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Chapter 11 1 •Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. 2 Needs and Wants Need: ◦ Difference between a person's actual state and his or her ideal state, provides the basic motivation to make a purchase Wants: ◦ Goods , services, and experiences that are desirable in light of a person's experiences, culture, and personality 3 • Utility:Power of a good or service to satisfy a human need. • Form Utility-Consumer value created by converting raw materials and other inputs into finished goods and services • Time Utility- Consumer value added by making a product available at a convenient time. • Place Utility:Consumer value added by making a product available in a convenient location • Possession Utility: Consumer value created when someone takes ownership of a product 4 • Companies learn about their customers so they can deliver quality products and provide good customer service. This keeps customers satisfied and creates/maintains long-term loyalty. Satisfying Customers and Keeping Them Loyal How do you know whether your customers are satisfied? ◦ Are you getting new customers? ◦ Are good customers leaving? ◦ What is your customer retention rate? ◦ Are your customers loyal? 5 CONTROLABLE Price Product Quality Service Quality Image CUSTOMER PERCEIVED VALUE Customer Characteristics UNCONTROLABLE Innovation Business Environment LOYALTY Market Share and Profitability Shareholder Value Relationship Marketing: ◦ Focus on developing and maintaining long-term relationships with customers, suppliers, and distributors for mutual benefit. Database Marketing: ◦ Process of building, maintaining, and using customer databases for purpose of contacting customers and transacting business. Data Mining: ◦ Finding patterns through data analysis 7 The Buyer's Decision Process 1 Need Recognition 2 Information Search 3 Evaluation of Alternatives 5 Purchase Outcome 4 Purchase 8 Buyer's Culture Social Class Reference Groups Self-image Situational Factors 9 Organizational Market: ◦ Customers who buy goods or services for resale or for use in conducting their own operations Industrial/Commercial Resellers Government Consumer Markets: ◦ Individuals or households that buy goods or services for personal use 10 Examine Current Marketing Situation Review performance Evaluate competition Examine internal strengths and weaknesses Develop Marketing Strategy Assess Opportunities & Set Objectives Assess product/market opportunities Set specific measurable objectives Segment market Choose target market Position market Develop marketing mix 11 Demographics: Study of statistical characteristics of a population Geodemographics: Method of combining geographic data with demographic data to develop profiles of neighborhoods Geographics Categorization of customers according to their geographic location Psychographics: Classification of customers on the basis of their psychological makeup Behavior: Categorization of customers according to their relationship with products or response to product characteristics Target Markets: Specific customer groups or segments to whom a company wants to sell a particular product. Positioning: Using promotion and other marketing mix elements to differentiate a good or service from those of competitors in the mind of the prospective buyer Differentiation: Creating special benefits to put the product in a different position than the competitors. 13 Product Price Place (Distribution) Promotion 15 Chapter 12 16 Product: ◦ Good or service used as the basis of commerce— anything offered to satisfy a customer’s wants or needs Tangible Products: Things we can actually touch and possess Intangible Products: Services provided for our use or enjoyment, not for our ownership 17 GOODS IDEAS SERVICES Tangible Dominant Intangible Dominant Organizational Products ◦ Products sold to firms ◦ Expense items ◦ Capital items Consumer Products ◦ Products sold to consumers ◦ Convenience products ◦ Shopping products ◦ Specialty products ◦ Unsought goods 19 Growth Maturity Decline DVD Players Internet VCRs Cassette Tapes Sales Volume (units) Introduction + 0 Sales Profits Time Product Mix: ◦ Complete list of all products that a company offers for sale (width) Product Line: ◦ A series of related products offered by a firm (breadth) 21 Brand: Brand Name: ◦ A name, term, sign, symbol, design, or combination used to identify the products of a firm and differentiate them from competing products ◦ Portion of a brand that can be expressed orally, including letters, words, or numbers Brand Equity: ◦ Degree to which brand name represents an asset to its company 22 National Brands: ◦ Brands offered by a manufacturer Private Brands: ◦ Carry retailer or