...concepts, tools, frameworks and issues. The Importance of marketing * Creating demand * Introduce and gain acceptance of new products * Increasing demand creates jobs * Allow firms to more engage in socially responsible activities The scope of marketing Marketing is about identifying and meeting human and social needs. 1. Meeting needs profitably Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. We see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Important part of Marketing (Peter Drucker) The aim of marketing is to know and understand the customer so well that the product of service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available. What is marketed Marketers market 10 main types of entities: * Goods physical products * Services production of services * Events e.g. Olympic Games * Experiences e.g. Walt Disney * Persons e.g. Artists * Places e.g. Cities, natural parks * Properties e.g. Real Estate, stocks & Bonds * Organizations e.g. Universities, Supermarkets * Information e.g. Schools...
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...Chapter 1 Consumers Rule 1-1 How old is Bungy Jumping? • Bungy jumping turned 26 in 2014 • Where is the highest bungy jump? • http://www.youtube.com/watch?v=4Wf1yndBO 0w • AJ Hackett’s Tower in Macao –Auckland Stock Exchange B – 764 feet Chapter Objectives When you finish this chapter, you should understand why: • Consumers use products to help them define their identities in different settings (think of consumers as role players who need different products). • For example, many family social occasions are accompanied by food and drink, and the consumption of these goods acts as a shared bond that the group uses to define membership in that group. Another example is the style of clothing (e.g., A & F, Hollister) worn by young people to define their group membership. • Consumer behavior is a process involved when individuals or groups select, purchase, use, or dispose of products, services 1-3 Chapter Objectives • Marketers need to understand the wants and needs of different consumer segments (product usage, demographics, and psychographics- redneck bank) • The Web is changing consumer behavior: a problem is the loss of privacy and the deterioration of traditional social interactions • Consumer behavior relates to other issues in our lives-public policy issues (e.g., ethical marketing practices) and the dynamics of popular culture • Consumer activities can be harmful to individuals and to society (terrorism-poisoning...
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...1 Consumer behavior; The behavior that consumers display in searching for, purchasing, using evaluating and disposing of products, services and ideas. Personal vs. organizational consumers; Personal; the individual who buys services for his or her own use. Organizational; a business or government agency or other institution that buys goods, services and equipment necessary to function. Marketing concept – incl. embracing and implementation A company must determine the needs and wants of specific target markets and deliver the desired satisfactions better than the competition. Profit is an appropriate reward for satisfying customers’ needs, not as a right of simply being in business. Embracing- consumer research must be done to study in depth. Implementation- Product/sales orientations Production orientation; 1850’s to late 1920’s gearing up manufacturing skills in order to match production. Challenge was to perfect production capabilities. Sales Orientation; 1930’s to mid 1950’s- Sell more of what the manufacturing department was able to produce. Societal marketing concept Consumers may on occasion respond to their immediate needs or wants while overlooking their own long run interest or that of their neighbors and the entire planet. Marketing mix The 4 P’s; Product Price Place and Promotion. Customer value A ratio between the customers perceived benefits and resources used to obtain those benefits. Relationships in consumer behavior Building...
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...The current issue and full text archive of this journal is available at www.emeraldinsight.com/0265-1335.htm IMR 28,2 The role of context in assessing international marketing opportunities Susan P. Douglas and C. Samuel Craig Stern School of Business, New York University, New York, New York, USA Abstract Purpose – The choice of which country or countries to enter is a critical decision and needs to be made with considerable care and deliberation. Initial market entry decisions have typically focused on country evaluations based on macro-economic data. While appropriate in providing an initial screening of countries, other factors, notably contextual factors, can provide important insights in assessing international market opportunities. The purpose of this paper is to examine the impact of context at four distinct levels. Design/methodology/approach – The literature on the influence of context on consumption and purchase behavior is reviewed to provide a framework to understand contextual factors as a means to refine entry strategy and develop effective segmentation strategies. Findings – A wide range of contextual factors exert influence on consumption choices and contribute to within-country heterogeneity. These are typically examined at the macro-level, but also need to be examined at the meso-level, micro-level and situational level to fully assess market opportunities and establish viable market segments. Practical implications – Examination of contextual factors...
