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Lecture Introduction to business - Lecture 19: Understanding marketing processes and consumer behavior

The following will be discussed in this chapter: What Is marketing? target marketing/segmentation, marketing research, understanding consumer behavior, organizational marketing & buying behavior, international marketing mix, small business & the marketing mix. | Lecture 19 Part Three: Understanding Principles of Marketing Understanding Market Processes And Consumer Behavior Developing And Pricing Products Distributing Products Promoting Products Chapter 10 Understanding Marketing Processes and Consumer Behavior Chapter Outline What Is Marketing? Target Marketing/Segmentation Marketing Research Understanding Consumer Behavior Organizational Marketing & Buying Behavior International Marketing Mix Small Business & The Marketing Mix Marketing Mix Of Goods & Services Marketing: the process of planning and executing the Developing Pricing Placing Promoting of products to create exchange and satisfy objectives Value & Satisfaction Why consumers buy one product and not the other Buy products that offer best value Benefits- Functions Of Product & Emotional Satisfaction associated with owning, experiencing and possessing it. Benefits Must Exceed Costs (money, time, and emotional cost)To Be Of Value To The Consumer Value = Benefits Costs Utility = Satisfy Need/Want To understand how marketing creates value for customers, we must understand the benefits the customers get or the UTILITY the product has Time Place Ownership/Possession Form Goods, Services, Ideas Consumer Goods Industrial Goods Services- Intangible Tangible Relationship Marketing Marketing Strategy Emphasizing Lasting Relationships Emphasizes Economic/Social Ties Between Buyer & Seller Networking Marketing Environment Marketing Environment Political/Legal- Foreign & Domestic Social/Culture- Changing Values In Today’s Dynamic Market Technological- Obsolescence Economic- Patterns/Levels Of Spending Competitive Environment Substitute Products – dissimilar from competition but satisfying same need Brand Competition International Competition Marketing Strategy Marketing Manager Planning and implementing all activities that results in transfer of goods and service to its customer These activities culminate in a marketing plan A detailed strategy for focusing marketing . | Lecture 19 Part Three: Understanding Principles of Marketing Understanding Market Processes And Consumer Behavior Developing And Pricing Products Distributing Products Promoting Products Chapter 10 Understanding Marketing Processes and Consumer Behavior Chapter Outline What Is Marketing? Target Marketing/Segmentation Marketing Research Understanding Consumer Behavior Organizational Marketing & Buying Behavior International Marketing Mix Small Business & The Marketing Mix Marketing Mix Of Goods & Services Marketing: the process of planning and executing the Developing Pricing Placing Promoting of products to create exchange and satisfy objectives Value & Satisfaction Why consumers buy one product and not the other Buy products that offer best value Benefits- Functions Of Product & Emotional Satisfaction associated with owning, experiencing and possessing it. Benefits Must Exceed Costs (money, time, and emotional cost)To Be Of Value To The Consumer Value = Benefits Costs Utility = .