Marketing

Chapter 5-8 Week 2 Notes

Shavone Thomas

May 13, 2013

Dr. Cellemere

Marketing Management

Chapter 5 Understanding Organizational Markets and Buying Behavior

You have to understand who the customer is:

1 the motivations of the buyer; their demands

2 the demographics of the market

3 the nature of the purchasing process and the relationship between the buyer and the seller

4 understanding the use of direct selling with an emphasis on personal communication through company salespeople

5 supply chain for services such as coordinated delivery schedules, maintenance, spare parts availability, and efficient order handling

6 buyer is referred to as purchasing agent or purchasing manager

7 buying center is a group that shares knowledge and information relevant to the purchase of a product or service

8 straight rebuy is purchasing a common product or service

9 modified rebuy when an organization needs remain unchanged

10 new task buying when an organization faces new and unique need or problem

Chapter 6 Measuring Market Opportunities: Forecasting and Market Knowledge

In this chapter you have to be observant by gathering information from consumers and other business’ you have to be able to forecast.

1 analogy the market for something new or a new product

2 judgment based on experience knowing what the customer wants

3 market tests see what the customer likes also research

4 analyze the information

Chapter 7 Targeting Attractive Market Segments

1 Identify what differs from other segments the process should identify one or more homogeneous group of prospective buyers with regard to their wants and needs

2 Specify criteria that define the segment this should measure or describe the segments clearly enough so that members can readily identified and accessed the order

3 Determine segment size and potential the process should be used for prioritizing which segments to pursue

4 The target of segments are; age, sex, income, occupation, education, race, and ethnic origin

Chapter 8 Differentiation and Brand Positioning

1 One key to customer preference and competitive advantage

2 Competing brands; physical positioning and limitations

3 Identify determinant attributes are the features, benefits, parentage, manufacturing process ingredients, endorsements, comparison, pro-environment, and price/quality

4 Customer needs and segment attractiveness; the competitive strength of different brands in different segments, the intensity of the rivalry between brands inn a given segment, and the opportunities for gaining a different position within a specific target segment

5 Can always get the customers opinions about different brands in a survey by asking about an hypothetical brand within a category

6 There are limits to product positioning analysis which is called market positioning analysis; to measure customers preferences and locate them in the product space along with their perceptions of the positions of existing brands