It is necessary to discuss strategic market planning and marketing early in the course. A strategic
market plan gives direction to a firm's efforts and better enables it to understand the dimensions
of marketing research, consumer analysis, and product, d
Marketing does not occur in a vacuum. The marketing environment consists of external forces
that directly and/or indirectly impact the organization.
Changes in the environment create opportunities and threats for the organizations.
What is Consumer Buying Behavior?
Definition of Buying Behavior:
Buying Behavior is the decision processes and acts of people involved in buying and using
Need to understand:
why consumers make the purchases that they make?
what factors influe
A market is:
An aggregate of people who, as individuals or organizations, have needs for products in a
product class and who have the ability, willingness and authority to purchase such products
(conditions needed for an exchange).
Types of markets:
In order to implement the marketing concept, marketers require information about the
characteristic, needs, wants and desires of their target markets.
Marketing research is the process of defining a marketing problem & opportunity, systematica
Indicate the developments and benefits of relationship marketing.
3 key elements link the organization to its customers:
Information technology (IT)
IT designed computer and communication s
Differences between Goods and Services
Goods are tangible. You can see them, feel them, touch them etc.
Services are intangible. The result of human or mechanical efforts to people or objects.
Major distinguishing characteristics of Services:
Product Life Cycle
Popularized by Theodore Levitt, 1965
PLC can be applied to:
product category (Watch)
product style (Digital)
a product item/brand (Timex)
Four Stages to the Product Life Cycle:
Distribution-activities that make products available to customers when and where they need
A channel of distribution or marketing channel is a group of individuals and organizations that
directs the flow of products from producers and customers.
Nature of Retailing
Retailing includes all transactions in which the buyer intends to consume.
Must derive more than 1/2 of their sales from the ultimate consumer of the product to be
classified a retailer (less than 1/2, then they are a whole
Role of Promotion
To communicate with individuals, groups or organizations to directly or indirectly facilitate
exchanges by informing and persuading one or more audiences to accept an organization's
-Companies must communicate with