cid 127 Marketers depend on information from the potential buying public takes research on what people might buy small businesses do this informally cid 127 Warranty cards gives a lot of marketing information no cost cid 127 marketing environment involves competitive factors how does product compare to others economic factors are we pricing this to appeal to factors is the product affordable not spending right now holidays coming up good indicator of economy global factors technological factors sociocultural factors 2 markets in business Consumer retail selling to consumer Business to business buyer for a business differences from consumer market far fewer customers geographically concentrated cid 127 much more money per purchase purchasing decisions are very formal i e contracts Pareto s law italian economist that said 20 of population buys 80 of the products 80 20 rule cid 127 Market segmentation fine tuning the market into separate markets based on geography demographics psychographic Niche marketing cid 127 mass marketing relationship marketing decision Step 5 of consumer making process recognize a problem a consumer might have search for information look for alternatives to product make purchase cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127 cid 127
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