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Chapter 1 - Understanding Marketing and the Marketing Process Marketing Activities What is Marketing? Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others. Core Marketing Concepts Needs – states of felt deprivation Wants – human needs shaped by culture and individual personality Demands – Human wants backed by buying power Product - any good, service, or idea that satisfies a need or want and can be offered in an exchange Good - a tangible object - can be seen and touched when used Service - an intangible product - involves human or mechanical effort Idea - a philosophy, concept, or image Customer Value – the difference between the values the customer gains from owning and using a product and the costs of obtaining it. Customer Satisfaction – the extent to which a product’s perceived performance matches a buyer’s expectations Quality – Freedom from defects Exchange – The act of obtaining a desired object from someone by offering something in return Transaction – A trade between two parties that involves at least two things of value, agreed upon conditions, a time of agreement, and a place of agreement. Relationship Marketing - the process of creating, maintaining and enhancing strong value-laden relationships with customers and other stakeholders. Who Purchases Products and Services? Market – Buyers who share a particular need or want that can be satisfied through exchange or relationships Modern Marketing System (Fig. 1-3) Marketing Management Philosophies Societal Marketing Concept Societal Marketing Concept Chapter 4 - Marketing Research and Marketing Information New Coke The Importance of Information Companies need information about their: - - The Explosion of Marketing Information Functions of a MIS: Developing Information Internal Data – Marketing Intelligence - Marketing Research - Sources of Information (Data) Internal sources of information: External sources of information (Marketing Intelligence): Marketing Research The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Marketing Research Process Step 1. Defining the Problem & Research Objectives Common Research Methods Marketing Research Methods Exploratory research – Gathers preliminary information that will help define the problem and suggest hypotheses. Descriptive Research - Describes things as market potential for a product or the demographics and consumers’ attitudes. Causal research - Test hypotheses about cause- and-effect relationships. Step 2. Develop the Research Plan Research plan development follows these steps: Determining Specific Information Needs Gathering Secondary information Internal : inside the company’s database External : Sources outside the Firm Planning Primary Data Collection Develop the Research Plan Gathering Secondary Information Secondary Data: information that has been previously collected for some other purpose Advantages Disadvantages Develop the Research Plan - Planning Primary Data Collection Primary Data: data that must be collected from original sources for the specific purpose at hand Observation - The gathering of primary data by observing relevant people, actions and situations (Exploratory) Survey Research - The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior (Descriptive) Experimental Research - Using groups of people to determine cause-and-effect relationships (Causal) Primary Data Advantages Disadvantages Planning Primary Data Collection Develop the Research Plan Planning Primary Data Collection - Table 4.3 Online as a Research Contact Method Planning Primary Data Collection Sampling Decisions 1 2 3 4 Sampling Units Sampling Unit a single element or group of elements subject to selection in the sample Simple Random Sampling a sampling procedure that assures each element in the population of an equal chance of being included in the sample Stratified Sampling a probability sampling procedure in which simple random subsamples are drawn from within each stratum that are more or less equal on some characteristic Cluster Sampling an economically efficient sampling technique in which the population is divided into mutually exclusive groups (such as neighborhood blocks), and the researcher draws a random sample of the groups to interview Convenience Sampling the sampling procedure of obtaining those people or units that are most conveniently available. Judgment (purposive) Sampling a nonprobability sampling technique in which an experienced researcher selects the sample based on personal judgment about some appropriate characteristic of the sample member. Develop the Research Plan - Planning Primary Data Collection Research Instruments Presenting the Research Plan Summarize the plan in a written proposal and cover: Marketing Research Process - Step 3. Implementing the Research Plan Collecting the Data - Processing the Data - Analyzing the Data - Marketing Research Process - Step 4. Interpreting & Reporting Findings Researcher Should Present Important Findings that are Useful in the Major Decisions Faced by Management. Step 1 Step 2 Step 3 Online Report Delivery Other Marketing Research - Considerations Ethics In Marketing Research Common examples of unethical research practices: 1. Deception 2. Invasion of privacy 3. Reporting faulty conclusions 4. Disguising sales efforts as marketing research Chapter 5 – Consumer Markets and Buyer Behavior Harley Davidson Consumer Buying Behavior • Consumer Buying Behavior refers to the buying behavior of final consumers -individuals & households who buy goods and services for personal consumption. Model of Buyer Behavior (Fig. 5.1) Marketing & Other Stimuli Marketing Buyer’s Black Box Buyer Responses Other Factors Influencing CB (Fig. 5.2) Factors Affecting CB: Culture Culture – the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions Factors Affecting CB: Culture Major cultural shifts over the last 25 years: Subcultural Influences Subculture - Group of people with shared value systems based on common life experiences. Social Class Influence • Social Class – relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. Factors Affecting Consumer Behavior: Social Factors Affecting CB: Personal Personal Influences Age and Life Cycle Stage Occupation Economic Situation Personality and Self-concept Lifestyle Identification Influences Activities Factors Affecting CB: Psychological Interests Opinions Maslow’s Hierarchy of Needs (Fig. 5.4) Buyer Decision Process (Fig. 5.6) Step 1. Need Recognition Desired State - Actual State - Step 2. Information Search Types of Information Search Internal - the acquisition of information that is available in memory External - the quest for information, relevant to the product, brand, or shopping behavior, not found in memory Prepurchase Search - Information seeking to make a better purchase decision Ongoing Search - Information search activities that are independent of needs or a purchase decision Sources of Information 1. 2. 3. 4. Step 3. Evaluation of Alternatives Steps Between Evaluation of Alternatives and Purchase Decision Step 4. Purchase Decision • Actual Purchase • Postpone Purchase Purchase Decision Step 5. Postpurchase Behavior Stages in the Adoption Process Awareness: Consumer is aware of product, but lacks information. Interest: Consumer seeks Information about new product. Evaluation: Consumer considers trying new product. Trial : Consumer tries new product on a small scale Adoption: Consumer decides to make regular use of product Adopter Categories (Fig. 5.7) Early Majority Innovators % of Adopters Adopter Categories (Fig. 5.7) Late Majority Early Adopters 34% 34% Laggards 16% 2.5% 13.5% Early Time of Adoption Late Chapter 6 – Business Markets and Business Buyer Behavior What is a Business Market? A business market comprises all the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others. Characteristics of Business Markets Marketing Structure and Demand Types of Decisions and the Decision Process Model of Business Buyer Behavior (Fig. 6.1) The Environment The Buying Organization Buyer Responses Marketing Stimuli: The buying center Buying decision process (Interpersonal & individual influences) (Organizational Influences) Product or service choice Supplier Choice Order Quantities Delivery terms and times Service terms Payment •Product •Price •Place •Promotion Other Stimuli: •Economic •Technological •Political •Cultural •Competitive Business vs. Consumer Behavior Major Types of Buying Situations New Task Buying Modified Rebuy Straight Rebuy Participants in the Business Buying Process Major Influences on Business Buyer Behavior (Fig. 6.2) The Business Buying Process Environmental Economic developments Supply Conditions Technological change Political and regulatory developments Organizational Objectives Policies Procedures Stage 1. Problem Recognition Interpersonal Authority Status Organizational Structure Empathy Systems Persuasiveness Stage 2. General Need Description Individual Age Education Job Position Personality Risk Attitudes Buyers Competitive Developments Culture and customs Business Buying on the Internet Business buyers may purchase electronically by: Connecting to customers to: Stage 3. Product Specification Stage 4. Supplier Search Stage 5. Proposal Solicitation Stage 6. Supplier Selection Stage 7. Order-Routine Specification Stage 8. Performance Review