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Understanding Business Chapter 13: Marketing: Buyers Buy

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for for customers, clients, partners, and society at large, is called
marketing
The four eras of marketing in the United States
1. production
2. selling
3. marketing concept
4. customer relationship
Customer relationship management (CRM)
the process of learning as much as possible about customers and doing everything you can to satisfy them — or even

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exceed their expectations — with goods and services
marketing concept
a three-part business philosophy: (1) a customer orientation (2) a service orientation (3) a profit orientation
find out what consumers want and provide it for them (emphasis on meeting consumer needs rather than on promotion or sales) [(A) customer orientation; (B) service orientation; (C) profit orientation]
(A) customer orientation
making sure everyone in the organization has the same objective: customer satisfaction. [(A) customer orientation; (B) service orientation; (C) profit orientation]
(B) service orientation
focusing on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs. [(A) customer orientation; (B) service orientation; (C) profit orientation]
(C) profit orientation
the process of learning as much as posssible about customers and doing everything you can do to satisfy them — or even

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exceed their expectations — with goods and services
CRM Customer relationship management
4 Ps of the marketing mix
product, price, place, promotion (order matters)
marketing mix
the ingredients that go into a marketing program: product, price, place, and promotion (order matters)
The Marketing Mix Process 6-9pts
1. find opportunities
2. conduct research
3. identify a target market
***PRODUCT***
4. design a product to meet the need based on research
5. do product testing
***PRICE***
6. Determine a brand name, design a package, and set a price
***PLACE***
7. Select a distribution system
***PROMOTION***
8. design a promotional program
9. build a relationship with customers
any physical good, service or ideaa that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand, is called
product
test marketing
the process of testing products among potential users
a word, letter, or group of words or letters that differentiates one sellers’s goods and services from those of competitors, is called
brand name
concept testing
develop an accurate description of your good or service and ask people, in person or online, whether the idea appeals to them.
middle links in a series of organizations that distribute goods from producers to consumers are ____ aka ____
intermediaries aka middlemen
all the techniques sellers use to inform people about and motivate them to buy their products or services, is called
promotion
T/F – promotion often includes relationship building with customers
true
the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
marketing research
the four step marketing research process
1. defining the question (the problem or opportunity) and determining the present situation
2. collected research data
3. analyzing the research data
4. choosing the best solution and implementing it
information that has already been compiled by others and published in journals and books or made available online
secondary data
_____ data is what marketers should gather _____ to avoid incurring unnecessary expense
secondary; first
data that you gather yourself (not information that has already been compiled or published by others such as books and magazines)
primary data
the results of new studies are called
primary data
a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues
focus group
Marketing research is a ____ ____ of responding to changes in the marketplace and in consumer preferences
continuous process
the process of identifying that factors that can affect marketing success
environmental scanning
sociocultural factors/influences; competitive factors/influences; economic factors/influences; global factors/influences; technological factors/influences; are apart of the ____ ____
the marketing environment
all the individuals or households that want goods and services for personal consumption or use
consumer market
all the 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.
business-to-business (B2B) market
market
consists of people with unsatisfied wants and needs who have both the resources and the willingness to buy.
What is a buyer’s reason for buying?
the end use of the product; it determines whether a product is a consumer product of a B2B product
the process of dividing the total market into groups whose members have similar characteristics
market segmentation
marketing directed toward those groups (market segments) an organization decides it can sere profitably
target marketing
target market
the most profitable segment
dividing a market by cities, counties, states, or regions
geographic segmentation
dividing the market by age, income, and education level
demographic segmentation
dividing the market using groups’ values, attitudes, and interests
psychographic segmentation
dividing the market by determining which benefits of the product to talk about
benefit segmentation
volume (or usage) segmentaiton
dividing the market by usage (volume of use)
the process of finding small but profitable market segments and designing or finding products for them
niche marketing
developing a unique mix of goods and services for each individual customer
one-to-one marketing
developing products and promotions to please large groups of people
mass marketing
marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
relationship marketing
Consumer decision making process 5 steps
1. problem recognition
2. information search
3. alternative evaluation
4. purchase decision/or no purchase
5. post purchase evaluation (cognitive dissonance)
cognitive dissonance
psychological conflict that can occur after a purchase.
consumer promotions are based more on ____ whereas B2B sales are based on ___ ___
advertising; personal selling
What is marketing
marketing is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
The customer relationship era
focusing on enhancing customer satisfaction and stimulating long-term customer loyalty. The newest in customer relationship building involves social networks, online communities, and blogs
What are the three parts of the marketing concept?
1. a customer orientation 2. a service orientation 3. a profit orientation (that is, marketing goods and services that will earn a profit and enable the firm to survive and expand)
What kinds of organizations are involved in marketing?
for-profit, non profit.. errbody
How do marketers implement the four Ps?
the idea behind the four Ps is to design a product people want, price it competitively, place it where consumers can find it easily, and promote it so that consumers know it exists
what are the steps in conducting marketing research
1. define the problem or opportunity and determine the present situation
2. collect data
3. analyze the data
4. choose the best solution
what is environmental scanning?
the process of identifying factors that can affect marketing success. Marketers pay attention to all the environmental factors that create opportunities and threats
What are some of the more important environmental trends in marketing?
the most important global and technological change is probably the growth on the Internet. Another is the growth of consumer databases, with which companies can develop products and services that closely match consumers’ needs. Marketers must monitor social trends like population growth and shifts to maintain their close relationship with customers. They must also monitor the dynamic competitive and economic environments
What are some of the ways marketers segment the consumer market?
Geographic segmentation means dividing the market into different regions. Segmentation by age, income, and education level is demographic segmentation. We study a group’s values, attitudes, and interests using psychographic segmentation. Determining which benefits customers prefer and using them to promote a product is benefit segmentation. Separating the market by usage is called volume segmentation. The best segmentation strategy is to use all the variables to come up with a consumer profile for a target market that’s sizable, reachable, and profitable.
What is the difference between mass marketing and relationship marketing?
mass marketing means developing products and promotions to please large groups of people. Relationship marketing tends to lead away from mass production and toward custom-made goods and services. Its goal is to keep individual customers over time by offering them products or services that meet their needs.
What are some factors that influence the consumer decision-making process?
See figure blah blah (p370) other factors are learning, reference group, culture, sub-culture, and cognitive dissonance
what makes the B2B market different from the consumer market?
customers in the B2B market are relatively few and large. B2B markets tend to be geographically concentrated, and industrial buyers generally are more rational than ultimate consumers in their selection of goods and services. B2B sales tend to be direct, and there is much more emphasis on personal selling than in consumer markets.

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