Transcript MARKETING
MARKETING
3.02 Understand buying behaviors.
Marketing Strategy
A marketing strategy provides vital
information on how a business will meet its
goals of satisfying customers that will result
in making sales and profits .
Two Steps:
Target Market
Marketing Mix
Target Market
A specific group of consumers that have similar
wants and needs.
4 types of segmentation:
Demographic (age, gender, income, ethnicity)
Geographic (location)
Psychographic (values, attitudes, & lifestyles)
Behavioral (why customers buy the product)
Marketing Mix (4Ps)
The blending of the four marketing
elements—product, place (distribution),
price, and promotion.
Satisfies the wants and needs of the target
market.
Provides a profit for the company.
Consumer Decision Making Process
1. Recognize a need.
2. Gather information.
3. Select and evaluate alternatives.
4. Make a purchase decision.
5. Determine the effectiveness of the decision.
Decision-Making
Extensive
Occurs when there is a high level or perceived risk, a
product or service is very expensive or has a high value to
the customer.
Limited
Occurs when a customer buys products that he or she has
purchased before but not regularly.
Routine
Occurs when little information is needed about the
product being purchased.
Consumer Buying Motives
Buying motives are the reasons consumers
decide what products and services to purchase.
Emotional feelings, beliefs, and attitudes
Rational based on facts and logic
Patronage based on loyalty, customer service,
merchandise, and convenience
Consumer Information Sources
Product Testing Organizations
Media
Government
Business
Personal
Product Testing Organizations
Test products and services to detect
benefits.
Examples
– Underwriter Laboratories
– Association of Home Appliance
Manufacturers
– Consumers Union (Independent testing
organizations)
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Media Sources
Provide specific information about products
and services.
Types of media sources:
Print
Magazines
Newspapers
Broadcast Organizations
Radio
Television
Internet
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Government Agencies
Inform consumers and may handle
consumer questions.
Types
Federal
State
Local
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Business Sources
Business sources are available as a public
service and to sell products and services.
Types
The main function of advertising is to sell.
Product labels provide helpful information about
nature of product, how to care for product,
where product was made, and the size of the
product.
Customer Service Departments focus on assisting
customers.
Better Business Bureau (BBB) provide facts about
products or services.
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Personal Contacts
“Word of mouth” advertising.
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Traditional Retailers
Department Stores
Provide broad product lines and highlight
their service
Discount Stores
Highlight their offering of lower prices for
products
Specialty Stores
Provide a special line of products
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Traditional Retailers
Supermarket
Large, full service store that offer many brands
of products
Convenience Store
Provide popular items, offer long operating
hours, and are usually located in highly
accessible areas
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Contemporary Retailers
Specialty Superstores
Provide wide variety of limited products at low
prices
Superstores
Provide a wide variety of products in the retail
services such as food, bakery, auto, and
electronics.
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Contemporary Retailers
Warehouse Club
Provide products in large quantities at practical
prices.
Factory Outlets
Provide high-quality products at low prices
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Non-Store Retailers
Allows purchasing of goods and services by
telephone, computer, television, fax, or doorto-door.
Vending machines provide products through
automation.
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