Download Marketing - Fleming College

Understanding
Marketing Processes and
Consumer Behaviour
12-1
What’s New in the News?
1-2
Learning Objectives
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Explain the concept of marketing.
Explain the purpose of a marketing plan
and identify the four components of the
marketing mix.
Explain market segmentation and show
how it is used in target marketing.
Explain the purpose and value of market
research.
Describe the key factors that influence the
consumer buying process.
12-3
The
Marketing
Plan
Planning and executing the
pricing, promotion and distribution of
ideas, goods, services to create exchanges that
satisfy both buyers’ and sellers’ objectives.
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Providing Value and Satisfaction
• Value = comparison of benefits versus costs
Consumer, industrial and service level
What is Marketing?
Marketing concept:
The idea that the
whole firm is
directed toward
serving present
and potential
customers at a
profit.
12-4
Relationship Marketing
A type of marketing that emphasizes
lasting relationships with customers and
suppliers
 Stronger relationships can result in greater
long-term customer satisfaction and client
retention
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12-5
Marketing Plan
A detailed, focused strategy for gearing the marketing
mix to meet consumer needs and wants
Product
Price
Place
Promotion
Marketing
Mix
12-6
Activity: Determine basic design and specs
of product/service
Strategy:
 Offering a product/service idea that
satisfies the buyers’ needs
 Product differentiation
◦ Creating a product that has a point of difference and a
competitive edge than existing products on the market
◦ may involve changing existing products by responding to
trends or adding new products
Product Strategy
12-7
Product Positioning
“Stand Out from the Crowd”
How you want your product or service
(yourself) to be perceived by the
customer (potential employer)
 What is your point of difference (POD)
 Create an image or identity in mind of the
customer

Branding
Product Strategy
12-8
Activity: Determine how much a consumer will
pay
Strategy
 Choosing the right price to attract consumers,
meet the firm’s profit goals and provide value
◦ Price = total value consumers willing to give
 Consumer’s perception of value and quality
◦ Price must consider all costs
 operation and administration
 marketing research
 advertising
Pricing Strategy
12-9
Activity: Determine where and when the
product will be available
Strategy:
◦ Product accessibility
◦ Getting the product to the right place at the
right time
 Choice of sales outlets
 Physical transportation
 Channels of distribution
Place (Distribution Strategy)
12-10
Activity: Determine the visibility and image of the
product
Strategy:
◦ Choosing the right method of communicating
information about the product
◦ Build consumer awareness, communicate product
differentiation, create a need for the product
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advertising
personal selling
sales promotions
public relations
Promotion Strategy
12-11
Target Market and Segmentation
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Target market
◦ A group of potential customers
who have similar wants and needs
Market segmentation
◦ Dividing a consumer market into categories
◦ selecting specific market segment(s) to pursue
Positioning
◦ Process of fixing, adapting and communicating
the product to specific segments
12-12
CONSUMER PROFILE
 Search for common traits between consumers
Geographic region
Customer demographics
Multi-cultural marketing
Customer psychographics
Product-use variables
Identifying Market Segments
12-13
A
systematic study of consumer
needs
◦ Focuses on the marketing mix
elements
◦ Leads to more effective marketing
◦ Increases the accuracy and
effectiveness of market
segmentation
Market Research
12-14

The study of the process by which
customers come to purchase and
consume a product or service
◦Influenced by
Psychological factors
Personal factors
Social factors
Cultural factors
CB answers the question WHY?
Consumer Behaviour
12-15
The Consumer Buying Process
Choosing a College & Selecting a Program
12-16