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Bus101 CHAPTER 14 MARKETING: BUILDING CUSTOMER AND STAKEHOLDER RELATIONSHIPS Bus101 LEARNING OBJECTIVES 1. 2. 3. 4. 5. 6. Define marketing Application of marketing concept to both forprofit and non-profit organizations. List and describe the four Ps of marketing. Describe the marketing research process. Explain market segmentation and relationship marketing. Differentiate between the business-tobusiness and the consumer market. Bus101 WHAT IS MARKETING? Marketing: The process of determining customer needs and wants and then developing goods and services that meet or exceed those expectations. Green marketing: Marketing efforts to produce, promote, and reclaim environmentally-sensitive products. Customer relationship management (CRM): The process of learning as much as possible about customers and doing everything you can to satisfy them—or even exceed their expectations– with goods and services over time. Bus101 NON-PROFIT ORGANIZATIONS AND MARKETING Marketing concepts emphasize a profit orientation, but non-profit organizations prosper from marketing too. Canadian Blood Services used marketing to recruit 80,000 new blood donors. Churches use marking to attract new members and to raise funds. Bus101 THE MARKETING MIX There are four “Ps” involved in marketing: 1. Product 2. Price 3. Place 4. Promotion Marketing mix: The ingredients that go into a marketing program: product, price, place and promotion. Bus101 MARKETING MANAGERS AND THE MARKETING MIX Bus101 THE MARKETING RESEARCH PROCESS Marketing research: The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. The simplified marketing research process consists of four steps: 1. 2. 3. 4. Defining the question and determining the current situation Collecting data Analyzing the research data Choosing the best solution and implementing it Bus101 THE MARKETING ENVIRONMENT Environmental scanning: The process of identifying the factors that can affect marketing success. We discussed the marketing environment in chapter 1, but lets review them: 1. 2. 3. 4. 5. 6. Global factors Technological factors Sociocultural factors Competitive factors Economic factors Legal and regulatory factors Bus101 THE MARKETING ENVIRONEMENT Bus101 TWO DIFFERENT MARKETS: CONSUMER AND BUSINESS-TO-BUSINESS (B2B) Consumer market: All individuals or households that want goods and services for personal consumption or use. Business-to-business market: All individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others. Bus101 THE CONSUMER MARKET Market segmentation: The process of dividing the total market into groups whose members have similar characteristics. Target marketing: Marketing directed toward those groups (market segments) an organization decides it can serve profitably. Bus101 SEGMENTING THE CONSUMER MARKET Geographic segmentation: Dividing the market by geographic area. Demographic segmentation: Dividing the market by age, income, and education level. Psychographic segmentation: Dividing the market according to personality or lifestyle (activities, interests, and opinions). Behavioural segmentation: Dividing the market based on behaviour with or toward a product. Bus101 REACHING SMALLER MARKET SEGMENTS Niche marketing: the process of finding small but profitable market segments and designing or finding products for them. One-to-one marketing: Developing a unique mix of goods and services for each individual customer. Bus101 MOVING TOWARD RELATIONSHIP MARKETING Mass marketing: Developing products and promotions to please large groups of people. Relationship marketing: Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements. Example: AirRewards program Bus101 THE CONSUMER DECISION-MAKING PROCESS Bus101 THE CONSUMER DECISION-MAKING PROCESS Other important factors in the consumer decision-making process are: Learning (previous experiences) Reference group (reference group for image) Culture (changes that require different decisions) Subculture (certain ethnic or religious group) Cognitive dissonance (major decisions) Bus101 THE BUSINESS-TO-BUSINESS MARKETING The more important factors of B2B marketing are: 1. 2. 3. 4. 5. 6. The number of customers in the B2B market is relatively few. The size of business customers is relatively large. B2B markets tend to be geographically concentrated. Business buyers are generally thought to the more rational than ultimate consumers in their selection of goods and services. B2B sales tend to be direct. There is much more emphasis on personal selling in B2B markets than in consumer markets. Bus101 COMPARING B2B AND CONSUMER BUYING BEHAVIOUR Bus101 NEXT CLASS – CHAPTER 15 Managing the Marketing Mix Product Price Place Promotion