographic segmentation — Dividing the market using the group’s values, attitudes, and interests. Benefit segmentation — Dividing the market by determining which benefits of the product to talk about. Volume or usage segmentation — Dividing the market usage (volume of use). Reaching Smaller Market Segments Niche marketing — Finding small but profitable market segments and designing or finding products for them. One-to-one marketing — Developing a unique mix of goods and services for each individual consumer. Marketing 4 Building Marketing Relationships Mass marketing — Developing products and promotions to please large groups of people. Relationship marketing — Keeping individual customers over time by offering them products that exactly meet their requirements. Consumer Decision Making 1. Problem recognition 2. Information search 3. Evaluate alternatives 4. Purchase decision 5. Post-purchase evaluation Marketing 5