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NAME Juan Berrocales GUIDED NOTES POBF 3.02: UNDERSTAND BUYING BEHAVIORS 1. A marketing strategy provides vital information on how a business will meet its goals of satisfying customers that will result in making sales and profits. 2. There are two steps to a marketing strategy: a. Target market – a target group of people that have similar wants and needs. Market segmentation is dividing the target market into smaller groups based on: i. Demographics – age, gender , income, ethnicity ii. Geographic - location iii. Psychographic - values , attitudes and lifestyles iv. Behavioral – why customers buy the products b. Marketing Mix (4 P’s) – the blending of the marketing elements of marketing known as product, place (distribution), price, and promotion . Goals are to satisfy the needs and wants of the target market and to Provide a profit for the company. 3. Consumer Decision Making Process a) Recognize a need. b) Gather information. c) Select and evaluate alternatives. d) Make a purchase decision. e) Determine the effectiveness of the decision. 4. How does decision making occur? a. Extensive – a high level of perceived risk, a product or service is very expensive or has a high value to the customer b. Limited – when a customer buys products that he/she has purchased before but not regularly c. Routine – when little information is needed about the product being purchased 5. Consumer buying motives – the reasons consumers decide what products and services to purchase. a. Emotional - feelings, beliefs, and attitudes b. Rational - based on facts and logic c. Patronage – based on loyalty , customer service, merchandise and convenience 6. Consumer Information Sources: a. Product Testing Organizations – test products and services to detect benefits Examples: Underwriters Laboratories , Association of Home Appliance Manufacturers, Consumers Union (independent testing organizations) b. Media sources – provide specific information about products and services. i. Print = Magazines and Newspapers ii. Broadcast = Radio and Television iii. Internet = websites, world wide web NAME Juan Berrocales c. Government agencies – Inform consumers and may handle consumer questions all levels of government Federal, State and Local d. Business sources – available as a public service and to sell products and services. i. Advertising – main function is to advertise ii. Product labels – provide helpful information about nature of the product, how to care for the product, where the product was made and the size of the product. iii. Customer Service departments – focus on assisting customers iv. Better Business Bureau (BBB) provides facts about products or services v. Personal Contacts - “word of mouth “ advertising 7. Retailers: a. Traditional retailers include i. Department stores – provide broad product lines and highlight their service ii. Discount Stores - highlight their offering of lower prices for products iii. Specialty Stores – provide a special line of products iv. Supermarket – large, full service store that offer many brands of products v. Convenience Store – provide popular items, offer long operating hours and are usually located in highly accessible areas b. Contemporary retailers include: i. Specialty Superstores - provide wide variety of limited products at low prices ii. Superstores – provides a wide variety of products in the services such as food, bakery, auto and electronics iii. Warehouse Club – provide products in at prices iv. Factory outlets – provide high-quality products at low prices c. Non-store retailers allow purchasing of goods and services by telephone, computer, television, fax or door-to-door. . Ex. Vending machines, EBay