Motivator factors include: achievement, recognition, the work, responsibility, promotion, and growth • McClelland Three Need Theory: o Need for achievement o Affiliation o Power Controlling – Management establishes and oversees the control necessary to ensure that the business is working toward goals • Bureaucratic • Market • Clan – sense of benefit that employees gain from working together Marketing – • Production • Sales • Marketing • Relationship Marketing Strategies- • Target market • Marketing mix (4 P) o Product o Price o Promotion o Place – refers to distribution 1 st Step in Marketing Process- • Identifying a market need • Market research how to fultill need • Identify the target market • Develop market plan o Include SWOT analysis o The target market o The product o How it will be produced, priced, promoted and distributed • Implement the plan Market Segmentation – • Geographic • Demographic • Psychographic (lifestyle, personality traits, motives, values) • Behavioral (benefit sought, volume use, brand loyalty, price sensitivity and product end use) Consumer Behavior Influences- • Psychological • Personal • Social • Cultural • Situational • Marketing mix Consumer Decision buying –
• Need/problem recognition • Information search • Evaluation of alternatives • Purchase decision • Post purchase evaluation Business to Business (B2B) – • Business buyers are trained professionals specialize in purchasing • Few in number compared to millions of potential consumers • Sellers and buyers develop close relationships over time that facilitate purchasing Consumer Goods – • Convenience - milk and bread • Shopping – goods subject to comparison shopping (laptop computer) • Specialty – hand made clothing or wedding dress • Unsought – (life insurance, burial plots) Business to Business (B2B) Goods – • Equipment • Maintenance • Repair • Operating (MRO) • Raw and processed materials • Components • Professional services Product Mix – number of product lines, all the products, including peripherals Product Life Cycle – • Introduction • Growth – competitors enter market • Maturity – o May consider a cash cow approach (investing little money in product development) • Decline Product Marketing – • Branding - name, slogan, symbol, design to differentiate from others o Brand recognition o Brand preference o Brand insistence • Brand Types – o Generic o Manufacturer’s or national o Private o Family o Individual o Licensed – allowing others to use name or logo o Co-branding – joining together two names on the same product • Packaging o Safeguards the product o Meant to discourage stealing o Promotes product/brand
o Lists features and benefits o May add utility o Environmentally friendly “green” Product Price – • Maximize profits • Build market share • Build traffic • Maximize sales • Foster an image (low price or high value) Price Strategies •
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