Demographics dont necessarily explain why consumers behave as they do, so marketers have
turned to the social and behavioral sciences in order to consider the full range of buying
Economic needs affect most buying decisions.
Chapter 15 Advertising & Promotion
Advertising: makes widespread distribution possible-by reaching many potential customers
simultaneously. efforts should support marketing objectives.
Planning for mass selling involves strategy decisions about: what is
Chapter 13 - Promotion
Promotion - communicating information bw a seller and buyer/channel members to
influence attitudes/behavior. use several tools together to achieve a companys
overall promotion goals.
tells the t/m that the right Product is available
Place: makes goods/services available in the right quantities and locations
Channel of distribution: Series of firms participating in the flow of products from
producer to final user. when products must be stored, and include one+ more
The Product Life Cycle (PLC)
Refers to the life of a product idea. They can enter and leave the cycle at any stage. Decisions are
made for each stage. Stages usually have varying lengths depending on the industry, nature of
competition, and products invol
Need information about: customers; responses to marketing mix; targeting and segmentation;
competitors; and environment; analysis for the purposes of implementation and control.
Marketing information system (MIS): organized way of continually gathering an
5 basic areas of the marketing environment in the External market environment: the economic
environment, the technological environment, the political and legal environment, and the cultural and
Direct market environment: cust
Chapter 8 ( international version book is chapter 9)
ELEMENTS OF PRODUCT PLANNING FOR GOODS AND SERVICES
Product area involves strategy decisions which affect other parts of the m/m.
What is a product? Need-satisfying offering of a firm.
main focus consum
marketing management process: planning, implementation, and control of marketing activities. ONGOING!
previous decisions can have implications on the other areas
3 Basic tasks of ALL managers
1. Planning-seek new opportunities.
Individual people make purchases to satisfy their needs, so do organizations. more goods
and services are purchased by business and organizational customers than by final
consumers. Yet, more goods and services are purchased by government buyers
Many first add a standard markup to the average cost of the product they sell.
Pricing decisions should be set on sales volume, costs, and total profit.
A dollar amount added to the cost of product to get the selling price, usually expr
Pricing affects both the number of sales and the amount of money earned.
Price is the amount of money that is charged for something of value. Usually involves an exchange
Pricing Objectives and Policies
1. Flexibility is the company w
Outline of Chapter 3
Opportunities, especially breakthrough opportunities, come from understanding markets thoroughly.
1. customers who are willing to exchange something of value.
2. a group of potential customers with similar needs.
3. sellers off