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State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression)

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Need

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Form that needs take as they are shaped by culture and individual personality

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Want

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Wants backed by buying power

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Demand

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Goal of any business.

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Stay in business/Maximize revenue/Market share

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Why is marketing extra important?

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Only major whose sole purpose/reason for being is revenue. All others are costs.

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Why study marketing?

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Affects life everyday, key to affect business strategies and business models, vital to profitability and growth of business.

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4 ways of thinking about marketing

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The production concept, the product concept, the selling concept, the marketing concept.

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The Production Concept

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economies of scale

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The Product Concept

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Product Innovation

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The Selling Concept

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Take production concept (economies of scale) one step further. High quality/high performance. Sales reps going out and selling. -Factory, existing products, selling and promoting, profits through sales volume

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The Marketing Concept

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A better understanding of yourself, your customers, your competitors, and the environment. Start with customer needs -Market, customer needs, integrated marketing, profits through customer satisfaction -Company continues to alter, adapt, and develop offerings to keep pace with customer's changing desires and preferences. *Not only current needs but also long-term needs of society.

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Marketing Myopia

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short sightedness (ex: "Coolest" saw coolers not only as something to keep drinks cold but as the center of a party.)

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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Based on perceptions, not necessarily reality.)

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Marketing

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Benefits you receive for the burdens you endure.

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Value

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Why do we care about value?

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-Perceived value leads to customer satisfaction. -Satisfaction leads to customer retention.

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4 types of product offerings

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-Physical/tangible objects (P&G) -Services (UPS) -Ideas ("Truth" app) -People (Southwest Airlines)

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Anytime a consumer has content with brand.

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Consumer "touch points"

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Today's trends

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-Rise of online, mobile, and social media marketing -Changing economic environment -A growing number of non-profit firms -An increased emphasis on sustainability

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The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.

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Marketing Environment

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Studying the environment allows marketers to:

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-Understand the constraints they operate under -Learn of opportunities -Reveal threats to avoid/combat

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Entities that we have direct interaction with but not necessarily control over.

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Microenvironment

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All departments must _______.

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think customer.

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Provide resources needed for production and innovation

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Suppliers

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Help the company promote, sell, and distribute the products to end-users

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Intermediaries (ex: resellers, physical distribution firms (move products from A to B), Marketing services agencies, financial intermediaries (USA)).

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Any group that has an interest in or impact on an organization's ability to achieve it's objectives

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Publics (ex: financial, media, government, citizen-action, local, general public, internal) *more general than intermediaries*

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5 basic types of buyers

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-Consumer -Business -Reseller -Government and non-profit -International markets

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Broad forces that impact our entire company and it's ability to do its job ("Forces")

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Macroenvironment

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measurable, census-type data on consumers (ex: household structure, age structures, geographic population shifts, educational characteristics, population diversity, occupation)

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Demographic Forces

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Consists of factors that affect consumer purchasing power and spending patterns

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Economic Forces

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Engles Law

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How households spend their money

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Direct result of overconsumption

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value marketing

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Physical Environment (natural resources that are needed as inputs by marketers or that are affected by marketing activities) (ex: shortages of raw materials, increased pollution, increased government intervention, environmentally sustainable strategies)

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Natural Forces

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Factors that create new technologies, creating new product and market opportunities (while making other products obsolete).

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Technological Forces

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Laws, regulations, or pressure groups that influence and limit various organizations and individuals in a given society (ex: Peta, churches, Comcast lobbying to sustain rights)

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Political Forces

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Most laws that affect marketing have been passed in order to protect _____. (ex: food labels)

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the consumer.

