Chapter 12 Flashcards
(21 cards)
Marketing environment
- political & legal environment
- technological environment
- social & cultural environment
- economic environment
- competitive environment
What is marketing?
Creating, communicating and delivering value to customers and managing customer relations
Political & legal environment
Legislation and governing programs, marketing managers try to maintain good relations
Technological environment
Science and technology lead to new ways of doing everyday things
Social and cultural environment
Reflects beliefs, values and ideas of society
Economic environment
Conditions that after spending patterns of businesses and individuals
Competitive environment
- brand competition
- substitute products
- international competition
4 P’s of marketing
Product
Price
Place
Promotion
Target market
group of potential customers who have similar wants and needs
Segmentation
Dividing a consumer market into categories
Behavioural segmentation
Dividing markets into groups based in consumer knowledge, use or response to a product
Market segmentation
Search for common traits between customers
Geographic variables
Area of residence affects products consumption
Demographic variables
Age, income, gender, education …
Psychographic variables
Consumer characteristics may be considered in developing a segmentation strategy
Behaviour variables
Benefits sought, usage rate, user status, loyalty status
Market research
- systematically study of consumers needs
- leads to more efficient markets
- increase accuracy and effectiveness
The research process
- Study the current situation
- Select a research method
- Collect data
- Analyze data
- Prepare report
Understanding consumer behaviour
Study of the process by which customers come to purchase and come a product or service
Consumer buying process
- Problem/ need recognition
- Information seeking
- Evaluation of alternatives
- Purchase decision
- Post purchase evaluation
Influencers if consumer behaviour
- psychological factors
- personal factors
- social factors
- cultural factors
