marketing strategy

Report
MARKETING
3.02 Understand buying behaviors.
Marketing Strategy
 A marketing strategy provides vital
information on how a business will meet its
goals of satisfying customers that will result
in making sales and profits .
 Two Steps:
 Target Market
 Marketing Mix
Target Market
 A specific group of consumers that have similar
wants and needs.
 4 types of segmentation:
 Demographic (age, gender, income, ethnicity)
 Geographic (location)
 Psychographic (values, attitudes, & lifestyles)
 Behavioral (why customers buy the product)
Marketing Mix (4Ps)
 The blending of the four marketing
elements—product, place (distribution),
price, and promotion.
 Satisfies the wants and needs of the target
market.
 Provides a profit for the company.
Consumer Decision Making Process
1. Recognize a need.
2. Gather information.
3. Select and evaluate alternatives.
4. Make a purchase decision.
5. Determine the effectiveness of the decision.
Decision-Making
 Extensive
 Occurs when there is a high level or perceived risk, a
product or service is very expensive or has a high value to
the customer.
 Limited
 Occurs when a customer buys products that he or she has
purchased before but not regularly.
 Routine
 Occurs when little information is needed about the
product being purchased.
Consumer Buying Motives
 Buying motives are the reasons consumers
decide what products and services to purchase.
 Emotional feelings, beliefs, and attitudes
 Rational based on facts and logic
 Patronage based on loyalty, customer service,
merchandise, and convenience
Consumer Information Sources
Product Testing Organizations
Media
Government
Business
Personal
Product Testing Organizations
 Test products and services to detect
benefits.
 Examples
– Underwriter Laboratories
– Association of Home Appliance
Manufacturers
– Consumers Union (Independent testing
organizations)
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Media Sources
 Provide specific information about products
and services.
 Types of media sources:
 Print
 Magazines
 Newspapers
 Broadcast Organizations
 Radio
 Television
 Internet
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Government Agencies
 Inform consumers and may handle
consumer questions.
 Types
 Federal
 State
 Local
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Business Sources
 Business sources are available as a public
service and to sell products and services.
 Types
 The main function of advertising is to sell.
 Product labels provide helpful information about
nature of product, how to care for product,
where product was made, and the size of the
product.
 Customer Service Departments focus on assisting
customers.
 Better Business Bureau (BBB) provide facts about
products or services.
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Personal Contacts
“Word of mouth” advertising.
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Traditional Retailers
 Department Stores
 Provide broad product lines and highlight
their service
 Discount Stores
 Highlight their offering of lower prices for
products
 Specialty Stores
 Provide a special line of products
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Traditional Retailers
 Supermarket
 Large, full service store that offer many brands
of products
 Convenience Store
 Provide popular items, offer long operating
hours, and are usually located in highly
accessible areas
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Contemporary Retailers
 Specialty Superstores
 Provide wide variety of limited products at low
prices
 Superstores
 Provide a wide variety of products in the retail
services such as food, bakery, auto, and
electronics.
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Contemporary Retailers
 Warehouse Club
 Provide products in large quantities at practical
prices.
 Factory Outlets
 Provide high-quality products at low prices
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Non-Store Retailers
 Allows purchasing of goods and services by
telephone, computer, television, fax, or doorto-door.
 Vending machines provide products through
automation.
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