...Consumers receive more benefit than risk from marketers knowing their personal information. Yes, I think consumers receive more benefit than risk. Marketers investigate thoroughly about the potential customer’s likings and other personal information related to a company’s future and present product. This system helps customers all the way. Marketers research about market and gather information about customers and keep the data in company’s data base system. Collected data not only benefited for the company but also for customers. Collected information of customers is kept in secret for the company’s best purpose, so there is almost no possibility of leaking out this personal information to others who may do harm to a person. Actually marketers draw data from customers to give the customers best quality product or service that the customers are willing to get with the times. When any company do not collect information from customers they do not supply the product or service in the market that do not reflect customers choice or demand, so customers do not get accurate product what they demand. Now the marketing system start from the customers and customers are at the center point of marketing, so every product or service reflect the customers insight, this system providing best benefit to customers. Markets are developing for the customers and marketer’s top priority is customers demand and choice, so information about customers is most important for the company to develop a...
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...trade and commerce is carried out. This is possible through the prevention of illegitimate price-fixing and monopolies and facilitating fair completion. The net effect that is felt by the consumer is the production of high quality goods and services at prices that are affordable to all. Additionally, the public welfare and interest are well protected because it ensures that the firms who are engaged in the sale of goods and services meet their demand. This is achieved by the provision of an ample environment for businesses to experience fair competition resulting in good business practices in all industries in the United States. This is achieved by cultivating the culture and the belief that the economy, the manufacturers, and consumers should mutually benefit from the effects of free and fair trading (Mankiw, 2008, p. 7). In its bid to create fair business environment antitrust laws mostly try to minimize cases of monopolization by various firms which may intend to create it through any possible merging. When firms merge, they reduce the competition within themselves and the net effect is that one company controls the whole industry and makes any decision regarding the prices of the products that it handles. This is where the antitrust laws come in place in order to protect consumers from any possible conspiracy. This conspiracy may occur through other ways like competitors agreeing to raise the prices of goods beyond a certain level, contractual agreements, and maintenance...
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...As a consumer, loyalty to a company is largely based on trust. We expect the company to not abuse it. Firms have the responsibility of delivering quality- this refers both to the product that they deliver, and the customer relations – in order to maintain loyalty. In order to achieve this, customers expect their private information to be kept secure. How much does security matter to a consumer? A survey executed by Edelman show that “70% of people are more concerned about privacy than they were five years ago, and 68% feel they have lost control over how their information is shared and used by businesses.” A study carried out by PriceWaterhouseCoopers shows that, when given the choice, a majority (almost 2/3) of consumers choose to not give out personal information (Data Security, Michael) .These statistics show that the consumer base is extremely distrustful of companies using private information. How come? If we assess the risks and benefits of giving out these details, we can identify the reasons. The main risk is intrusion – an unwelcome look into your life. In theory, giving out personal details to a marketer gives them full access to your personal life. The firm has your name and phone number. It has entry to your Facebook (assuming it isn’t set to private) feed to see what sort of things you like, dislike and focuses strategies on these facts. The problem with this is that it implies that someone is watching what you do, how you behave – without you knowing about...
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...CONSUMER BEHAVIOR NOTES CHAPTER # 5 “CONSUMER LEARNING” LEARNING: ⇨ “It is a relatively permanent change in behavior caused by experience”. CONSUMER LEARNING: ⇨ “Process by which individuals acquire the purchase and consumption knowledge and experience that they apply to future related behavior”. ⇨ Consumer learning is a process that continuously evolves and changes as a result of newly acquired knowledge (which could be gained from reading, from discussions, from observations, from thinking) or from actual experience. Both newly acquired knowledge and personal experience serve as feedback to the individual and provide the basis for future behavior in similar situation. THE ELEMENTS OF LEARNING THEORIES: • MOTIVATION: “It is the processes that lead people to behave as they do”. It occurs when a need arises that a consumer wishes to satisfy. Motivation is based on needs and goals. It acts as a spur of learning. Uncovering consumer motives is one of the prime tasks of marketers, who then try to teach motivated consumer segments why and how their products will fulfill the consumer’s needs. • CUES: “It is a stimulus that suggests a specific way to satisfy a silent motive”. If motives serve to stimulate learning, cues are the stimuli that give direction to these motives. In the marketplace, price, styling, packaging, advertising and store displays all serve as cues to help consumers fulfill their needs in product-specific ways. Cues serve to direct...
