Advertising quiz 2 - Chapter 5 Outline MARKETING AND...

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Chapter 5 Outline MARKETING AND CONSUMER BEHAVIOR: THE FOUNDATIONS OF ADVERTISING Chapter 5 Objectives 1. Define marketing and explain the role advertising plays in the larger market context. 2. Discuss the concept of product utility and the relationship between utility and consumer needs. 3. Identify the key participants in the marketing process. 4. Outline the consumer perception process and explain why advertising people say, “Perception is everything.” 5. Describe the fundamental motives behind consumer purchases. 6. Discuss the various influences on consumer behavior. 7. Explain how advertisers deal with cognitive dissonance. The Larger Marketing Context of Advertising the relationship between the product and the marketplace The key to a company’s success is its ability to locate, attract, and keep customers who are willing and able to pay for the firm’s goods and services. o This means being able to locate prospects and understand their wants and needs. o create need-satisfying products and communicate their existence to the market. The Relationship of Marketing to Advertising Marketing is the business process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy the perceived needs, wants, and objectives of individuals and organizations. Advertising is just one of the numerous tools used in the promotion or communication aspects of marketing. Customer Needs and Product Utility Utility extends to the product’s ability to satisfy both symbolic (or psychological) wants and actual needs. Marketers use research to discover what needs and wants exist in the marketplace and to define a product’s general characteristics in the light of economic, social, and political trends. Exchanges, Perception, and Satisfaction Marketing aims to create exchanges that satisfy the perceived needs, wants, and objectives of individuals and organizations. Three important concepts are: o Exchanges o Perception o Satisfaction Exchanges o An exchange is any business transaction in which one person trades something of value to another person. Perception a. Two levels of customer perception 1.) Perception of the product or service 2.) Perception of needs, wants, and objectives 1
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b. Advertisers must first develop customers’ perception of the product (awareness, attitude, interest), and then perception of its value in satisfying a want or need (utility). Satisfaction: The Goal of the Customer o The final concept of satisfaction is still an issue after an exchange has occurred. o Customers must be satisfied that their needs are met by their actual use of the product, or they won’t perceive that an equal-value exchange took place. The Key Participants in the Marketing Process
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Advertising quiz 2 - Chapter 5 Outline MARKETING AND...

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