Marketing Foundations Notes Assignment

Marketing Foundations Notes Assignment Words: 2083

Market orientation firms have better performance Better profits, sales volume, market share, return on investment Marketing drives economic growth/stimulates consumer demand Every employee is a stakeholder in the success of their organization The Marketing Evolution Changed from: Trade Production orientation Sales orientation (e. G. Black vs.. Blue) Market orientation (I. E. What color do you want, and matching the product) Societal market orientation (e. G. O stop consumerism) Used by small and large, those selling goods and services, private, public, profit and non-for-profit Marketing Exchange Mutually beneficial transfer of offerings of value between buyer and seller Two or more parties, each with something of value All must benefit Exchange must meet expectations of both parties What is value? “A customers overall assessment of the utility of an offering based on perception of what is received and given” Refers to the total offering What is the market? Group of customers with heterogeneous (different) needs and wants (e. G. Geographic, demographic, product markets) Customers Consumers Clients (customers of non-for-profit) Partners (all who are involved in activities of exchange process) Society 24108 Marketing Foundations Notes By piteousness’s Individuals, organizations and groups with a rightful interest in the activities of a equines Owners Employees Customers (and clients) Partners Government Ethics and Corporate Social Responsibility Ethics are a set of moral principles that guide attitudes/behavior Law and regulatory bodies govern the conduct of individuals/organizations Corporate social responsibility are businesses with the obligation to act in the interests of the societies that sustain them Trade Practices Act, ACE The Marketing Mix Set of variables a marketer can exercise control over in creating an offering for exchange ups: Product, Price, Promotion, Place Services Marketing Mix: People, Process, Physical Evidence The Marketing Mix: Product Product: good/service/idea offered to the market for exchange Demand: want the customer has the ability to satisfy Brand: collection of symbols creating a differentiated image Good: physical offering capable of being delivered Service: intangible offering that does not involve ownership The Marketing Mix: Price Price: amount of money a business demands in exchange for its offering Willingness to pay: prepared to give in return for what they get Must consider: Production, communication and distribution costs

Required profitability Partners’ requirements Competitors prices The Marketing Mix: Place Distribution: making the offering available to the customer at the right time/place Logistics: concerned with supply/transport Supply chain: parties involved in providing all raw materials/services to get product into the market The Marketing Mix: Promotion Promotion: activities that make potential customers/partners/society aware of and attracted to the businesses offering Examples: Advertising Sales promotion Product trials Product may be already established, modified, new, or a form of information/ education The Marketing Environment All of the internal and external forces that affect a marketer’s ability to create, communicate, deliver and exchange offerings of value Environmental analysis is breaking the marketing environment into smaller parts to gain a better understanding Internal “The parts of the organization, the people and the processes used to create, communicate, deliver and exchange offerings that have value” Can be directly controlled Measured by strengths and weaknesses External “The people and processes that are outside the organization and cannot be directly enthroned, only influenced” Such as when outsourcing (transferring internal function to external provider) Measured as opportunities and threats The external environment includes: Micro-Environment “Forces within an organization’s industry that affects its ability to serve customers/ clients” Customers and clients, marketers need to understand current and future needs Partners e. G. Logistics firms, financiers, advertising agencies, suppliers Competitors Not directly controllable Macro-Environment PESTLE: political, economic, calculators, technological, legal Political e. G. Effect of lattice issues on marketing Economic e. G. Prices, level of savings/debt, availability of credit Social and cultural affect attitudes, beliefs, behaviors, preferences, customs and lifestyle and can be influenced by demographics Technology changes expectations/behaviors and affects how suppliers work Legal such as enacted legislation and regulations governing what marketing can/can’t do e. G. Air trading, consumer safety, prices, intellectual property Situational Analysis and Marketing Planning Situational analysis identifies key factors that will be used as a basis for the placement of marketing strategy Return on investment, customer satisfaction, market share, brand equity (%g’s and information) SOOT analysis situational analyses to formulate and maintain a marketing plan that moves the organization to where it wants to be Executive summary, introduction, situational analysis, objectives, target market, marketing mix strategy, budget, implantation, evaluation, future recommendations 2. Market Research What is market research? Business activity that discovers information of use in making marketing decisions Understand (market research I. E. Illnesses to pay), create (product), communicate (promotion), deliver (place) Informs about different types of decisions e. G. Racket segmentation, sales performance, attitudes and behaviors, ups Begins with an issue, discovers information, allows informed decisions about how to report and ultimately results in outcomes that match the marketing goals Involves: Defining research problem Question that research intends to answer Clearly specified problem Designing research method Need to create a market research brief Brief is a set of instructions/requirements that states the problem, information squired and specifies budget/time frame etc. Generally includes executive summary, introduction, background, problem definition, time and budget, reporting schedule, appendices Collecting data Research design is methodology created to guide project Hypothesis is tentative explanation that can be tested Types of research include: Exploratory research: loosely defined e. G. Focus groups Descriptive research: solves particular e. G. 90% of customers are 60 and older Causal research: assumes variables affect outcome e. G. Elation Types of data include: Secondary: originally gathered for another purpose Primary: specifically for current project Data mining: processing large data sets to find patterns Qualitative: numerical e. G. Surveys Qualitative: rich, deep and detailed information about attitudes and emotions e. G. Interview/focus group This process may include ‘sampling Probability sampling: every member of the population has a known chance of being selected Non-probability sampling: no way of knowing the chance of a particular member Sampling error: measure of extent to which results from sample differ from population Analyzing and drawing conclusions Must be collecting according to methods in research design

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Can be conducted in-house or outsourced Data analysis involves filtering and organizing data Quantitative analysis: converts numerical data into knowledge to be used for decision making Qualitative analysis: reductions and coding used to interpret non-numerical data Presenting results and making recommendations background, methodology/findings, statement of limitations, conclusions, recommendations and appendices Results in decisions that take the form of marketing plans/strategies Essential to understand market However, before undertaking you need to consider: Relevance Timing Availability of resources Need for new information Cost-benefit analysis Ethics Only valuable if it contributes to improved performance 3.