wholesaler labels rather than manufacturer labels Generic Products: Plain label, no advertising, and no brand name Family Branding: Brand name on a variety of related products Co-Branding: Two or more companies closely link brand names together for a single product 23 Seven Factors Affecting Pricing Decisions Marketing Objectives Government Regulations Consumer Perceptions Manufacturing and Selling Costs Competition Consumer Demand Wholesalers and retailers needs 24 Cost-Based Pricing: ◦ Markup added to the actual production costs to provide a profit margin Price-Based Pricing : ◦ Optimum price for a good or service established based on: analysis of a product’s competitive advantages users’ perception of the item target market 25 Method of calculating the minimum volume of sales needed at a given price to cover all costs Variable Costs: Business costs that increase with the number of units produced Fixed Costs: Business costs that remain constant regardless of the number of units produced Break-Even Point: Sales volume at a given price that will cover all of a company’s costs 26 Promotion: ◦ Wide variety of persuasive techniques to communicate with target markets and the general public Promotional Strategy: ◦ Statement or document that defines the direction and scope of promotional activities useb to meet marketing objectives 28 Personal Selling Advertising Direct Marketing Sales Promotion Public Relations 29 Personal Selling: ◦ In-person communication between a seller and one or more potential buyers Advertising: ◦ Paid, nonpersonal communication to target market from identified sponsor using mass communications channels 30 Direct communication other than personal sales contacts designed to effect a measurable response Direct Mail: ◦ Advertising sent directly to potential customers, usually through the U.S. Postal Service Telemarketing: ◦ Selling or supporting the sales process over the telephone 31 Wide range of events and activities designed to stimulate interest in a product: ◦ Coupons ◦ Rebates/Premiums ◦ Contests ◦ In-store Demonstrations ◦ Free Samples ◦ Trade Shows ◦ Point-of-Purchase Displays 32 Nonsales communication that businesses have with their various audiences (included both communication with the general public and press relations) News Release: ◦ Brief statement or video program released to the press announcing new products, management changes, sales performance, and other potential news items News Conference: ◦ Gathering of media representatives at which companies announce new information; also called a press briefing 33 Integrated Marketing Communications (IMC) Strategy of coordinating and integrating all of a company's communications and promotions efforts with customers so it presents only one voice and one message to the marketplace, increasing promotional and marketing effectiveness. 34 Push Strategy: Promotional approach designed to motivate wholesalers and retailers to push a producer's products to end users Pull Strategy: Promotional strategy that stimulates consumer demand, which then exerts pressure on wholesalers and retailers to carry a product 35 36 Distribution Channels: Systems for moving goods and services from producers to customers Also known as marketing channels Distribution Mix: Combination of intermediaries and channels a producer uses to get a product to end users Distribution Strategy: Firm's overall plan for moving products to intermediaries and final customers 37 Marketing Intermediaries: Businesspeople and organizations that channel goods and services from producers to consumers, also called “middlemen” How Intermediaries Simplify Commerce Provide sales force Stock & deliver products Provide market information Assume risks Provide promotional support Provide financing Match buyers and sellers Break bulk Gather an assortment of goods 38 Producer Consumer Good & Services Producer Producer Producer Producer Producer Agent/Broker Consumer Retailer Consumer Wholesaler Retailer Consumer Wholesaler Retailer Consumer Business Good & Services Wholesaler Consumer Consumer Channels for Services Most service marketers use a direct channel to reach their customers. Examples: Hair stylists Lawyers Accounting firms 40 Wholesalers: Sell products to other firms for resale or for organizational use Industrial Distributors: Sell to industrial customers, rather than to retailers Retailers: Sell goods and services to individuals for their own use rather than for resale 41 Mail-Order Firms Companies that sell products through catalogs and ship them directly to customers Direct Selling Vending machines, telemarketers, and door-to-door direct sellers, etc. Electronic Retailing Internet, interactive kiosks, and television home shopping, etc. 42