AEM220_218ToPost - AEM220 Introduction to Business...

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Unformatted text preview: AEM220, Introduction to Business Management. Monday 2/18 Marketing (I) Marketing and the marketing mix The marketing process Purchase decision making Marketing The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services (products) to create mutually beneficial exchanges. The Marketing Process Find opportunities Conduct research Identify a target market Design a product to meet the need based on research Do product testing Determine a brand name, design a package, and set a price Select a distribution system Design a promotional package Build a relationship with customers The Fundamentals of Marketing Strategy Market Market segmentation Target market Market positioning Image that customers have about a product in relation to the product's competitors Product Price Place Promotion Customer acquisition and retention The importance of consumer behavior Companies that anticipate changes in consumer behavior and respond with new goods and services are likely to achieve long-term health and profitability. Companies that change consumer behavior have the opportunity to make major breakthroughs in new markets and industries. Buying Process Step 1: Recognize Problem Step 2: Information Search Step 3: Evaluate Alternatives Step 4: Make Purchase Decision Step 5: Post-purchase Evaluation Consumer Decision Making Marketing mix Sociocultural Product Price Place Promotion Perception Attitudes Learning Motivation Psychological Reference groups Family Social class Culture Subculture Type of Purchase Social surroundings Physical surroundings Previous experience Situational Market Segmentation Market Research Customer Acquisition and Retention Acquiring new customers Differentiation is key Innovation Convenience Enhancing the profitability of existing customers Bundling is key Reducing costs Customer service Retaining profitable customers Adaptability is key Listening New products Steps in Personal Selling Prospect and qualify Preapproach Approach Make presentation Answer objections Close the sale Follow up Takeaways Every business must be customer oriented Customer orientation is achieved through marketing strategy: Segmentation Targeting Product Price Place Customer acquisition and retention Positioning Promotion The process by which a customer purchases a product or service is complex, and it is fundamental for a business to understand and manage it. ...
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This note was uploaded on 02/21/2008 for the course AEM 2200 taught by Professor Perez,p.d. during the Winter '07 term at Cornell.

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