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Lifestyle Profiles

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Analyzing consumer lifestyles (psychography) means examining the way people live rather than where they live (geography) or their age, income, or occupation (demography). Lifestyle analysis is based upon a person's activities, interests and opinions.

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Opinion Leaders Impact

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Individual whose ideas and behavior serve as a model to others.

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Satisfaction

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eliminated driving need

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Satiation

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taking the edge off a need

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Maslow's Theory

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a need that goes unfulfilled, so you feel the need to resolve it

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Hierarchy

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a group of needs that will have one rise to the top and will put aside or all needs

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5 Levels of Maslow

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1. Physiological (physical) 2. Safety 3. Social 4. Social 5. Recognition 6, Self-Realization; Self-Actualiazation

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Added Needs onto Maslow

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1.Knowledge 2.Aesthetic

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Consumer Vs. Business Product

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(A) For personal or family consumption (B) Purchased by business, companies; an indirect profit off purchase

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Direct to Consumer

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Direct marketing of products to consumers via magazine, tv, website

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Direct Business

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is a form of advertising that reaches its audience without using traditional forms; instead conventions etc.

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B2B

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commerce transactions between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer

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Final Consumers

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The final consumer's decision is the way in which people gather and assess information adn choose among alternative goods, services, organizations, people, places and ideas

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Organizational Consumers

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Buy goods and services for further production usage in operating the organization, or resale to other consumers

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Applying Segmentation Factors

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1. Undifferentiated (Mass Marketing)--one basic marketing plan 2. Concentrated--a narrow specific segment, one specialized plan 3. Differentiated (multiple segmentation)--two or more well defined consumer groups

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Reference Group Impact

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Influence thoughts and behavior. Face-To-Face: Family, Friends General: Ads targeting College students

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Perceived Risk (before purchase)

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*Financial (affordability) *Social Risk *Psychological *Physical *Time Risk (limited time offer)

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Derived Demand

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Occurs for organizational consumers because the quantity of the items they buy is often based on anticipated demand by their subsequent users

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Brand Extension

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A strategy by which an established brand name is applied to new products; eases product into market process

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Individual (Multiple) Branding Costs

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Separate brands used for different items or product lines sold by a firm

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Family (Blanket) Branding Costs

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A strategy in which one named is used for two or more individual products. It can be applied to both manufacturer and private brands, and to both domestic and international (global) brands

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PLC

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Product Life Cycle. [Combine Market Share & Growth] 1. Pre-Intro/Development Stage (?) 2. Growth (*) 3. Maturity (cash cow) 4. Decline (Dog)

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Packaging

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a container used to protect, promote, transport, and/or identify a product

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Systems Selling

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A combination of goods and services provided to a buyer by one vendor. This gives the buyer one firm with which to negotiate, as well as consistency among various parts and components

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Private-Label Brand

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Use names designated by their resellers, usually wholesalers, or retailers, and account for sizable U.S. revenues in many product categories. Resellers have more exclusive rights for these brands, and are more responsible for distribution and larger purchases (i.e. Gap, CVS aspirin)

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National Brand

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Brand name used on all products (i.e. Heinz)

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Generic Brand

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general brands (i.e. Potato Chips) don't care about name on package because it won't reflect the consumer

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Slotting Fees

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retailers sell slots on shelves for manufacturer's products

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Role of Price in Consumer B2B Purchasing

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.

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Product Differentiation

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Occurs when a product offering is perceived by the consumer to differ from its competition on any physical or nonphysical product characteristic, including price

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Consumer Profiles

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*innovators *thinkers *believers *achievers *strivers *experiencers *makers *survivors

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What is a Product?

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A bundle of attributes capable of exchange or use, usually a mix of tangible and intangible forms. It may be an idea, a physical entity (good), or a service, or any combination of the three

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Logo

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a graphic mark or emblem commonly used by commercial enterprises, organizations and even individuals to aid and promote instant public recognition

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Trademark

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A brand name, brand mark, or trade character or combination of the thereof with legal protection

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Brandmark

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A symbol, design, or distinctive coloring or lettering that cannot be spoken

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Stages of PLC

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1. Pre-Intro/Development Stage (?) 2. Growth (*) 3. Maturity (cash cow) 4. Decline (Dog)

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Product Development Process

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Converts an idea for a new product into a tangible form and identifies a basic marketing strategy

