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Unformatted text preview: AEM1200, Introduction to Business Management. AEM1200, Monday 2/18 Marketing (I) Marketing and the marketing mix Segmentation and targeting Purchase decision making and the selling process Marketing Marketing
The process of planning and executing the The conception, pricing, promotion and distribution of ideas, goods and services (products) to create mutually beneficial exchanges. create The Marketing Concept Marketing
Customer orientation Find out what the consumer wants and provide it form Find them: a safe, exciting, problemless vacation (Disney); easy to carry music (iPod); easy Maker sure that everyone in the organization has the Maker same objective: customer satisfaction. The ‘i’ line (Apple), amusement park personnel (Disney); (Apple), Focus on goods and services that will earn the most Focus profit and enable the organization to survive and expand to serve more consumer wants and needs. expand Service orientation Profit orientation The Marketing Process The
Find opportunities Conduct research Identify a target market Design a product to meet the need based on Design research research Do product testing Determine a brand name, design a package, Determine and set a price and Select a distribution system Design a promotional package Build a relationship with customers The Fundamentals of Marketing Strategy The
Market Market segmentation Target market Market positioning Image that customers have about a product in relation Image to the product’s competitors to
Product Price Place Promotion Customer acquisition and retention Marketing Research Marketing
Secondary data Information already compiled and available Primary data Data you gather yourself Anthropological observation Focus groups Lead users Surveys The importance of consumer behavior The
Companies that anticipate changes in consumer Companies anticipate behavior and respond with new goods and services are likely to achieve long-term health and profitability. and Companies that change consumer behavior Companies change have the opportunity to make major breakthroughs in new markets and industries. breakthroughs Buying Process Buying
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 Consumer
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 Physical surroundings surroundings Previous experience Situational Market Segmentation Market Market Research Market Customer Acquisition and Retention Customer
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 The Business-to-Business Market The
Few, relatively large customers in any given segment; Geographical and social concentration; Rational (as opposed to emotional) decision makers; Sales tend to be direct rather than through Sales wholesalers and retailers; wholesalers Much more emphasis on personal selling. Much personal Steps in Personal Selling Steps
Prospect and qualify Preapproach Approach Make presentation Answer objections Close the sale Follow up Takeaways Takeaways
Every business must be customer oriented Every customer Customer orientation is achieved through marketing Customer strategy: strategy: Segmentation Targeting Product Price Place Customer acquisition and retention Positioning Promotion The process by which a customer purchases a The product or service is complex, and it is fundamental for a business to understand and manage it. business ...
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This note was uploaded on 11/12/2009 for the course AEM 1200 at Cornell.