Chapters 1 2 Marketing the process by which companies create value for customers in order to capture value in return Customers have NEEDS WANTS and DEMANDS Marketing Myopia focusing only on wants and not consumer needs Segmentation Targeting Positioning CUSTOMER PERCEPTION CUSTOMER EXPERIENCE CUSTOMER SATISFACTIONS CP CE Dissatisfaction CP CE Satisfaction CP CE Delight The Ultimate Goal of customer relationship management Produce high Customer Equity Customer Equity combined customer lifetime values of all company s customers Strategic Planning decision process that matches resources and capabilities to its market opportunities for long term growth Business Plans vs Marketing Plans Business Plans guide entire organization Marketing Plans describe marketing environment outline marketing strategy plan for implementation Strategic Planning Define Mission Set Goals Design Portfolio Planning Marketing and other Functional Strategies Mission describes higher level overall game plan Goals help measure how well mission is being accomplished measurable time specific realistic etc Portfolio Marketing Planning SWOT Analysis Identify Strengths Weaknesses Opportunities and Threats 4 P s Product physical unit service brand etc Place where and when product is available Promotion advertising selling public relations Informing educating potential customers Price what a buyer must give up to obtain product ex Money time etc Most flexible of P s Chapters 3 4 Marketing Environment Microenvironment vs Macroenvironment Life Cycle effects of Buying Demography study of people s vital statistics such as gender age race ethnicity location Early 20 s apparel electronics gas Young Families Health Foods Single Parents Older Children Junk Food Newlyweds Appliances toaster oven fridge Older Couples Bachelors Home Maintenance Services Consumer Confidence optimism or pessimism about future health of the economy Laws are designed for 3 purposes 1 Protect businesses from other businesses 2 Protect consumers from unfair business 3 Protect society from businesses that may be harmful FTC Federal Trade Commission Division of Advertising Practices protects consumers from unfair or deceptive advertising Greenwashing misleading info to cover up environment abuse Managing Marketing Information Customer Insights understanding of customers and the marketplace Primary Data vs Secondary Data Internal primary vs External secondary sources of data Ethnographic Research watching and interacting with consumers in their natural environment Chapters 5 6 Consumer Buying Behavior behavior of individuals and households who buy goods and services for personal consumption Membership Groups vs Aspirational Groups vs Reference Groups Roles of Household Members collects and controls information expresses opinions and influences decision Gatekeeper Influencer Decider Buyer User makes the actual decision physically acquires product consumes or uses product Children Primary Market Influence Market Future Market What s in the Black Box Motivation Ability Opportunity Buyer Decision Making Process Need Recognition Information Search Evaluation of Alternatives Purchase Decision Post Purchase Behavior Need Recognition realization between current and ideal state Marketing helps consumers recognize imbalance between two states Types of Needs Physical Psychological Utilitarian Hedonic Information Search Internal Search vs External Search Evaluation of Alternatives pros and cons Evoked Set brands that consumer considers buying before making purchase Purchase Decision Post Purchase Behavior Can be based on heuristics like Brand Loyalty Price Quality what Mom used Cognitive Dissonance discomfort after making decision Most common when item is higher priced multiple options product has long term commitment B2B About trust and expertise Supplier Development systematic development of networks to ensure dependable supply Buying Center all individuals and units that participate in business decision making process Users Influencers Gatekeepers Buyers Deciders Chapters 8 9 Products vs Services Actual Product the physical item Core Product benefits of a product ex 0 5 inch hole transportation entertainment etc Augmented Product supporting features ex Warranty delivery repair replacement etc Types of Products Capital Items products that aid production or operations Materials and Parts raw materials sold directly to industrial users Supplies and Services operating supplies repairs maintenance Convenience Products frequent purchases with minimum comparison and effort Shopping Products consumers spend time and effort gathering information on Specialty Products unique brand identification ex Harley Apple etc Unsought Products products that consumer doesn t consider until they need it Product Line total product offerings designed to satisfy a single need Closely related Product Mix firm s entire range of products Services are Intangible Variable Inseparable Perishable Product Life Cycle Introduction 1 2 Growth 3 Maturity 4 Decline New Product Development Idea Generation o Internal and External Sources Crowdsourcing Idea Screening and Testing Self Fulfilling Prophecy thinking product will fail after maturity so they reduce promotion
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