MGMT 105 1st Edition Lecture 19Outline of Last Lecture I. Exam 3Outline of Current Lecture II. Principles of Marketing – Marketing Processes and Consumer BehaviorCurrent Lecture- A. Value- relative comparison of a product’s benefits versus the costo Value = Benefit/Costs- B. Utility- ability to satisfy a human want or need o Formo Time o Place o Possession- pride you feel in purchasing - C. Four P’s of Marketingo 1. Product: (most important P) good, service, or idea that is marketed to fill consumer’s needs and wants Product Differentiation- creation of a product feature or product image that differs enough from existing products to attract customerso 2. Pricing: process of determining the best price at which to sell a product psychological pricing Example: buying a wedding ringo 3. Place (distribution): part of the marketing mix concerned with getting products from producers to consumerso 4. Promotion: aspect of the marketing mix concerned with the most effective techniques for communicating information about products how am I going to let people know about the product- D. Competitive Environmento substitute producto brand competition o international competition- E. Target Market: people with similar wants and needs- F. Market Segmentation: process of dividing a market into categories of customer types, or segments - G. Demographic Variables: Age, Education, Family Life Cycle, FamilySize, Income, Nationality, Race, Religion, or sex- H. Influences on Consumer Behavioro Psychological o Personalo Socialo
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