ADM 2320
Introduction
Pre-marketing era – demand was local
- Development of marketing began in the early 20 th century
- Demand reflected desire/ability to purchase
Marketing in the 21st century
- Identifying what the society needs and create innovation
- Creates economic growth
Chapter 1 – What is marketing
A set of business practices designed to plan for the and present an organization’s products or
services
Core aspects of marketing
Product – creating value
- Goods, services, ideas
Price – transacting value
- Money, energy, time
Place – delivering value
Place – marketing channels/distribution strategy
Promotion – communication activities of marketing
- Used to inform, persuade, remind potential buyers
Chapter 3 – Analyzing the marketing environment
Microenvironmental factors
Company capabilities
- Core competency = satisfy customer needs
- Knowledge, facilities, tech applied to target markets, products, etc.
Competition
- Identify and analyze direct and indirect competitors
- Know strengths and weaknesses
,Corporate partners
- Firms are part of alliances
- Align with suppliers
Macroenvironmental factors
Culture
- Country vs. Regional subcultures
Demographics
- Characteristics of human populations and segments used to identify consumer markets
Generational cohorts
- Groups of people in the same generation
Income
- Purchasing power
- Upper, middle, and lower class
Education
- Related to income
- Determines spending power
Gender
- Male/female roles shifted
Ethnicity
- Ethnic composition changing
Technological advances
- Impacted: new products, forms of communication, retail channels
AI
- Advanced customer segmentation, media selection/buying, customer engagement
Economic situation
- Foreign currency fluctuations
Political/legal environment
- Competition, consumer packaging, food and drugs act, etc.
, Chapter 4 – Consumer behavior
Consumer should drive marketing strategies (needs), feedback = improvement
Consumer decision process
1. Need recognition
- functional and psychological needs
2. Information search
- Internal and external search for information
- Perceived benefits vs. Perceived costs
- Actual of perceived risk
- Is it worth the time/effort to search for info on this product?
- Internal locus of control: some control over outcomes = engage in more search
activities
- External locus of control: fate, external factors control all outcomes = why bother?
3. Alternative Evalution
- Evaluative criteria
- Determinant attributes
- Mental shortcuts for decision
4. Purchase decision
- Customers are ready to buy
5. Post purchase
- Customer satisfaction (+)
- Post purchase dissonance (-)
- Customer loyalty (+)
Psychological factors: motives
Attitude
- Your evaluation or feeling towards a product
Perception
- Culture, tradition, and overall upbringing determines our perception of the world
Learning
- Affects both attitudes and perceptions
- Affected by social experiences
Social factors
Family
Introduction
Pre-marketing era – demand was local
- Development of marketing began in the early 20 th century
- Demand reflected desire/ability to purchase
Marketing in the 21st century
- Identifying what the society needs and create innovation
- Creates economic growth
Chapter 1 – What is marketing
A set of business practices designed to plan for the and present an organization’s products or
services
Core aspects of marketing
Product – creating value
- Goods, services, ideas
Price – transacting value
- Money, energy, time
Place – delivering value
Place – marketing channels/distribution strategy
Promotion – communication activities of marketing
- Used to inform, persuade, remind potential buyers
Chapter 3 – Analyzing the marketing environment
Microenvironmental factors
Company capabilities
- Core competency = satisfy customer needs
- Knowledge, facilities, tech applied to target markets, products, etc.
Competition
- Identify and analyze direct and indirect competitors
- Know strengths and weaknesses
,Corporate partners
- Firms are part of alliances
- Align with suppliers
Macroenvironmental factors
Culture
- Country vs. Regional subcultures
Demographics
- Characteristics of human populations and segments used to identify consumer markets
Generational cohorts
- Groups of people in the same generation
Income
- Purchasing power
- Upper, middle, and lower class
Education
- Related to income
- Determines spending power
Gender
- Male/female roles shifted
Ethnicity
- Ethnic composition changing
Technological advances
- Impacted: new products, forms of communication, retail channels
AI
- Advanced customer segmentation, media selection/buying, customer engagement
Economic situation
- Foreign currency fluctuations
Political/legal environment
- Competition, consumer packaging, food and drugs act, etc.
, Chapter 4 – Consumer behavior
Consumer should drive marketing strategies (needs), feedback = improvement
Consumer decision process
1. Need recognition
- functional and psychological needs
2. Information search
- Internal and external search for information
- Perceived benefits vs. Perceived costs
- Actual of perceived risk
- Is it worth the time/effort to search for info on this product?
- Internal locus of control: some control over outcomes = engage in more search
activities
- External locus of control: fate, external factors control all outcomes = why bother?
3. Alternative Evalution
- Evaluative criteria
- Determinant attributes
- Mental shortcuts for decision
4. Purchase decision
- Customers are ready to buy
5. Post purchase
- Customer satisfaction (+)
- Post purchase dissonance (-)
- Customer loyalty (+)
Psychological factors: motives
Attitude
- Your evaluation or feeling towards a product
Perception
- Culture, tradition, and overall upbringing determines our perception of the world
Learning
- Affects both attitudes and perceptions
- Affected by social experiences
Social factors
Family
