Marketing Notes 2020-21
A company formulates answers to these four questions:
What does the customer want?
How does the customer obtain it?
How much is it worth to the customer?
How does the customer know that we can fulfil this need?
The 4Ps:
Marketing Research: the process of designing, gathering, analyzing, and reporting information that may be used to
solve a specific marketing problem
Market research: a process used to define the size, location, and/or makeup of the market for a product or service
3 Critical Roles of Marketing Research:
1. Diagnostic: The explanation of data or actions (i.e. why?) of marketing as a process
2. Descriptive: The gathering and presenting of statements of fact
3. Predictive: To predict the results of a planned marketing decision
,Overview of the Marketing Research Process
Week 2:
Dimensions of consumer behavior
Consumers are individuals who buy products or services for personal consumption
How do consumers buy?
Needs – wants – demands
Needs – States of felt deprivation
Wants – The form human needs take as they are shaped by culture and individual personality
Demands – Human wants that are backed by buying power
, The influence of involvement
High involvement
Low involvement
Post-purchase (dis)satisfaction
Companies can do the following to counter cognitive dissonance among customers:
• Confirm that customers have bought a good product
• Train their employees to recognize and deal with cognitive dissonance
• Offer customers the opportunity to test products properly so that they can experience the product themselves
• Summarize the product benefits (on paper)
• Ask customers to complete a satisfaction survey
• Stay in touch with customers to understand
their experience of the product
• Present a small gift to customers, such as
flowers or bottle of wine.
What can influence customer purchase behavior?
A company formulates answers to these four questions:
What does the customer want?
How does the customer obtain it?
How much is it worth to the customer?
How does the customer know that we can fulfil this need?
The 4Ps:
Marketing Research: the process of designing, gathering, analyzing, and reporting information that may be used to
solve a specific marketing problem
Market research: a process used to define the size, location, and/or makeup of the market for a product or service
3 Critical Roles of Marketing Research:
1. Diagnostic: The explanation of data or actions (i.e. why?) of marketing as a process
2. Descriptive: The gathering and presenting of statements of fact
3. Predictive: To predict the results of a planned marketing decision
,Overview of the Marketing Research Process
Week 2:
Dimensions of consumer behavior
Consumers are individuals who buy products or services for personal consumption
How do consumers buy?
Needs – wants – demands
Needs – States of felt deprivation
Wants – The form human needs take as they are shaped by culture and individual personality
Demands – Human wants that are backed by buying power
, The influence of involvement
High involvement
Low involvement
Post-purchase (dis)satisfaction
Companies can do the following to counter cognitive dissonance among customers:
• Confirm that customers have bought a good product
• Train their employees to recognize and deal with cognitive dissonance
• Offer customers the opportunity to test products properly so that they can experience the product themselves
• Summarize the product benefits (on paper)
• Ask customers to complete a satisfaction survey
• Stay in touch with customers to understand
their experience of the product
• Present a small gift to customers, such as
flowers or bottle of wine.
What can influence customer purchase behavior?
