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Transcript of Chapter Thirteen Marketing: Helping Buyers Buy Copyright © 2010 by the McGraw-Hill Companies, Inc....
![Page 1: Chapter Thirteen Marketing: Helping Buyers Buy Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.](https://reader035.fdocuments.in/reader035/viewer/2022081515/56649ea45503460f94ba853a/html5/thumbnails/1.jpg)
Chapter Thirteen
Marketing: Helping Buyers Buy
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin
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• Marketing -- The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large.
• Helping the buyer buy
WHAT’S MARKETING?
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FOUR ERAS of U.S. MARKETING
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• The general philosophy was “Produce what you can because the market is limitless.”
1. The PRODUCTION ERA
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• After mass production arrived, the focus turned from production to persuasion.
2. The SELLING ERA
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• After WWII, a consumer spending boom developed.
• Businesses knew they needed to be responsive to consumers if they wanted their business.
3. The MARKETING CONCEPT ERA
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• The Marketing Concept includes three parts:
1. Customer Orientation -- Finding out what customers want and then providing it.
2. Service Orientation -- Making sure everyone in an organization is committed to customer satisfaction.
3. Profit Orientation -- Focusing on the goods and services that will earn the most profit.
APPLYING the MARKETING CONCEPT
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• Customer Relationship Management (CRM) -- Learning as much as you can about customers and doing what you can to satisfy or exceed their expectations.
• Organizations seek to enhance customer satisfaction building long-term relationships.
4. The CUSTOMER RELATIONSHIP ERA
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THE MARKETING MIX
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ELEMENTS IN THE MARKETING MIX
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Product
Marketing
Program
Place
Promotion
Buy at Computers
‘R Us
Price
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PRODUCTChapter 14
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PRODUCT
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Any physical good, service, or idea that satisfies a want or need; plus anything that would enhance the product in the eyes of the consumers, such as the brand
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DEVELOPING a PRODUCT
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•Concept Testing•Prototypes•Test Marketing•Package Design/Brand Name
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• Test Marketing -- Testing product concepts among potential product users.
• Brand Name -- A word, letter, or a group of words or letters that differentiates one seller’s goods from a competitor’s.
DEVELOPING a PRODUCT
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PRICEChapter 14
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• Pricing products depends on many factors:
- Competitors’ prices
- Production costs
- Distribution
PRICING a PRODUCT
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PRICING STRATEGIES
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•Cost-Plus
•Value-Based
•Competitive
•High/Low Price Strategies
• Skimming
• Discount
• Loss-Leader
• Psychological
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PLACEChapter 15
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PLACE (Distribution)
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•Getting the product to the right place•Once the product is manufactured, you must choose how to get it to the consumer
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Marketing Intermediaries are important in place strategies because getting a product to consumers is critical.
PLACING a PRODUCT
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PROMOTIONChapter 16
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• Promotion -- All the techniques sellers use to inform people about their products and motivate them to purchase those products.
• Promotion includes:
- Advertising
- Personal selling
- Public relations
- Sales promotions
PROMOTING the PRODUCT
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PROVIDING MARKETERS WITH INFORMATION
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• Marketing Research and Forecasting -- Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions.
• Research is used to identify products consumers have used in the past and forecast what, and how much, they want in the future.
• Research uncovers market trends and attitudes held by company insiders and stakeholders.
SEARCHING for INFORMATION
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1. Defining the problem or opportunity and determining the present situation.
FOUR STEPS in the MARKETING RESEARCH PROCESS
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• What’s the present situation?
• What are the alternatives?
• What information is needed?
• How should the information be gathered?
DEFINING the PROBLEM or OPPORTUNITY
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2. Collecting research data.
FOUR STEPS in the MARKETING RESEARCH PROCESS
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• Secondary Data -- Existing data that has previously been collected by sources like the government.
COLLECTING SECONDARY RESEARCH DATA
• Secondary data incurs little or no expense and is usually easily accessible.
• Secondary data doesn’t always provide all the needed information for marketers.
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• Primary Data -- In-depth information gathered by marketers from their own research.
• Telephone, online and mail surveys, personal interviews, and focus groups are ways to collect primary data.
COLLECTING PRIMARY RESEARCH DATA
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3. Organizing and Analyzing the data.
FOUR STEPS in the MARKETING RESEARCH PROCESS (cont.)
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• Marketers must first organize the data
• Marketers then turn the data into useful information.
ORGANIZING and ANALYZINGthe DATA
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4. Choosing the best solution and implementing it.
FOUR STEPS in the MARKETING RESEARCH PROCESS (cont.)
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• Must use their analysis to plan strategies and make recommendations.
• Finally, marketers must evaluate their actions and determine if further research is needed.
IMPLEMENTING the DECISION
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DIFFERENT MARKETS
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TWO MARKETS
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1. Consumer – B2C
2. Business-to-Business – B2B
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• Consumer Market -- All the individuals or households that want goods and services for personal use and have the resources to buy them.
The CONSUMER and B2B MARKET
• Business-to-Business (B2B) -- Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others.
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CONSUMER MARKET
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• The size and diversity of the consumer market forces marketers to decide which groups they want to serve.
• Market Segmentation -- Divides the total market into groups with similar characteristics.
• Target Marketing -- Selecting which segments an organization can serve profitably.
MARKETING to CONSUMERS
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• Geographic Segmentation -- Dividing the market by cities, counties, states, or regions.
• Demographic Segmentation -- Dividing the market by age, income, education, and other demographic variables.
• Psychographic Segmentation -- Dividing the market by group values, interests, and opinions.
SEGMENTING the CONSUMER MARKET
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• Benefit Segmentation -- Dividing the market according to product benefits the customer prefers.
• Volume (Usage) Segmentation -- Dividing the market by the volume of product use.
SEGMENTING the CONSUMER MARKET
(continued)
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• Mass Marketing -- Developing products and promotions to please large groups of people.
• Relationship Marketing -- Rejects the idea of mass production and focuses toward custom-made goods and services for customers.
MASS MARKETING vs. RELATIONSHIP MARKETING
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1. Problem recognition
2. Search for information
3. Evaluating alternatives
4. Purchase decision
5. Post-purchase evaluation (cognitive dissonance)
STEPS in the CONSUMER DECISION-MAKING PROCESS
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The CONSUMER DECSION MAKING PROCESS AND OUTSIDE INFLUENCES
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BUSINESS MARKET
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• B2B marketers include:
- Manufacturers
- Wholesalers and retailers
- Hospitals, schools and charities
- Government
• Products are often sold and resold several times before reaching final consumers.
BUSINESS-to-BUSINESS MARKET (B2B)
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• There are relatively few customers.
• Customers tend to be large buyers.
• Markets are geographically concentrated.
• Buyers are more rational than emotional.
B2B MARKET DIFFERENCES
• Sales are direct.
• Promotions focus heavily on personal selling.
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YOUR PROSPECTSIN MARKETING
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There is a wider variety of careers in marketing than in most business areas