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...customer relationships in order to capture value from customers in return * Deal with customers, satisfying customers’ needs * Attract new customers by promising superior value * Keep and grow current customers by delivering satisfaction Marketing Process Understand the marketplace and customer needs and wants * Customer needs, wants and demands * Needs: status of felt deprivation, Maslow hierarchy of needs (Physiological, Safety, Belonging – Love, Self-esteem, Self-actualisation) * Wants: form that human needs take as they are shaped by culture and individual personality * Demands: humans wants that are backed by buying power * Conduct consumer research and analyse the large amount of data * Marketing offerings * Combination of products, services, information or experiences offered to a market to satisfy a need or want * Marketing myopia: mistake of sellers paying more attention to the specific products offered by a company rather than to the benefits and experiences produced by these products ~ focus on existing wants and lose sight of the underlying needs * Value and satisfaction * Satisfied customers will make repeated purchases and tell others about their good experience * Dissatisfied customers will switch to competitors and disparage the product to others * Exchanges and relationships * Exchange: act of obtaining a desired object from someone by offering something in return ...
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...Impact of Digital Technology on Marketing Strategies Consumer Behavior MKT 625 October 11, 2011 Impact of Digital Technology on Marketing Strategies For companies, large and small alike, the term “keep up or get left behind” is an absolutely relevant one. In this fairly new era of constantly growing and evolving technologies, it is crucial that marketing departments adjust their strategies in order to incorporate an effective digital technology component into their overall marketing strategies that will enhance overall market relevance and success in meeting the needs of the new generation of technology savvy consumers. The following pages will analyze the crucial significant impact that technology plays in understanding consumer behaviors, the shift in consumer behavior, the importance of a balanced integrated marketing strategy, the benefits of technology and finally it will identify opportunities and support the concept that a brand can continue to hold its positioning while modifying the technological delivery platform and incorporating it into to their overall marketing strategy, thus remaining a viable brand in the eyes of today’s consumers . It seems as though it was only a few years ago when consumers were overwhelmed by the amounts of increasing technology looming over head. Many consumers were intimidated by the amount of technology based options that were becoming available to them at increasingly rapid speeds and so just keeping up was a daunting...
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...diet plan, it's blossomed into the company’s No. 1 brand, with an estimated $500 million in global sales.” Kellogg’s value opinions about their products very highly as the feedback from customers are the most important. As a socially responsible company they aim to nourish their consumers, employees, customers, communities and the environment so that they can continue as a company. Kellogg’s have created strategies, governance structures, corporate policies, commitment statements and codes of conduct that help to embed corporate responsibility into their everyday operations. To encourage people to speak their opinions Special K set up a shop in London with the release of their new cracker crisps. When people tweeted their opinion they were able to receive a free low calorie snack. DietsInReview.com release reviews, facts and information about the Special K diet. And in the end they say if you want to ‘jump start the weight loss’ then it’s a good idea. Then with in this website Special K users were able to leave their feedback which had a range of opinions saying how good the diet plan was and how well it worked. Over all they were ‘happy with the outcome’. The main discussion also included the fact that ‘it doesn’t help you lose weight but it does help you stay healthy’, anomalously said someone from dietsinreview.com. Kellogg's (also Kellogg, Kellogg Company and Kellogg's of Battle Creek) is an American multinational food manufacturing company headquartered in Battle Creek...
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...purchaser. Difference between Service and customer service Services are deeds, processes, performances, and performances of a wide range of industries. Customer service is the service provided in support of a company’s core products. Customer services includes answering questions, taking orders, dealing with billing issues, handling complaints and scheduling repairs or maintenance. Why service marketing is essential for: Service based economy: Service marketing concepts and strategy developed in response to the tremendous growth of service industries, resulting their increased importance to the world economy. Service as a business imperative in manufacturing and IT: Early in the development of service, marketing most of the interest came from service industries like banking and health care. Now manufacturing and IT industries such as automobiles, computers and software are also recognizing the need to provide quality services in order to compete worldwide. Deregulated industries and professional service needs: In the past several decades, many large service industries including airlines, banking and telecommunications have been deregulated. These deregulated industries along with other professional service firms...
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...market environment Chapter 5 - Consumer markets Chapter 9. Segmentation and positioning. Chapter 10. Competitive strategy. Chapter 15. Integrated marketing communications strategy. Chapter 19 - Managing market channels - Place Chapter 1 - Marketing now Definition: a social and managerial process by which individuals and group obtain what they want through creating and exchanging products and value with each others. or the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Old, “telling and selling”. Now, satisfying customer needs. Selling happens after product is produced, marketing starts much earlier and helps determining whether a profitable opportunity exists. “The aim of marketing is to make selling unnecessary.” Marketing process: create value for customer 1) Understand customer needs and wants 2) Design a customer-driven strategy 3) Construct an integrated marketing programme that deliver superior value 4) Build profitable relationships and create customer delight capture value from customer 5) Capture value from customer to create profits and customer equity Needs, wants and demands Needs: states of felt deprivation Wants: the form that human needs take as shaped by culture and individual personality Demands: human wants that are backed by buying power Market offering: products, services, information or experiences offered to a market...