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...NORTH- HOLLAND Marketing Orientation and Company Performance Industrial vs. C o n s u m e r G o o d s C o m p a n i e s George J. Avlonitis Spiros P. Gounaris Marketing orientation, still an intriguing concept for man),, carries the pledge of superior company performance through the satisfaction of customer's needs. This article draws conclusions from an empirical investigation showing that this relationship does really exist and, in the case of industrial markets, building a marketing orientation it is indeed a significant contributor to the company's performance. © 1997 Elsevier Science Inc. INTRODUCTION Recent studies [1-3] have tried to collect empirical evidence to investigate whether the adoption of marketing Address correspondence to Dr. George J. Avlonitis, Athens University of Economics and Business, Department of Management Science and Marketing, 76 Patission Str., Athens 104 34. Greece. orientation leads to better performance in the market. However, the way that marketing orientation is conceptualized tends to differ. For instance, while Hooley, Lynch, and Shepherd [1] conceptualized marketing orientation as a set of specific beliefs that form a certain company attitude/culture, Narver and Slater [2], as well as Kohli and Jaworski [3], explained the concept as a certain behavior. Furthermore, most of the available empirical investigations of the association between marketing orientation and company performance tend to draw general conclusions about...
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...culture 8. Conclusion 9. Values in Culture 10. Value Similarities and Differences across cultures Introduction to Culture There is no doubt that the international marketing process do face a large set of variables as it take place over different countries and it does act in different environments. One of the most determinant environments to the success of the international marketing process is Culture, which hold the reason for many human acts and behavior. Reaching to that point international marketer should study deeply culture treaties of a country the company is planning to act in. so that special amendments in the organization overall plans and actions is made to act in accordance with the new market variables The role of culture in international business and marketing Culture is a distinctive element of international marketing. While factors besides culture are present, culture could be a key determinant of most overseas relationships. Researchers agree that exchange processes within business networks can only be understood by conducting studies in different countries and cultures. For example, studies of joint ventures between China and the USA have suggested that the national cultures of the participating partners were one of the important variables that determined their success. Culture could relate to a country (national culture), a distinct section of the community (sub-culture), or an organization (corporate culture). It is widely accepted that...
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...to Know Chapter 1 Marketing Definitions: making a sale, managing profitable customer relationships, satisfaction of customers’ needs. Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Goals: Attract new customers by promising superior value & Keep and grow current customers by delivering satisfaction Needs: states of felt deprivation Want: form human needs take as they are shaped by culture and individual personality. Demands: Human wants that are backed up by buying power. Customer Satisfaction Expectations: Customers form expectations about the value and satisfaction that various offerings deliver: If marketers set expectations too low, they may satisfy current buyers but fail to attract enough. If expectations too high, buyers disappointed. Promise only what you deliver, but try to deliver more than you can promise. Steps in the Marketing Process: Understand the marketplace and customer needs and wants, design a customer driven marketing strategy, construct an integrated marketing program that delivers superior value, build profitable relationships and create customer delight, capture value from customer to create profits and customer equity Marketing Myopia: The mistake of paying more attention to the specific...
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...Monsanto and the Moral Challenge Surrounding Genetically Modified Products Ethics and Humanity: Company Case Briefing Monsanto and the Moral Challenge Surrounding Genetically Modified Products The “good company” operates with four pillars in mind, each a different level for the firm to exhibit its corporate social responsibility. First, the company must ensure its commitment to the health, safety, productivity and profitability of its own employees. Second, the company must be actively customer-focused, establishing clear and open lines of communications and trust, while also demonstrating a duty of care in their operations. Third, the company must be globally-oriented towards the industry as a whole. And fourth, the company must display an investment in their own community. At each of those levels—the individual employee, the customer, the industry and the community, the “good company” should endeavor to uphold its own corporate pledge to deliver results while also taking responsibility for its activities. Applying this framework to Monsanto is a precarious task, but below we will examine the moral challenge that the company faces currently, identifying key stakeholders, and discerning the possible moral outcomes to its many challenges. Monsanto Company provides agricultural products for farmers in the US and abroad. With nearly 23,000 employees, the company has a history of producing and marketing...
