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| Activities people undertake when obtaining, consuming and disposing of products and services |
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(Social policy based on how customers consume and spend)
The applications of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole |
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| Difference between all the benefits derived forma total product and the costs of acquiring those benefits. Value considered from perspective of customer. Value: Cost vs. Benefit |
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| Components of Market Analysis |
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Consumer
Company
Competition
Conditions |
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| Understand the customers accurately, able to predict behaviors |
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| needs to know its full ability to meet customer’s needs and know their own strengths and weaknesses |
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| to do a better job, fully understand the competition |
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| Conditions (External and internal) |
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| External conditions – economic, physical environment, technology beyond the control of the firm still impact marketing strategy |
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| Steps of Marketing Segmentation (4) |
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Identifying Product-related needs (What customers want)
-Grouping customers with similar need sets (clustering)
-Describe each group (segmentation profile)
-Select attractive segments to serve target market |
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| segments of the larger market on which we focus our marketing effort |
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fit with company image, size, risk, comm. Channels
- Gender, race, age, location, job, income |
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Product
Price
Promotion
Place |
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| Having the product available where the target customer can buy it, when and how they can get it |
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| what customer might want, NEED=WANT Physical, service, idea |
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| Price does NOT mean cost. Amount of money one must pay to obtain the right to use the product |
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| Advertising, sales force, Public Relations, Packaging, ect. Who do we want to communicate with, effect on target market, desired effect? Which Media? When? |
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everything the consumer must surrender in order to receive the benefits to use the product
*Cost of car (buying, insurance, gas, time, parking fee, ect) |
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People
Physical Evidence
Process |
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Product Position
Sales/Profits
Customer Satisfaction |
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| Image of the product/brand in consumers mind relative to competing products and brands |
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| Critical outcomes necessary for the firms continued existence |
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| A post-purchase, post consumption evaluation of the perceived performance of the product relative to consumer expectations (Critical for long-term profitability) |
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| Steps of Consumer Decision Process (6) |
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Need recognition
Information Search
Alternative Evaluation
Purchase
Use
Post-Purchase Evaluation |
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| Totality of an individual’s thoughts and feelings about himself/herself |
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| How one lives, purchases, consumers, consumption habits are often very informative of a persons lifestyle |
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| knowledge, belief, art, law, morals, customers, and habits acquired by humans as members of society. Culture is different everrrywhere (culture pizza) |
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| Does Culture influence biological drives? |
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| no, BUT influences when/how these drives are satisfied |
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| Rules that specify or prohibit certain behaviors in specific situations |
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| Widely held beliefs that affirm what is desirable |
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| Penalties ranging form mild social disapproval to banishment from a group |
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| Variations in cultural Values |
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Other-oriented values
Environment-oriented
Self-oriented |
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| Other-oriented Values (USA vs. Other) |
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| reflect a society’s view of the appropriate relationships between individuals/groups within the society (USA is individual, youth, limited family, Masculine, Competitive, Uniform) |
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| Self-Oriented Values (USA vs. Other) |
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| Objectives/approaches to life that the individual members of society find desirable (Active, sensual gratification, material, hard work, immediate gratification, religious/secular) |
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| Environment-Oriented values (USA vs. Other) |
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| Society’s relationship to its economic/technical and physical environment (Cleanliness, performance (reward system) tradition, risk/security, nature, problem-solving) |
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| Monochromatic Time (USA vs. Other) |
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| linear, inescapable, oriented toward present and short-term future (USA, Canada, Ect) “Time is money” committed to task and job |
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| Polychromatic Time (USA vs. Other) |
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| less subjective to scheduling, look towards present and past, occur own pace NOT rigid schedule (Latin America) People and relationship committed |
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| Cultural Variations in Nonverbal Comm |
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Time
Space
Symbol
Relationships
Agreements
Things
Etiquette |
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nearest others can come to you in various situations without you feeling uncomfortable (USA/Europe: 18 inches; Latin America: 4-6 inches)
-The bigger the better (Bigger office=higher status) |
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| Meaning behind each color, thing, number ect (White, 7, middle finger) |
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| Relationships (USA vs. Other) |
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USA-quickly formed and dissolved, easily made and dropped, very mobile
Latin America: friendship formed slowly, imply deep and lasting obligations. Friendship and business deeply intertwined |
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| Agreements (USA vs. Other) |
