Key Marketing Concepts

1381 WordsNov 2, 20106 Pages
CHAPTER 1 & 2 * What is marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. * What is the marketing process? * Needs, wants and demands Needs : basic human requirements Wants: the needs becomes wants when they are directed to a specific objects and might satisfy the need Demands: are wants for a specific product backed up by an ability to pay * Target markets, positioning, segmentation Segmentation: identifying and profile distinct group of buyers who might prefer or require varying products or service mixes by examining…show more content…
* Perception: is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world. * Learning: induces changes in our behavior arising from experience. * Memory: all the information and experience we encounter as we go through life can end up in our memory. * Buying decision process (5 step model) : P.107, 108, 109, 110 1. Problem recognition. 2. Information search. 3. Evaluation of Alternatives. 4. Purchase decision. 5. Post purchase behavior. P.118 * Characteristics of business markets: 1. Fewer, Larger buyers 2. Close supplier-customer relationship 3. Multiple buying influences 4. Multiple sales calls 5. Derived demand 6. Inelastic demand 7. Fluctuating demand 8. Geographically concern-trated buyers 9. Direct purchasing P. 120 * 7 roles in the corporate purchase decision process: 1. Initiator: Users who purchased. 2. Users: who will use the product. 3. Influencer: people who influent the buying decision. 4. Deciders: who decide on product requirements. 5. Approvers: people who authorized the proposed action. 6. Buyers: people who have the authority to close the deal. 7. Gatekeepers: people with power to prevent sellers or information from reaching to the buyer. Chapter 7 & 8 P.133 * Market segment:
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