Study Guide for Intro to Marketing

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Explain the difference between a market orientation and a product orientation. Illustrate with concepts and examples.

1 Basic Focus

The basic focus of a company with a production orientation is toward maximizing production output. Under a production orientation, a company is succeeding when it is manufacturing as many products as possible at the cheapest possible price. In contrast, a company with a marketing orientation is squarely focused on the consumer. Market-oriented companies respond to marketing research and tailor their products in accordance with what they perceive to be the demands of the market.

2 Approach to Customers

A business with a marketing orientation is essentially led by the needs of its customers.
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Marketing also includes who you want to the send the info to and how.

Discuss the factors that affect consumers’ motivation to purchase products and services. How do individual differences and contextual scenarios affect these choices? Provide examples for each.

Social influences
Cultural and Sub-cultural
Social Class
Reference Groups and Families
Marketing influences
Product influences – brand, quality, newness, etc.
Price influences – e.g. Walmart (positive or negative influences)
Promotion influences
Place influences
Situational Influences or consumer decision making 1. physical features 2. social features 3. time 4. task features 5. current conditions
Psychological influences on consumer decision making
Product knowledge
Product involvement
Consumer decision making
Need recognition
Alternative search
Alternative evaluation
Purchase decision

Individual – emotions, etc.
Contextual – if you want to be a part of a group – if Im rich, I need to have a luxury car.

Explain the differences between market share and share of customer. In what types of markets would it be more beneficial to strive for market share? In what types of markets would share of customer be a better goal? Provide examples of each.

Market share – number of products you sell out of all of the colas that are sold
Customer share – number of customers you have over total number of customers in that entire market
Consumer
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