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BA (Hons) Business, Management & Communications Managing Marketing Activities Week 4 Objectives for today By the end of this session we will have … • Critiqued the purchasing process used by individual consumers and organisations • Compared the buying behaviour of different types and sizes of businesses Re-cap • Extended Marketing Mix • Product, Price, Place, Promotion, People, Processes, Physical Evidence • 1. 2. 3. 4. 5. • • Five main components of the Mix (according to B&P) Advertising Personal Selling Sales Promotion Public Relations Direct Marketing New Media Tools Text messaging, Mobile Entertainment, eCommerce, QR codes, Viral marketing Marketing Communications – new challenges and future trends www.108thstreet.co.uk • • • • • • • • • • • Shift towards 2-way conversations: the receiver = source Marketers are no longer in control of their own brands Customers generate their own content anywhere, 24/7 Mobile technology is changing constantly Not all social media platforms will survive; networking will But brands can (and do) make money from social media There are cultural differences on use of social media Old media will not disappear (eg emphasis on video, tvod) Growth areas – personalisation; localisation; ‘dwell-time’ Blurring roles between customer service and marcoms https://www.youtube.com/watch?v=heSudg-tfIk Different individuals and organisations use different buying decisionmaking processes for different products or services • Consumers buying food, clothes or expensive technology items • Business-to-business sales of high priced equipment, plant or machinery • Purchase of services – by individuals or by organisations • Charity donations or voluntary activities • Internet shopping – impulsive or deliberate Influencing the purchase of consumer goods Durable goods FMCGs • • • • • • Advertising, branding and packaging • Personal factors (age, gender, income etc) • Psychological factors (motives, attitudes) • Social and cultural factors (family influence, peer groups) Changing technology New features Fashion Worn out existing items Keeping up with the neighbours Shopping Bags • 3 Groups • Describe the consumer that purchases from each place • How fast is the decision making process from each? • • • • As one group Split the bags into bargain, middle and high quality Which pile would/do you buy from? Why? Factors Affecting Consumer Behaviour (B&P Chpt 3; Blythe p58 ) • Social factors – family, status, ref groups • Cultural factors – culture and social class • Personal factors – age, occupation, lifestyle • Psychological factors – motivation, perception, learning, beliefs and attitudes All combine to influence the buyer McDonalds – target market? • https://www.youtube.com/watch?v=PYCrQlhWCu 0 • https://www.youtube.com/watch?v=YYRlBRQ8u40 • https://www.youtube.com/watch?v=1K7FtpUv1RM • https://www.youtube.com/watch?v=ZT86ffTV5Uw • Do you relate to any of the adverts? Have they influenced you in the past? Are we in control of our wants and needs? • https://www.youtube.com/watch?v=0SR RCKLUE6g&list=PL63FBF870F2102C9 4 The consumer’s purchase decision-making process Cognitive bias – “Thinking, Fast and Slow” Kahneman, 2012 According to theories of psychology humans make two kinds of decisions – intuitive and logical – or System 1 and System 2 – Fast decisions are easier than Slow ones Daniel Kahneman’s research findings showed that it is not just everyday decisions that follow this pattern – often very significant financial decisions are taken in a System 1 way He called these errors of judgement “systematic mistakes” and his theory has led to the discovery of a large number of ‘cognitive biases’ – which could be manipulated by marketers to persuade consumers to buy some products or services without reasoning - eg: financial risk products Decision making process in B2B market [B&P, Chpt 4; Blythe, p65] • In pairs discuss how B2B purchasing decisions are taken within 1) Global enterprises (5,000+ employees 2) Large organisations (500+ employees) 3) Medium sized organisations (50+) 4) Small organisations (5+) 5) Micro-businesses (one-two person owned) Decision Making Unit (in businesses) • • • • • • • Initiator – manager with a problem to solve Influencer – technical staff who suggest ... Deciders – committee who advise the Board Approver – senior Finance staff (budget ok) Buyer – key role in selecting supplier Gatekeeper – H&S officer, legal advisers Users – operators on the production line Live marketing project assessment requirement 1. 2. 3. 4. 5. Assess market opportunities Select appropriate options to pursue Create a target market strategy Create a “brand position” Develop a marketing plan All within the overall task: Undertake a marketing project that seeks to rebrand and reposition port and sherry in the market place What we did today • Critiqued the purchasing process used by individual consumers and organisations • Compared the buying behaviour of different types and sizes of businesses • Homework – get started on assignment 1 if you haven’t done so already