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Product Diffusion

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Consumers can be grouped as to how quickly they adopt a new product. *Innovators *Early Adopters *Early Majority *Late Majorities *Laggards

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Cognitive Dissonance

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Post Purchase Remorse; doubt that the correct decision has been made

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Strategies Used to Restrain Trade

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Sanctions; Quotas

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Wholesaling Activities

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Buy and/or handling goods and services, and their subsequent resale to organizational users, retailrs and/or other wholes; not to final customers

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Market Segment

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subdividing a market into clear subsets of customers that act in the same way or that have comparable needs

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Marking Strategies

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Outlines the way in which the marketing mix is used to attract and satisfy the target markets and achieve an organization goal

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Relative Product Failure

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Occurs if a firm makes a profit on an item but that product does not reach profit goals and/pr adversely affects a firm's image

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Absolute Product Failure

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Occurs if a firm is unable to regain its production and marketing coasts. The firm incurs a financial loss.

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Brand Loyalty

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Involves consistent repurchases and preferences of specific brands. With it, people can reduce time, thought and risk.

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Consumer Social Profile

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*Culture *Time Expenditures *Family Life Cycle *Opinion Leaders *Social Class *Social Performance *Reference Groups

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Consumer Psychological Profile

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*Personality *Importance of Purchase *Innovativeness *Perceived Risk *Motivation *Class Consciousness *Attitudes or Opinions

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Finale Consumer Stages

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1. Stimulas 2. Problem Awareness 3. Information Search 3. Evaluation of Alternatives 4. Purchase 5. Post Purchase Behavior

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Evoked Set

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Things you are considering to buy

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EPS

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Extended Problem Solving. -high degree of percieved risk -pre-purchase risk

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LPS

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Limited Problem Solving. -fairly high degree of risk -problems that are faced frequently

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RPS

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Routine Problem Solving. -routine problems -already researched in past & know what to buy

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Centralized

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corporate headquarters

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Decentralized

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each location can buy it individually

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Outer-Directed or Other-Directed

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depends on other's approval

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Inner-Directed

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without seeking approval of others

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? Product

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Unknown or problem child

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* Product

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Explosive Growth in sales; not profitable now but will become profitable

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Cash Cow

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stable, predictable sales; nurture and expand

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Dogs

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costing more resources than return in sales

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Product Adoption

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The adoption of a marketing model

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Joint Demand

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a situation in which demand for a product rises and falls with demand for another product with which it is used

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MRO

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Maintance & Repair Orginizations *fix and keep equipment operating properly

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PSO

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Professional Service Organizers (banker, attorney)

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Business Purchasing

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*Decision Maker--(authority, ability & willingness to say yet to purchase) *Buyer--(function is to process paperwork; background checks, businesses to buy from) *User--(whom you're buying the product for & how they're going to use it) *Specifier--(describes what kinds of attributes, components, the item is going to have) *Gatekeepers--(allows information flow within group & vendors/suppliers) *Recommenders--(somebody who is not in the company but may have experience within company or the product being bought)

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Target Market Strategy Phases

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1. Analyzing consumer demand 2.taregeting the market 3. developing market strategy.

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Planning a Target Market Strategy

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1. Determine Demand Patterns 2. Establish possible bases of segmentation 3. Identify potential market segments 4. choose a target market approach 5.select the target markets 6. position the company's offering in relation to competition 7. outline the appropriate marketing mixes

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referent groups

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groups people fit into 1.)associative- you are a member of (family) 2.) aspirational (being a fan) 3.) dissociative group (go out of your way to prove you're not a member of)

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Modified Rebuy

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face situation & activity; looking for a better deal

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S.I.C.

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Standard Industrial Classification (locate supplier for gov't)

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N.A.I.C.S.

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Norther American Industrial Classification System

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Market Share

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how much the company recives from their market they're in as a whole

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Market Growth

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how quickly the expansion & contraction of sales

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Concept Test

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build costumer profile on concept and then invite potential customers in field and attempt to explain what idea is in terms they'll understand

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Analyticals

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low in assertiveness & responsiveness. facts & details

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Expressives

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high in assertiveness & responsivness. hunches to make decisions

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Drivers

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low responsive, high assertive. right to point

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Amiables

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low assertive, high responsive

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