Thursday, September 27, 2012
Tuesday, September 25, 2012
Thursday, September 20, 2012
Tuesday, September 18, 2012
Finish Ch 6
Thursday, September 13, 2012
Ch 6: Consumer Behavior
TEST NEXT THURSDAY - SEPT 20TH
12 questions from each chapter
Study Guide is available on D2L
Went over Tweets
- Textbook Brokers - very helpful employees
- Retail.. even if they are not connected to our store..can impact our customers and what they think of our store..We don't have much control over them, so be careful! Such as the "sketchy Camel representative"
Understanding Consumer Behavior
Consumer Behavior
how consumers make purchase decisions
how consumers use and dispose of product
Consumer Decision-Making Process
The type of purchase can change the process.. if buying a pack of gum or buying a car.. steps may vary in that way.
1. Need Recognition
"hey we've got less than a 1/2 gal of milk..we need milk"
Recognition of Unfulfilled Wants
- When a product isn't performing properly
- When the consumer is running out of a product
- When another product seems better
"Maybe my knee will stop clicking when I walk" (if I get injectable cartilage)
"Hey okay, that might be interesting"
We look for stuff that is worth my time, so we seek external confirmation.
"Sell for a need, rather than create a desire."a
2. Information Search
-- Internal Information Search
Recall information in memory
-- External Information search
Seek information in outside
environment
+ Non-marketing controlled
+ Marketing controlled
Some people spend more time, some spend less time when making a purchase.
3. Evaluation of Alternatives and Purchase
Analyse product attributes
Use cutoff criteria - people create attributes that are important to us.. If it doesn't have this feature/limitation then I'm not going to buy it. (at least 7 seating in the minivan)
Rank attribute by importance (note emotions are not always rankable..like in house buying)
Evoked set - the group you're going to consider (minivan or suv that is my set, so trucks, cars, and crossovers are out)
4. Purchase
5. Postpurchase Behavior
Use & Disposal
Consumers can reduce cognitive dissonance by:
Seeking information that reinforces positive ideas about the purchase
Avoiding information that contradicts the purchase decision
Revoking the original decision by returning the product
Marketing can minimize through:
- Effective Communication
- Follow-up (find the problem people and help them..or else they hate us more everyday)
- Guarantees
- Warranties
Continuum of Consumer Buying Decisions
Low involvement is routine: Oh a pack of gum, BAM. Purchase done.
Marketing Implications of Involvement
High-involvement purchases require: >> Extensive and informative promotion to target market
Low-involvement purchases require: >> In-store promotion, eye-catching packaging design, and good displays. Coupons, cents-off 2-for-1 offers. In Your Face
==
Turned in Homework Assignment 2
Tuesday, September 11, 2012
Ch 3 & 4: The Marketing Environment and Ethics
uMany firms use the market concept to guide research.
uNew technology internally creates a long-term competitive advantage.
uExternal technology
uCreates more efficient operation or better products
uMay render existing products obsolete
§Helps identify acceptable business practices
§Helps control behavior internally
§Avoids confusion in decision making
§Facilitates discussion about right and wrong
"You have to understand what's important to you"
Think about the impacts.
Pyramid of Corporate Social Responsibility
Arguments Against Social Responsibility
§Businesses should focus on making a profit and leave social and environmental concerns to nonprofits.
Milton Friedman argued that the free market, and not companies, should decide what is best for the world—socially responsible companies are using shareholders' money to further their own agendas.
Green Marketing
§The development and marketing of products designed to minimize negative effects on the environment or improve the environment.
–Environmentally aware customers pay more for products
–Companies must try to educate customers of environmental benefits
Did In-class Assignment
Thursday, September 6, 2012
Chapter 2 con't
Segment the market based on groups with similar characteristics
Analyze the market based on attractiveness of market segments
Select one or more target markets
uInforming
uEducating
uPersuading
uReminding (Coke ads are mainly for reminding)
uIncludes integration of:
uPersonal selling
uAdvertising
uSales promotion
uPublic relations
uPrice is what a buyer must give up to obtain a product.
"4 Ps"-- quickest to change
uCompetitive weapon
uPrice x Units Sold = Total Revenue
== END OF CHAPTER 2 ==
Twitter talk: Guitar Center, Best Buy
Turned in Homework Assignment 1
Tuesday, September 4, 2012
Chapter 2
** Homework Assignment **
Give the 4 Ps for a company, and are any of the 4ps more important? Why one is or Why aren\'t they?
(due Thursday, turn in on paper)
Homework Assignment 1
The Marketing Mix or four P’s of marketing are listed on pages 24 and 25 of the textbook. Give an example for each of these four P’s for a company you are familiar with. This company could be a store you like to shop at, or a company that makes products you like. Finally, would you say that any of those four P’s are more or less important for your organization? Why or why not?
Strategic Planning
The managerial process of creating and maintaining a fit between the organization\'s objectives and resources and evolving market opportunities.
The goal is long-term profitability and growth.
Key: Understanding what you want to achive!
This isn\'t a one-stop shop, companies should continually re-evaluate and keep this plan active.
"I get a year older every year I teach"
"If you reach every goal you set, your not working hard enough"
Strategic Marketing Management
Marketing Plan Elements
### Insert Chart ###
Defining the Business Mission
Strategic Business Units (SBUs) Characteristics: [An SBU HAS…]
Its own competitors
(Ex. Procgtor and Gamble P)
Marketing Objectives should be...
Measureable
Time Specific
Consistent with and indicating the priorities of the organization
"Our objective is to achieve 10% dollar market share in the cat food market within 12 months of product introduction"
SWOT Analysis
S - things the company does well (Strengths)
W- things the company does not do well (weaknesses)
O - Conditions in the external environment that favor strengths. (Opportunities)
T - Conditions in the external environment that do not relate to existing strengths or favor areas of current weakness. (Threats)
Gaining a competitive advantage
Cost
Product/Service Differentiation
Niche Strategies