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...Marketing book notes Chapter 1: * Marketing is managing profitable customer relationships. The aim of marketing is to create value for customers and capture value from customers in return * Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep the grow current customers by delivering satisfaction * Marketing must be understood not in the old sense of making a sale- “telling and selling” – but in the new sense of satisfying customer needs. If the marketer understands customer needs; develops products that provide superior customer value; and prices distributes, and promotes them effectively , those products will sell easily * Selling and advertising are only part of a larger marketing mix – a set of marketing tools that work together to satisfy customer needs and build customer relationships * Marketing- the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Understanding the marketplace and customer needs: * 1) needs, wants, and demands * 2) market offering (products, services, and expectations) * 3) value and satisfaction * 4) exchanges and relationships * 5) markets Customer needs, wants, and demands * The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include physical...
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...other friends – dispersing information and recommendations about the product via a social network. Mary Kay Cosmetics and Amway, brands that relied on social networks to inform potential customers about their products, used this technique with great success to build highly recognizable brands. Technology makes the spread of product knowledge from one person to another faster and more efficient. Today, digital media like the Internet are the new word of mouth networks, which act as easy, additional resources for people to spread the word. "The Net amplifies the power and accelerates the speed of feedback from users to potential adopters." "People have always relied on word-of-mouth to spread the news about products and services. The Internet just speeds things along," says Charlene Li, an analyst with Forrester Research. Word-of-mouth techniques are vital to marketing on the Internet. Consumers say the primary source of credibility that makes them visit a Web site is word-of-mouth referrals, usually an e-mail from a friend, according to the Internet research firm Jupiter Research. Tim Draper, one of the founding investors for the free e-mail product Hotmail, and a partner with the venture firm Draper Fisher Jurvetson (www.dfj.com), coined the term "viral marketing" in 1997 when he first noticed similarities between the rapid adoption of products via word of mouth and the spread of biological viruses. Draper noted the viral phenomenon after Hotmail went from 0 to 12 million subscribers...
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...MARKETING CHANNELS A marketing channel is a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing activities in the marketing process. A marketing channel is a useful tool for management. An alternative term is distribution channel or 'route-to-market'. It is a 'path' or 'pipeline' through which goods and services flow in one direction (from vendor to the consumer), and the payments generated by them flow in the opposite direction (from consumer to the vendor). A marketing channel can be as short as being direct from the vendor to the consumer or may include several inter-connected (usually independent but mutually dependent) intermediaries such as wholesalers, distributors, agents, retailers. Each intermediary receives the item at one pricing point and moves it to the next higher pricing point until it reaches the final buyer Roles of marketing channel in marketing strategies -Links producers to buyers. -Performs sales, advertising and promotion. -Influences the firm's pricing strategy. -Affecting product strategy through branding, policies, willingness to stock. -Customizes profits, install, maintain, offer credit, etc. Coordinated Channel Marketing - Brands carry out online and offline advertising on behalf of channel partners to aid them in generating sales of their branded products. Those online...
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...Student: ___________________________________________________________________________ 1. Marketing is an activity that only large firms with specialized departments can execute. True False 2. Good marketing is not a random activity. True False 3. Understanding a customer's needs and wants is fundamental to marketing success. True False 4. Marketers might wish to sell their products to everyone, but it is not practical to do so. True False 5. The four Ps include product, promotion, planning, and place. True False ch01 6. Because thoughts, opinions, and philosophies are neither goods nor services, they cannot really be marketed. True False 7. The group of firms that makes and delivers a given set of goods and/or services is called a supply chain. True False 8. Value is what you get for what you give. True False 9. Value-based marketing helps to build long-term customer loyalty. True False 10. Over the past decade or so, marketers have begun to realize that it is best to structure a firm's customer orientation in terms of transactions rather than relationships. True False 11. The AppleTM iPad has been successful because it provides value to customers. True False 12. When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers. True False 13. By publishing a Code of Ethics, a firm ensures that all employees will behave ethically. True...
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...Marketing 201 Chapter 1 Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Needs: States of deprivation Wants: Form that needs take as they are shaped by culture and individual personality Demands: Wants backed by buying power Segmentation, targeting, demarketing. * Production concept is the idea that consumers will favour products that are available or highly affordable. * Product concept is the idea that consumers will favour products that offer the most quality, performance, and features. * Selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. * Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do. * Societal marketing long-term interests, and society’s long-run interests. Marketing mix: Place, promotion, product, price * An integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers. Customer Relationship Management (CRM) : building and maintaining profitable customer relationships by delivering superior customer value and satisfaction * Customer’s perceived value * Customer satisfaction: product’s perceived performance matches...
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...competitive environment. Marketing is defined as a social and managerial process by which, individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor to business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment. Introduction of Marketing What image comes to mind when you hear the word “marketing”? Some people think of advertisements or brochures, while others think of public relations (for instance, arranging for clients to appear on TV talk shows). The truth is, all of these—and many more things—make up the field of marketing. The Knowledge Exchange Business Encyclopedia defines marketing as “planning and executing the strategy involved in...
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