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...This week Finish ch 5: consumer behavior Start ch 8, marketing research and sales forecasting Ch 9, segmentation, targeting and positioning Social Influences Everyone belongs to multiple social groups Family, neighborhood, sports team, clubs Group membership influences buying decisions Groups establish norms of behavior Values, attitudes, and behaviors Differences in status and roles influence behavior. Reference Groups Peoples whose opinions are valued and to who, a person looks for guidance in his or her ow behavior, values and conduct, such as family or friends/celebs Influence or reference group depends on two conditions Purchased product must be seen and identifiable Purchased product must me special, not something everyone has. Social Classes Six classes Upper-upper, lower-upper, upper-middle, lower-middle, working class and lower class Income not always a factor. Reference groups trend- setters who purchase new products before others in a group and then influence others in their purchases Family influences Like other influences, families have norms of expected behavior, status, relationships, and roles. * Four roles of spouses autonomic role—partners independently make an equal number of decisions husband- dominant role wife- dominant role syncretic role—buying decision made jointly. Children and Teenagers in family purchases Having 192 billion in purchasing power either directly or by influencing family purchasing decisions...
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...will not hold the owner of this document (Axiaplace) liable in any form including financial, physical or emotional liabilities. Marketing Plan Phase 2 Property of Axiaplace MKT/421 March 18, 2012 When Starbucks looks to introduce a new frozen coffee dessert to the market, research time will be invested to ensure that this endeavor will be profitable to the company. In order for this new product to be successful, the company must research the marketing community. The best way to create a strategic marketing plan is to understand the target market in the frozen dessert business. Upon review of the markets currently served by Starbucks, improvements can be made to broaden the market. By working to identify the manner in which the market is segmented; the market of buyers for consumers as well as those consumers; and the threats posed by competitors and the products that they offer, the company can work to ensure the changes made are in fact needed for the products and services offered. The hopes of such research will show that the company is moving in a positive direction for increasing sales and in turn increasing company profits. Analysis of the competitors and the products offered by those companies can also work to secure more of the market share for Starbucks. Market segmentation will help Starbucks identify possible target markets. The first step in segmentation is to disaggregate the market. Perrault, Cannon, and...
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... Principles of Marketing | MKT230 BLC | AN150326.0429.5W April 27, 2015 Russell Corpron The Waters Bottling Company 2015 Marketing Plan TABLE OF CONTENT Section 1 – The Environment * Introduction to Marketing * The Marketing Mix * The Marketing Environment * Marketing and its relationship with other functional areas of business * Strategic Marketing * Planning Process * Strategy * Organizational Levels * Goals and Objectives * Planning Gap * Ethics in Marketing Section 2 – Market Research & Targeting * Market Research * Research Methods & Data Mining * Market Research Process * Consumer Behavior * B2C vs. B2B * Consumer Decision Making Process * Factors Affecting B2C and B2B consumer behavior * Market Segmentation * Market Segmentation Concepts * Segmentation Process * Segmentation Strategies * Target Marketing Section 3 – Product & Price * The Product * Product Levels: Core, Actual, & Augmented (Packaging) * Product Life Cycle * BCG Model * Services Marketing * Price Determination & Pricing Strategies * Supply & Demand * Competition * Objectives and Strategies Section 4 – Place & Promotion ...
