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MGMT 153: Chapter 11
Transcript of MGMT 153: Chapter 11
The Marketing Environment
Nature of Marketing
a group of activities designed to expedite transactions by creating, distributing, pricing and promoting goods, services and ideas. It is an EXCHANGE relationship.
Marketing is NOT:
manipulating consumers or JUST advertising.
Functions of Marketing
Value is a customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
customer benefits – customer costs = value
The idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals.
Appeal to everyone.
Divide the total market into groups of people.
ONE marketing strategy for ONE market segment.
DIFFERENT marketing strategies for TWO or more market segments.
Bases for Segments
A narrow segment focus usually on one small well-defined group with a unique and specific set of needs.
Primary research comes directly from consumers.
Secondary research comes indirectly from other sources.
Decision processes and actions of people who purchase and use products.
A good, service, or idea that has tangible and intangible attributes that provide satisfaction and benefits to consumers.
Making products available to consumers in the quantities and locations desired. Also known as "distribution".
A value placed on a product or service that is exchanged between a buyer and seller.
A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals and organizations to accept goods, services and ideas.
Person selects, organizes and interprets information received from his or her senses.
The inner drive that directs a person's behavior toward goals.
Brings about changes in a person's behavior based on info and experience.
Knowledge and positive or negative feelings about something.
Organization of an individual's distinguishing character traits, attitudes or habits.
Industrial Revolution -
Make it and people will buy it.
Early 20th Century -
Supply caught up with demand.
1950's - Even extensive
promotion doesn't guarantee sales.
Here are five psychological variables of buying behavior.
convenience, price, prestige...
Example: You SEE a television commercial or HEAR a radio spot.
Example: If positive, will return.
If negative, will not.
Example: Negative attitude toward Wal-mart's culture.
Example: A "typical"
What is a "market"?
Personality, motives, lifestyle
How customers use product; loyalty & frequency
Applying Chapter 11 to
the Big Idea Project
Will you use a total market or market segmentation approach? Why?
If using a segmentation approach, which one (concentration or multi segment)? Why?
Identify your "typical" customer based upon:
Demographic, Psychographic, Geographic, Behavioristic
What market research will you conduct?