Consumer behavior What is consumer behavior? Analysis of behavior of individuals/households who buy g/s for personal consumption Consumers make decisions along a continuum Habitual decision making 0 extended decision-making One we know our target market we want to work out: Why they behavior in a certain way? Whey that have preference for particular brands? Influences on consumer behavior Situational Group Individual (independent of social circumstances) Physical location Social interaction Time available Purchase motivation Mood Cultural Social Personal Psychological Culture Subcultures Social class Reference groups Family Roles and status Demographics e. G. GE, occupation, income Lifestyle Perception Beliefs and attitudes Group influences – Cultural factors Influences on behaviors that operate at the level of the whole society, or major groups within society Culture and sub culture Culture is a system of knowledge, beliefs, values and rituals by which a society/other large group defines itself Includes tangible and intangible e. G. Clothing, food, laws, customs Examples of influences: Power distance I. E. Degree of acceptable inequality within culture Uncertainty avoidance Individualism Masculinity (now known as nurturing) Long-term orientation Sub culture is groups of individuals who share common attitudes, value and behaviors that distinguish them for the broader culture in which they are immersed Individuals of similar rank within social hierarchy Defined by values and lifestyles Indicators include income, occupation and education Group influences – Social influences Influences on the individual to behave in a way that reflects group norms

Any group to which an individual looks for guidance Membership reference groups: groups the individual belongs to Aspiration reference groups: would like to belong Dissociation reference groups: does not wish to belong Opinion leader is reference group member who provides relevant and influential advice about a specific topic of interest to group members Family life cycle is series of characteristic stages most families pass through Family decision-making roles is differing responsibilities for specific types of decisions Pester power is influence of children on parents’ purchasing decisions

Types of consumer decision making Habitual: low engagement, small, routine, low-risk products Limited: infrequently bought but familiar products Extended decision making: high engagement, high price, high-risk and/or infrequent and unfamiliar products Consumer decision making steps Need/want recognition Become aware of unsatisfied wants/needs Marketer stimulates/creates awareness of new need/want Information search Seeks information from sources about how to solve the problem Evaluation of opinions Develop evaluation criteria, rank alternatives, consider not purchasing/other uses of none Purchase Choose product and brands, decide to purchase or not to purchase, purchase Post- purchase evaluation Continue to evaluate product, deal with post-purchase cognitive dissonance, assess attitude towards product/bank/seller in relation to future purchases Cognitive dissonance: when purchaser has second thoughts or doubts 4.

Business Buying Behavior: Business-to-business Product Parts and materials Equipment (capital and accessory used in production) Supplies and services Business markets Individuals or organizations that purchase products for resale, use in production of there products, or for use in their daily business operations Compromise four major categories: Reseller markets Producer markets Government markets Institutional markets Intermediaries that buy products in order to sell/lease them to another party for profit Organizations and professionals who purchase products for use in the production of other products or in daily business operations Governments that buy/ sell products to provide services for their citizens Not-for-profit organizations and these organizations compete for market share Wholesalers (sell to other intermediaries) Industrial distributors (sell to organizational buyers) Primary industries (agriculture or mining) Federal (Commonwealth) State (provincial) Charities Religious organizations Retailers Local (municipal) Clubs N.

B Retailers sell to consumers Marketing to business customers High-value purchases High-volume purchases (common in reseller market and somewhat in producer as you can negotiate volume discounts) Price competition and negotiation Number of (fewer) buyers and sellers Formal assessment of purchase of alternatives Ongoing relationships Characteristics of business demand Derived demand Businesses tend not to adjust consumption in relation to price changes They pass sots on to customer or look for substitute products Demand is more likely to be affected by a change in demand due to the end consumer Derived demand has a ‘snowball’ effect at all levels of the value chain Business customers make purchase decisions infrequently and based on expectations of long-run demand, resulting in demand that fluctuates more so than in consumer markets Joint demand Interdependent demand for multiple products that are used together in the product of another product E. G. When purchasing an MR., will try to secure maintenance and supplies contracts Price and demand

In many parts of the business market, demand is inelastic Generally speaking, industry demand tends to be price inelastic in business markets, while company demand can be highly elastic Business market segmentation Markets characterized by small number of buyers with close relationship to seller ‘Customized’ or ‘one-to-one’ marketing is a good approach to use Business marketers isolate business customers by using commercial industrial directories that contain detailed information on companies Business buying behavior convenient, reliable source of income for suppliers Modified rebury: similar but not identical after evaluating a small range of alternatives New task purchase: first purchase in product category in response to a new problem/process/product, extended information search Purchasing decisions Purchasing decisions usually involve: Negotiation (not Just price but supply agreements and volumes) Description (technical specifications) Inspection Sampling Buying centre is group/structure with the organizations that make buying decisions including: Initiators Users (evaluate product performance) Influences (technical experts) Deciders Buyers Gatekeepers (control relevant information)

Steps in the decision making process Problem/need recognition Initiator becomes aware of a problem/unsatisfied need External party creates a new problem or need Information search and specification development Seek information about the problem and possible solutions

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