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Chapter 13 modified - Chapter 13 Chapter Marketing...

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Unformatted text preview: Chapter 13 Chapter Marketing Marketing Developing & implementing Developing customer oriented marketing plans Evolution of Field of Evolution of Field of Marketing: The Product Era: Until 1900s “produce as much as u can as the market is limitless” The selling Era: By 1920s emphasis was moved from production to selling due to mass production *1930s & 1940s: most companies emphasized selling and advertising and didn’t pay much attention to what consumers wanted or needed The Marketing Concept Era: After world war ii , after the baby boom in the early 1950s: the marketing concept (philosophy) emerged, it had three parts: The Marketing Concept The A customer orientation, find out what consumers want and provide it for them. A service orientation: make sure everyone in the organization has the same objective­ customer satisfaction even if they are not in the customer service department. A profit orientation: market those goods and services that will earn the firm a profit *1990s: adopting the customer relationship management (CRM) which is learning as much as possible about customers and doing everything they can to satisfy them or even delight them with goods and services (TQM) TQM looks at all stakeholders not only at the customer­TQM applies competitive benchmarking which is comparing one’s company to the best in the industry­TQM maintains the same profit orientation. Defining marketing Defining Marketing is the process of determining customer needs and wants and then providing the customers with goods and services that meet or exceed their expectations. The goal of the marketing process is: FIND A NEED AND SATISFY (FILL) IT Note: nonprofit organizations use marketing techniques too. For example charities use marketing to raise funds. Marketing Mix (4 Ps) Product Price Place Promotion Marketing management Is the process of planning and executing the conception, pricing, promotion, and distribution (place) of ideas, goods and services to create mutually beneficial exchanges. – – – – – – – – – – Applying the marketing process (development and sale of a product) and Research the customer needs Develop a product to satisfy the need Concept testing: develop and accurate description of your product and ask people whether the concept (idea) appeals to them. Go to out sourcing a manufacturer who has the equipment and skills to design such a product and begin making prototypes; samples of the product that you take to the customers to test their reactions Test marketing: the process of testing product prototypes among potential users Start the production process Determine and design: 1­ package 2­ brand name 3­ price Setting an appropriate price Getting the product to the right place when and where the customer want it , through intermediaries who distribute goods from producers to consumers. (middlemen) Developing effective promotional strategy Consumer markets and business-to-business markets business-to-business Market: consists of people with unsatisfied needs and wants who have both the resources and the willingness to buy There are 2 major markets in business: The consumer market: consists of all the individuals or households that want goods and services for personal consumption Business to business (B2B) markets: consists of all the individuals and organizations that want goods and services to use them in producing other goods and service to sell at a profit Differences between consumer and business to business (B2B) markets business The number of customers in the B2B market is relatively few as compared to customers who are millions. The size of B2B market is relatively large ie businesses buy in large quantities or in bulk. B2B markets tend to be geographically concentrated while consumers are wide spread all over the country. Business buyers generally are more rational ie not much influenced by culture and other factors ie trained buyers. B2B sales tend to be direct no middlemen are involved. The consumer decision making process The Decision making process: Decision making Problem recognition Information search Alternative evaluation Purchase decision Post purchase evaluation ( cognitive dissonance) ...
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