Marketing involves creating value for customers and building strong customer relationships in order to capture value from customers in return. Goals: attract new customers by providing superior value, keep and grow customers by delivering satisfaction. Digital Age: online, mobile, and social media marketing: engaging consumers via their digital devices using digital marketing tools and social media. Mobile marketing: using mobile channels to stimulate immediate buying, make shopping easier, and enrich the brand experience. Changing Economic Environment: the Great Recession from 2008 to 2009 undermined consumer confidence. Post-recession era, consumers have become more frugal, and marketers are focusing on practicality and durability in their product offerings and marketing pitches. Growth of Not-for-Profit Marketing: not-for-profits face stiff competition for support and membership. Rapid Globalization: rapid globalization and societal marketing. Managers around the world are taking both local and global views of the company: competitors, opportunities, corporate ethics, and social responsibility have become important for every business. Case 1: The main problem here is that some departments work on their own, instead of collaborating with the other ones and set different prices for each client or product. More meetings, more internal communication.
2. Business Buying Process: Problem/Need Recognition: recognize what the problem or need is and identify the product or type of product which is required. Information Search: the consumer researches the product which would satisfy the recognized need. Evaluation of Alternatives: the consumer evaluates the searched alternatives. Generally, the information search reveals multiple products for the consumer to evaluate and understand which product would be appropriate. Purchase Decision: after the consumer has evaluated all the options and would be having the intention to buy any product, there could be now only two things which might just change the decision of the consumer of buying the product that is what the other peers of the consumer think of the product and any unforeseen circumstances. Post-Purchase Behaviour: after the purchase, the consumer may experience post-purchase dissonance feeling that buying another product would have been better.
3. A Consumer Market is a marketplace consisting of household consumers who buy goods for individual or family consumption. It is different than a business market, in which businesses sell goods and services to other companies. Influences: Cultural: culture set of values, perceptions, wants, and behaviors learned by an individual from family and other important institutions. Social Influence: groups, word of mouth influence, opinion leader, online social networks. Influences 2: family, role, and status. Personal Influences: age and life cycle stage: tastes in food, clothes, economic situation, lifestyle. Psychological Influences: motivation, perception, learning, beliefs.
4. Business markets are huge and involve more money and items than consumer markets, differ from consumer markets in terms of: market structure and demand, nature of the buying unit, types of decisions and decision process. Buyer Decision Process: problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, routine specification, performance review.
5. Lifecycle: Introduction: most expensive stage for the company, financial losses, marketing, research, analyzing the customers are steps needed and expensive for the launch. Few, even any competitors. Innovative customers. The Growth Stage: increased sales and profits, the company starts to take advantage from the scale economies, more competitors. Maturity: the product is established, the aim is to maintain, profits high, competitors. Decline: start to fall, saturated, competitors, and profits will go down.
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