Learning Outcomes – Flashcards

if a manager knows through research that something is the most important attribute to a target market, the manufacturer will redesign the product to include that attribute

1. need recognition - the result of an imbalance in desired states 2. information search - customers search for available alternatives to satisfy. 3. evaluation of alternatives - the customer uses information stored in memory and obtained from outside sources to develop criteria to make the decision 4. purchase - fully planned purchase - based upon a lot of information. partially planned purchase - know product category they want but don't know the specific store or product. unplanned purchase - the customer doesn't know what to buy until they get there. 5. postpurchase behavior - when buying products, consumers expect certain outcomes from the purchase

when people recognize inconsistency between their values and their behavior they feel an inner tension called cognitive dissonance. Consumer's try to reduce dissonance by justifying their purchase decision. Marketing managers can help reduce dissonance through effective communication with the customer.

routine response behavior - frequently purchased, low cost, low involvement. limited decision making - low levels of involvement (higher than routine) extensive decision making - high levels of involvement

pervasive - all the things customers do without conscious choice functional - creates values and acceptable behavior for each culture. learned - Consumers are not born knowing the values and norms of society. dynamic - it adapts to changing needs and an evolving environment. value - an enduring belief share by a society that a specific mode of conduct is personally or socially preferable to another mode of conduct.

reference groups opinion leaders family

gender - physical differences between man and woman. age and family life cycle stage -age can play a role, as well as the stages through which the user evolves through maturity

the marketing of goods and services to individuals and organizations for purposes other than personal consumption

the use of the internet to facilitate the exchange of goods, services the exchange of goods and services and information between organizations.

business' use relationship marketing and strategic alliances to strengthen operations and better compete.

producers, resellers, governments, and institutions

a detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes

Unlike consumer demand, business demand is derived, joint, and fluctuating. Business customers buy in much larger quantities than consumers. Business marketers usually have far fewer customers than consumer marketers. Business customers tend to be much more geographically concentrated than consumers. Channels of distribution for business marketing are typically shorter. Unlike consumers, business buyers usually approach purchasing rather formally. Typically more people are involved in a business decision. Negotiation is much more common in the business market. Business' usually choose to buy from their own customers. Business' lease much more commonly than consumers. Business marketers tend to emphasize personal selling in their promotion efforts.

major equipment accessory equipment raw materials component parts processed materials supplies business services

buying center evaluative criteria buying situations business ethics customer service

market - people or organizations with needs or wants and the ability and willingness to buy market segment - a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

Market segmentation helps marketers define customer needs and wants more precisely.

sustainability - a segment must be large enough to warrant developing and maintaining a special marketing mix. identifiability and measurability - segments must be identifiable and their size measurable. accessibility - the firm must be able to reach members of targeted segments with customized marketing mixes responsiveness - the firm need not treat a segment that doesn't respond as well separately

geographic segmentation - refers to segmenting markets by region. demographic segmentation - segmenting markets on demographics (age, gender) psychographic segmentation - market segmentation by personality, motives, lifestyles etc. usage rate segmentation - divides a market by the amount of product bought or consumed.

1. select a market or product category for study 2. choose a basis or bases for segmenting the market 3. select segmentation descriptions 4. profile and analyze segments 5. select target markets 6. design, implement, and maintain appropriate marketing mixes

company characteristics - geographic location, type of company, company size. buying processes - segmenting customers on the basis of how they buy.

undifferentiated targeting - essentially adopts a mass-market philosophy viewing the market as one big market with no individual segments. concentrated targeting strategy - a firm selects a market niche for targeting its marketing efforts. multisegment targeting strategy - a firm that chooses to serve two or more well-defined market segments and develops a distinct marketing mix for each.

CRM entails tracking interactions with customers to optimize customer satisfaction and long-term company profits.

The development of any marketing mix depends on positioning, influences the overall perception of a brand. product differentiation is a positioning strategy that many firms use to distinguish their products from those of competitors.

an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions.

the process of planning, collecting, and analyzing data relevant to a marketing decision. Marketing research links the consumer, customer, and public to the marketer through information.

1. identify and formulate the problem/opportunity 2. plan the research design and gather secondary data 3. specify the sampling procedures. 4. Collect primary data 5. analyze the data 6. prepare and present the report 7. follow up

the rapid development of the internet has eliminated much of the drudgery associated with the collection of secondary data

a huge database of marketing efforts and consumer behavior is compiled through scanner based research

Research should be undertaken only when the expected value of the information is greater than the cost of the information

an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors.

everything, both favorable and unfavorable, that a person receives in an exchange.

bought to satisfy an individual's personal wants

branding has three main purposes: product identification, repeat sales, and new product sales.

packaging functions - containing and protecting the products, promoting products, facilitating storage, use, and convenience, facilitating recycling and reducing environmental damage.

one brand name everywhere - useful when company markets one main product and does not have any connotations in markets adaptations and modifications - modifications such as name, when the product has the wrong connotation elsewhere different brand names in different markets - changing your brand name to the language of the country your selling in.

a warranty confirms the quality or performance of a good or service.