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USA: extensive and efficient legal system documents to ensure business obligations are honored and disagreements resolved
Latin America: rely on relationships, local moral principles, and informal customs to conduct, emphasize relationships not contracts |
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Cultural meaning of things leads to purchase patterns that one would not otherwise predict. Giving gifts in business
CHINA: given in private
ARAB: given in public |
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| Etiquette (USA vs. Other) |
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| Generally accepted way of behaving in social situations; tone, volume, pitch, speed, gestures differ between countries (Homogeneous vs. heterogeneous) |
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Market Segmentation Descriptor
Trend analysis |
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| Market Segmentation Descriptor |
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| evaluates market from society’s perspective by seeking to understand consequences of marketing actions and transactions (Tax cut effects? Amount of food?) |
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| Purchasing power, wealth, based on population |
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| What Measures how many babies will be born? |
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| TFR, Birth rate, natural increase, fertility rate |
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| How many babies’ women currently having |
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| Hard to predict, based off Fecundity and Fertility |
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| physiologic capability of women to reproduce (fairly certain) |
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| actual reproductive performance (Uncertain) |
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| Helps with # of Babies (3) |
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| Age distribution, family structure, technology |
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| The age you perceive yourself to be |
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| Actual age measured in years |
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| any group of individuals linked together as a group in some way (usually by age) that shared a common social, political, historical, and economic environment |
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| Process of describing/explaining attitudes, values, and behaviors of an age group as well as predicting its future attitudes, values, and behaviors |
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| Name all the generations (6) |
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Pre-depression
Depression
Baby Boom
Generation X
Generation Y
Generation Z |
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Pre-depression
Concerns
years |
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before 1930's
Concerned with financial/personal security and health |
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Depression
Nickname
years |
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"traditional Generation"
1930-1945 |
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| don’t like conflict or change, respect they still want to be active |
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| Depression Characteristics |
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| Follow rules, law & order, status quo, dedication, sacrifice for common good, respect authority, conservative, reliable |
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| Trademarks of Depression: |
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Invented Rock and Roll
First to have TV's |
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Baby Boomers:
Nickname
years
# of people |
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Definition
"Disc" "Hippie" "Boomers"
1946-1964
LARGEST GENERATION - 80 million |
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| creative arts, hearing aids, services, anti-aging, home reconfiguration, travel, alienated by “overly youth” ads |
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| Baby Boomer Characteristics |
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| o Rules = Guidelines, personal fulfillment, self-absorbed, credit cards, WORKAHOLICS, watch the MOST tv, competitive, want youth and approva |
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| Trademarks of Baby Boomers |
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Definition
| Woodstock, polio, Vietname, Higher education and income, more tech savvy |
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Generation X
Years
Nicknames
Population |
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1965-1981
“MTV” “latch-key” “gap” Generation
50 million |
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| Housing, apparel, entertainment, practical/necessary products; reach through tv/internet |
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| Characteristics of Generation X |
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| o Shun politics, adaptable, technological, impatient, cynical, no authority, independent, FREEDOM, FLEXIBLE hours |
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| Trademarks of Generation X |
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DUAL CAREER HOMES
single parent households
Started most businesses, most highly educated M/F |
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Generation Y
Years
Nicknames
Population |
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1982-1994
"Echo” “Network” “Boomerang” “Peter Pan” Generations
72 million |
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| customization, gratification, one-to-one communication, not homogeneous, open to try new things, want flexibility, honesty, respect, humor, clear, DEMONSTRATE |
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| Characteristics for Generation Y |
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| Entitled, multiracial, highly unemployed and in debt, helicopter parents, not self reliant |
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| Work norms for Generation Y |
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| Freedom, customization, integrity, collaboration, speed, entertainment, innovation |
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| Bad Traits of Generation Y |
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| Special, sheltered, team-oriented, confident, pressured, achieving, conventional |
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Generation Z
Years
Nicknames |
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1995-present
“millennials” “homeland” “igeneration” “M”-multitasking |
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| Characteristics of Generation Z |
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Instant gratification, social justice, family oriented, diverse
Like/Want: Technologists, minimalists, custom tailors, visual learners, adaptable, feedback, service, customization |
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| Easily bored, use of music, language, and image key to remain relevant and fresh |
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| Nine Variables that determine Social Class |
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Definition
-occupation
-Income
-Wealth
-Personal Prestige
-Association
-Socialization
-Power
-Class Conscious
-Mobility |
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| 1 indicator of social class, don’t need high pay to get prestige |
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