Marketing

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Group 2: I. ELEMENTS OF MARKETING
1. MARKETS
a. CONSUMER MARKET-consists of all the individuals and households who buy or acquire goods and services for personal consumption. * CONSUMERS-The consumer market consists of all the individuals and households who buy or acquire goods and services for personal consumption. FACTORS INFLUENCING CONSUMER BEHAVIOR

* Cultural
* Social
* Personal
* Psychological
TYPES OF BUYING BEHAVIOR
* Complex buying behaviour -Consumer buying behaviour in situations characterize by high consumer involvement in a purchase and significant perceived differences among brands. * Dissonance-reducing buying behaviour-Consumer buying behaviour in situations characterize by high involvement but few perceived differences among brands. * Habitual buying behaviour -Consumer buying behaviour in situations characterized by low-consumer involvement and few significantly perceived brand differences. * Variety-seeking buying behaviour -Consumer buying behaviour in situations characterized by low consumer involvement but significant perceived brand differences. THE BUYER DECISION PROCESS

Five stages:
*
* Need recognition
* information search
* evaluation of alternatives
* purchase decision
* postpurchase behaviour.

THE BUYER DECISION PROCESS FOR NEW PRODUCTS
* Stage in the adoption process
* Individual differences in innovativeness
* Influence of product characteristics on rate of adoption b. BUSINESS MARKET -consists of all the organisations that buy goods and services to use in the production of other products and services that are sold, rented or supplied to others. CHARACTERISTICS OF BUSINESS MARKETS

* Market structure and demand
* Nature of the buying unit
* Types of decisions and the decision process
BUSINESS BUYER BEHAVIOR- Business buyers make decisions that vary with the three types of buying situations: straight rebuys, modified rebuys, and new tasks. * Straight rebuy -A business buying situation in which the buyer routinely reorders something without any modifications. * Modified rebuy -A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers. * New task-A business buying situation in which the buyer purchases a product or service for the first time. INSTITUTIONAL MARKETING

Schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care. GOVERNMENT MARKETS
Governmental units—federal, state, and local—that purchase or rent goods and services for carrying out the main functions of government. 2. MARKETABLE OBJECTS
A. PRODUCT- Is the totality of what a customer buys
-A product is a physical object (hardware, food, medicine), or service from which customer gets direct utility plus a number of other factors, services and perceptions that make the product:
√Useful
√Desirable
√Convenient
* WHOLE PRODUCT CONCEPT
* Restaurant’s product is: Food + ambiance + service + cleanliness + other things * Supermarket’s canned soup is:
* soup + the can’s label + store’s display + Store’s cleanliness + the type of store * product, to the potential customer, is value satisfaction. * The generis “thing” or “device” is not itself the product. * A product has a meaning only from the viewpoint of the customer or the ultimate user. Only the buyer or the user can assign value. * CONSUMER PRODUCTS

* Products produced for, and purchased by, households or end customers * can be categorized as convenience goods, for which consumers are willing to invest very limited shopping efforts. Thus, it is essential to have these products readily available and have the brand name well known. * CATEGORIES OF CONSUMER PRODUCTS

* CONVENIENCE PRODUCTS - These are...
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