WEEK 14: MARKETING FUNCTION Flashcards
set of activities related to creating,
communicating, delivering, and exchanging offerings that have value for others.
Marketing
In business, the function of marketing is to bring value to
customers, whom the business seeks to ______, _______, and
______.
identify, satisfy, retain
is the measure of the benefit gained from a product or service relative to the full cost of the item.
Value
Value = benefit – cost
provides the same offering but is accentuating different features and benefits.
Competitors
Not a perfect replication of the offering, which means it will provide different value to customers.
Substitutes
Types of Company Orientations:
- The Marketing Concept
- The Product Concept
- The Sales Concept
- The Production Concept
focuses on knowing as much about the consumer as possible and bases marketing, product, and strategy decisions on this
information.
The Marketing Concept
focuses on building and showcasing impressive features and product advances.
The Product Concept
emphasizes the sale process and tries to make it as effective as possible.
The Sales Concept
focuses on low-production costs, highly efficient processes, and mass distribution.
The Production Concept
STAGES OF BUYING PROCESS/THE CONSUMER DECISION MAKING PROCESS
- Need Recognition
- Information Searching and Processing
- Identification and Evaluation of Alternatives
- Purchase Decision
- Post-Purchase Behavior
recognizing there is a problem or unmet need and that this need warrants some action.
Need Recognition
seeking information to help identify and evaluate alternative products, services, experiences, and outlets that will meet that
need.
Information Search
Identify alternative products, services, and outlets that are viable options, evaluate these alternatives, and make a choice.
Evaluation of Alternatives
Consumers must decide whether they are going to buy.
The Purchase Decision
A consumer’s feelings and evaluations after the sale are significant because they influence repeat sales and what the customer tells others about the product or the brand.
Post-Purchase Behavior
The five-stage buying process represents the steps customers undergo when they make a conscious effort to learn about the
options and select a product. This can happen when a customer purchases a
product for the first time.
Complex Decision Making
the customer has learned from past experiences what will best satisfy their need, so they can bypass the second or third stage of the processes.
Simple Decision Making
Customer Profile Dimension:
- Behavioral
- Socialgraphic
- Psychographic
- Demographic
- Geographic
Once you define your total market, you can break down your total market
into segments.
Segmentation
Develop a profile for your target customer(s) using a number of categories including but not limited to geographic, demographic,
psychographic, and behavioral traits.
Profile your Target Customer Segments
is the process of identifying marketing opportunities and solving marketing
problems using customer insights.
Marketing Research
The Marketing Research Process:
- Identify the Problem
- Develop the Research Plan
- Conduct Research
- Analyze and Report Findings
- Take Action
Start by stating the marketing or business problem you need to address. Next, articulate the objectives for the research.
Identify the Problem
