Customer Value – cost vs benefits
Micro and macro view
Marketing concept – means that an organization aims all its efforts at satisfying its customers at a profit. A move from production orientation to a marketing orientation.
1 Target market
2 Marketing Mix:
Product, Place, Promotion, and Price
Types of opportunities to pursue:
S.W.O.T. analysis – strength weaknesses opportunities threat – pg 46
Direct and external environment
Graying of America – Average age of US population is getting higher
Criteria for segmenting:
Homogenous within, Heterogeneous between, Substantial, and Operational
Behavioral (and Psychological)
Positioning – refers to how customers think about proposed or present brands in a market.
Appealing to Higher Income Consumers
PSSP Hierarchy of Needs Model
Personal needs (peak)
Physiological Needs (base)
Beliefs – Accept as true or not (opinion)
Attitudes – A person’s point of view
Expectations – Affects customer satisfaction
Other Social Influences
Reference Groups – is the people to whom an individual looks up to.
Opinion Leaders – is a person who influences others.
Culture – is the whole set of beliefs, attitudes, and ways of doing things of a reasonable homogeneous set of people.
Business and Organizational Customers
Business customers = Organizational customers = Industrial market = Business-to-business (B2B) market
Buy for resale or to produce other goods and services
Characteristics of Organizational Buying
Purchasing Managers – buying specialists for their employers.