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outlaws monopolies

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Sherman Antitrust Act

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impacts pricing variable; no price discrimination

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Robinson-Patman Act

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The forces that affect a society's basic values, perceptions, preferences, and behavior

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Cultural Forces

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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

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Marketing Research ("Consumer Insights")

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Types of research

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exploratory, descriptive, causal

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Research that gathers preliminary information that will help define the problem and suggest hypotheses

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Exploratory research

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Research that describes things (e.g. marketing potential for a product, demographics, attitudes)

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Descriptive research

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Research that tests hypotheses about cause-and-effect relationships

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Causal research

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A condition existing when a research technique produces almost identical results in repeated trials

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Reliability

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A condition existing when a research method measures what is is supposed to meausre

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Validity

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Data observed and recorded or collected directly from respondents

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primary data

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data compiled both inside and outside the organization for some purpose other than the current investigation

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Secondary data

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Internal databases, customer comments, financial statements, sales reports, sales data

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Internal secondary data

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ACNielsen, JD Power, LexisNexis, ESRI, U.S. Census, Small Business Administration

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External secondary data

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watching people and consumers on how they behave

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ethnographic research

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a technique in which researchers observe how consumers behave in real-world surroundings

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observational research

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What's your general opinion about coffee shops?

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Open-ended question

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Have you ever purchased a coffee product? Yes___ No___

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Dichotomous question

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What income group are you in? 1___ 2___ 3___ 4___ 5___

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Multiple choice question

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I feel comfortable speaking in large groups. Strongly disagree 1 2 3 4 5 6 Strongly agree

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Scaled response (Licherd scale)

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Studies the effectiveness of one or more elements of the marketing mix evaluating sales of the product in an actual market.

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Field study

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A form of in-depth interview involving 6-12 consumers led by a moderator who asks participants to discuss a product, concept, or other marketing stimulus.

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Focus group

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Every member of the population has a known and equal chance of selection.

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Simple random sample (GOAL)

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The researcher selects the easiest population members from which to obtain information.

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Convenience sample

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Analysis of survey data to determine what is typical or what deviates from the average that indicates different things.

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Statistical Interpretation

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A framework for the management and structuring of information gathered regularly from sources inside and outside an organization

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Marketing information systems

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A system that allows marketers to analyze all of the consumer data they collect and create meaningful/build stronger relationships with those customers

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customer relationship management (CRM) programs

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The most basic cause of a person's wants and behavior (socially gratifying in being part of a group)

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culture

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Culture of a group of people who share value systems based on common life experiences (another layer of a person)

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subculture

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society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors

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social classes

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Bric(k)

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acronym for the five fastest growing eonomies in the world: Brazil, Russia, India, China, (South) Korea -Turkey, Mexico, ad Indonesia are starting to pop up on this list as well.

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Strategies used to appeal to a variety of cultures at the same time.

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Multicultural marketing

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Person or group of people who have significatn relevance for a consumer and who have the ability to influence an individual's behavior

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Social factors

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Groups to which we want to belong to

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Aspirational group (celeb endorsements)

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Groups that we belong to currently

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Identity group (Nike commercial/boy running)

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Groups that we do not want to belong to

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Dissociative group (Mac/PC commercial)

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Information spread from consumer to consumer

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word of mouth

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The most important "group" for most consumer buying

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Family/household - social factors

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expected activities

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role

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esteem given to role by society

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status

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people's personalities and how they spend their free time

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psychographics

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5 personal factors

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age/life-cycle state, occupation, economic situation, lifestyle (psychographics), personality/self-concept

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brand personality aspects (5) (people's possessions contribute to and reflect their identities

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sincerity, excitement, ruggedness, competence, sophistication

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The needs that drive people. The reason behind why we act, consume, and remember things.

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Motivation

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Moderately inconsistent with our prior beliefs/attitudes

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moderate incongruity (ship my pants)

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process by which people select, organize, and interpret information

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perception

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select what we can pay attention to

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selective attention

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ways in which people decide what things mean to them

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selective distortion

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consumers foret what they've been exposed to (problem)

answer

selective retention

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changes behavior based on experience

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learning

question

descriptive thoughts

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beliefs

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likes and dislikes

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attitudes

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Buyer decision process

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need recognition, information search, evaluation of alternatives, purchase decision, post-purchase behavior

question

scanning memory to assemble product alternative information

answer

internal search

question

obtaining info from ads, retailers, catalogs, friends, family, people-watching, consumer reports, etc.

answer

external search

question

alternatives that a consumer is aware of, and will consider as a potential solution to their problem

answer

consideration set

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alternatives the consumer does not know about

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unawareness set

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shortcut, general rule of thumb

answer

heuristics

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discrepancy between behavior & attitude

answer

cognitive dissonance

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