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...real-world or hypothetical business is able to capitalize on them. - E-marketing- The strategic process of distributing, promoting, pricing products, and discovering the desires of customers using digital media and digital marketing. - Characteristics of e-marketing: Addressability- The ability of a marketer to identify customers before they make a purchase. Example- digital media technology makes it possible for customers to identify themselves and provide information about their product needs and wants before their purchase. Social Network- Web-based meeting place for friends, family, coworkers, and peers that allow users to create a profile and connect with other users for purposes to get acquainted, to keeping in touch. Example- By becoming “friends” with other consumers on these social networks, companies are able to gain more access to consumer preference. Interactivity- Allows customers to express their needs and wants directly to the firm in response to its marketing communicators. Example- Having a feedback page that the firm offers to customers. Accessibility- The ability to obtain digital information. Example- Firms can go to different websites to request ideas for new products. Connectivity- Use of digital networks to provide linkages between information providers and users. Example- Is one of the key contributions of social networking, connecting customers with marketers as well as with other customers. Control- Customers’ ability to regulate the...
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...Consumer Behavior Insights Executive Summary – In this research report we will analyze the topic name as consumer behavior insights. As any company before launching their product in the market first understands the consumer behavior about their products hence behavior of consumer is one of the most parts for the analysis of the topic. Table of Contents Executive Summary 1 Introduction 2 Consumer Behavior Insights 2 Better Consumer Behavior Insight in today scenario 3 Tools used for Measuring consumer behavior 4 Demographics, Media Habits, and Psychogra phics 4 Research Question 7 Benefit from Consumer Behavior insights Data 7 Challenges of analyzing Consumer Behavior Insights 8 Gathering of Data for Consumer behavior Insights 9 Conclusion 9 References 9 Introduction – Consumer behavior is one of the important tools to launch any product in the market as success and failure of the product mainly depend on the consumer behavior towards those products. One cannot measure the consumer behavior in the easy manner though by doing survey, taking feedback and marketing strategies all the companies try to understand the consumer behavior which shows their taste towards products and service launch by the company. Hence in this assignment we will analyze the consumer behavior insights, their characteristics, Consumer Behavior towards low involvement products and services and Consumer Behavior towards high involvement products and services. Consumer Behavior Insights...
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...B2B vs. B2C For more than a decade usage of the Internet has increased exponentially changing the way companies interact with their customers. According to Ralph Oliva (2007, p.1), “Forecasters expect domestic B2B purchases will continue to total trillions of dollars annually.” He goes on to say that in 2004, “domestic B2B online sales totaled $2.7 trillion” while online retail sales in 2004 reached $184 billion. This increase has opened up new opportunities and challenges for marketing to these customers electronically. Because business customers and individual customers react differently to marketing, strategies and tactics used to reach one segment may differ from those used to reach the other. This paper will first look at how the business customer and retail customer are different, then delve into the differences between B2B and B2C marketing. Relationship Differences One important aspect of marketing is to build good relationships with customers. “In B2B or business to business this requires a commitment of time and good customer service prior to ever making that first sale.” (Warholic, 2007, p.1). One of the differentiating factors between B2B and B2C sales is the B2B sales process takes longer because business customers require more communication and product details. Business customers are not apt to purchase during the first contact with a vendor. Usually the sale, especially the first one, takes multiple contacts creating a bonding relationship. Business...
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...Tommy excessive emotive Richard always watching, customer focus Product Strategy * Is a well conceived plan that emphasizes becoming a product expert, selling benefits, and configuring value-added solutions * Helps salespp make the right decision concerning the selection and position of products to meet specific customer needs Selling solutions * Are mutually shared answers to recognized customer problems * More encompassing than specific products * Those that provide measuarable results * Those that require greater effort to define and diagnose the customer’s problems Product strategy should be tailored to the customer’s buying needs * Transactional buyers * Standard or generic * Understand their own product needs * Product can be easily substituted * Consultative * Hidden feature * Differentiated choices * Customizable * Strategic alliance * High cost importance * Limited substitutability Explosion of product strategy * Domestic and global markets overflowing * >30,000 consumer products produced each year * good news: buyer have a choice * bad news: more complicated Product configuration * product selection process * often referred to as “product configuration” * product configuration software * develops customized product solutions quickly and accurately * incorporates customer selection criteria * identifies options...
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