BUSINESS BMAL 590 Marketing 1. What is Marketing? a. Marketing Is Am Exchange Relationship i. The customer seeks benefits from the company and expects to pay ii. The Company offers benefits to its customers and seeks profits b. Why Is Marketing Important? i. The goal is to build and maintain relationships with the customer c. The Marketing Framework i. 5Cs: 1. Customer 2. Context : includesthe macro-environment: the economy, legal constraints, cultural differences, and global segments 3. Collaboration 4. Competitors 5. Help marketers asses any business problem or opportunity in terms of a general analysis of the entire business situation ii. STP: 1. Segmentation: Customers arent all the same;they vary in their preferences, needs, and resources 2. Targeting: Attracting some of those customers makes better sense than going after others 3. Positioning: Communicate your benefits clearly to your intended customers iii. 4Ps: Product, Price, Promotion, and Place iv. The 5Cs, STP and 4Ps are independent d. The Marketing Science of Customer Behavior i. Types of Shopping 1. Business to Consumer (B2C) a. Convenience Purchases: Staples (standard, frequently consumed goods such as bread or gas) Impulse Purchases (candy or magazine near check-out stand) b. Sopping Purchases : going online to find a restaurant and make reservations when heading out of town c. Specialty Purchases: a new car, some fashions or shows, an expensive laptop computer 2. Business to Business (B2B) a. Straight Rebuy: Youre out of toothpaste and you mindlessly pop a tube of your usual brand into the cart b. Modified Rebuy: Your reach for your brand of toothpaste but you try a new flavor c. New Buy: Youre buying teeth whitening strips for the first time and consider the attributes of each d. Segmented by selling installations, accessories, raw materials, parts, or business services e. Roles in B2B Purchases i. Initiator: A secretary who notices a printer in the office frequently needs repair ii. User: Every staff member who sends a job to that printer iii. Influence: The IT person who knows Brand X is cheaper iv. Buyer: Administrator who orders equipment and supplies v. Gatekeeper: Accountant who controls the budget ii. Customer Involvement 1. Its not the type of product or purchase that matters. Its the type of customer behavior (customer or business level of involvement) that is relevant and the marketing actions and reactions. 2. Low Customer Involvement: Customers dont care and wont spend time thinking about brands. They will typically be somewhat price sensitive. 3. Moderate Customer Involvement: Some effort is expended prior to purchase to obtain good value 4. High Customer Involvement: For expensive purchases, brand, uniqueness, and quality matter. iii. Purchase Decision Making 1. Identify needs/wants 2. Search for Alternative Solutions 3. Evaluate Alternatives 4. Purchase 5. Evaluate Post-Purchase iv. Models of How Buyers Make Decisions 1. Lexicographic Method: A customer compares brands by the most important attributes or dimensions. The Customer them compares the brand on the next important attribute, etc. until only one brand is left 2. Average Method: This method uses average so one attribute cant make or break a brand. If a brand is strong on one attribute and average on another, it will dominate a brand that was just average on all attributes 3. Use Attribute Importance: Models can be more complex by bringing in weights to express how important the attributes are to the customer. Those important weights underpin how segments of customers differ. 2. Marketing Segmentation a. Why Segment? i. Marketers need to examine any given market for differences among customers ii. There must be diffe…
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