Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd
Upload
34 views

Chpter 1

The document discusses key concepts in marketing including: 1) The marketing concept which focuses on determining customer needs and wants and delivering desired satisfaction better than competitors. 2) The marketing mix which includes the four P's: product, price, place, and promotion. 3) Customer value, satisfaction, retention and the importance of loyal customers who buy more, are less price sensitive, and spread positive word of mouth. 4) The impact of digital technologies which gives consumers more power and access to information while allowing marketers to gather more customer data through interactive exchanges. 5) The societal marketing concept which focuses on satisfying customer needs in a socially responsible way that preserves consumer and societal well-

Uploaded by

Kashif Niaz Meo
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
34 views

Chpter 1

The document discusses key concepts in marketing including: 1) The marketing concept which focuses on determining customer needs and wants and delivering desired satisfaction better than competitors. 2) The marketing mix which includes the four P's: product, price, place, and promotion. 3) Customer value, satisfaction, retention and the importance of loyal customers who buy more, are less price sensitive, and spread positive word of mouth. 4) The impact of digital technologies which gives consumers more power and access to information while allowing marketers to gather more customer data through interactive exchanges. 5) The societal marketing concept which focuses on satisfying customer needs in a socially responsible way that preserves consumer and societal well-

Uploaded by

Kashif Niaz Meo
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

Consumer BehaviorThe behavior that consumers display in searching for, purchasing, using,

evaluating, and disposing of products and services that they expect will satisfy their needs.

Personal ConsumerThe individual who buys goods and services for his or her own use, for
household use, for the use of a family member, or for a friend.

Organizational ConsumerA business, government agency, or other institution (profit or


nonprofit) that buys the goods, services, and/or equipment necessary for the organization to
function.

Development of the Marketing Concept

Assumes that consumers will buy the product that offers them the highest quality, the best
performance, and the most features

Marketing objectives:

Quality improvement

Addition of features

Tendency toward Marketing Myopia

Marketing objectives:

The Marketing Concept Assumes that to be successful, a company must determine the
needs and wants of specific target markets and deliver the desired satisfactions better than the
competition

Marketing objectives:

Make what you can sell

Focus on buyer’s needs

The Marketing Concept

Segmentation….. Process of dividing the market into subsets of consumers with common needs
or characteristics

Targeting………… The selection of one or more of the segments to pursue


Positioning……… Developing a distinct image for the product in the mind of the
consumer,,,,,,Successful positioning includes:

Communicating the benefits of the product

Communicating a unique selling proposition

The Marketing Mix

Product

Price

Place

Promotion

Customer Value

Defined as the ratio between the customer’s perceived benefits and the resources used to
obtain those benefits

Perceived value is relative and subjective

Developing a value proposition is critical

Customer SatisfactionThe individual's perception of the performance of the product or service


in relation to his or her expectations.

Customers identified based on loyalty include loyalists, apostles, defectors, terrorists, hostages,
and mercenaries

Customer Retention

The objective of providing value is to retain highly satisfied customers.

Loyal customers are key

They buy more products

They are less price sensitive


They pay less attention to competitors’ advertising

Servicing them is cheaper

They spread positive word of mouth

Impact of Digital Technologies

Consumers have more power and access to information

Marketers can gather more information about consumers

The exchange between marketer and customers is interactive and instantaneous and goes
beyond the PC.

Marketers must offer more products and services

Societal Marketing Concept

Marketers adhere to principles of social responsibility in the marketing of their goods and
services; that is, they must endeavor to satisfy the needs and wants of their target markets in
ways that preserve and enhance the well-being of consumers and society as a whole.

You might also like