review Flashcards
(23 cards)
marketing
marketing is the activities, institutions, processes that allow an organisation to understand, create, communicate, deliver and exchange an offering that is of value to consumers, clients and society at large
Trade
Exchange process
Two or more parties give something of value to each other
Satisfy needs
sociocultural
social and cultural factors that affect people’s attitudes, beliefs, behaviours, preferences, customs and lifestyles
economic forces
Economic forces are the factors that help to determine the competitiveness of the environment in which the firm operates.
political
Political forces describe the influence of politics on marketing decisions
Marketing information system
system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis
quantitative
Focuses on collecting data that can be represented numerically and analysed statistically.
qualitative
focuses on obtaining rich, deep and detailed information
identify the attitudes and emotions that underlie the behaviour
what type of research should you collect:
quantitative data
qualitative data
quantitative data: casual and descriptive
qualitative: exploratory
Situational influences
on consumer behaviour are the circumstances consumers find themselves in when they are making purchasing decisions and/or consuming the product
physical
the characteristics of the location in which the purchase decision is made (e.g. fashion retailers should install flattering lighting in the fitting rooms)
social
the interactions with others at the time the purchase decision is made (e.g. the product knowledge and/or persuasiveness of a salesperson or ‘competition’ with other shoppers during post‐ Christmas sales); not to be confused with social influences on consumer behaviour, discussed later in this chapter
time
time — the time available for a purchase decision (e.g. a person who has left all of their Christmas shopping until Christmas Eve may not have the time to contemplate many options)
motivational —
the reasons for the purchase (e.g. a person choosing a bottle of wine to bring to a dinner party is likely make a different decision based on different criteria than when choosing a bottle to consume at home over the evening meal)
mood
the mood of a person at the time of the purchase decision (e.g. a person in a tired or emotional state may make a more impulsive decision).
Group Factors
social and cultural
the influence of the values, beliefs and customs of the person’s community
the influence of other people
concerned with developing an understanding of the behaviour of the individual within the wider group
focused on understanding how the group influences the behaviour of its individual members, typically through group pressures on the individual to conform with group norms.
Reference Groups
any group to which an individual looks for guidance as to what are appropriate values, attitudes or behaviours.
opinion leader
An opinion leader is a reference group member who provides relevant and influential advice about a specific topic of interest to group members
The theory suggests that the influence of social groups on the decisions made by individuals determines the way and the rate at which new products and ideas are adopted and spread
individual factors
demographic: describes the general makeup of the population in terms of measurable characteristics that are related to the purchase or consumption of goods
lifestyle: how they spend their time and how they interact with others
personality: individuals often choose to purchase products that reflect their personality
Psychological
-motivation
Psychological characteristics describe internal factors that shape the thinking, aspirations, expectations and behaviours of the individual
Motivation: the individual’s internal drive to act to satisfy unfulfilled needs or achieve unmet goals.
While motivation is often specific to the individual and situation, some motives are consistent over time and across the population eg hunger at breakfast time
Perception: Perception is the psychological process that filters, organises and attributes meaning to external stimuli
Beliefs and Attitudes: Beliefs and attitudes make up the ‘mental map’ that a consumer relies upon when making judgements about problems that require solutions and products
Learning: Learning is the process by which individuals acquire new knowledge and experience that they can apply to future problems, opportunities and behaviour.
Branding
A collection of symbols, name, logos, slogan, design
Importance:
creates and image in the customer’s mind
differentiates products
price
Concept of price Price is a measure of value to both buyers and sellers.
Buyers judge price as a measure of the benefits they derive from the consumption of a product.
Price also serves as a means for buyers to allocate their scarce financial resources between purchases.
Merchant wholesalers
Merchant wholesalers are independently owned (i.e. not owned by the producer). They take ownership of the product from producers and sell it on to retailers.