BMGT350 Exam1

Needs, Wants, Demands
Offerings
Value and Satisfaction
Exchange and Relationships
Markets

Geographic
Demographic
Psycographic
Behavioral

Dividing markets into geographical units

Based on demograpic factors

Divides based on lifestyle or personality

Divides based on knoweldge, attitudes, uses, or responses to a product

Measurable
Acessible
Substantial
Differentiable
Actionable

Product
Prodcution
Soceital Marketing
Selling
Marketing

Customers will favor availability and affordability

Customers will favor products most in quality perfomance and innovation

Customers will not buy unless large scale selling operation

Achieving org goals depends on knowing needs/wants of markets

Marketing strat should deliver to customers to improve thier wellbeing

Low profitability and loyalty

Potentially profitable but not loyal

Profitable and loyal

Profit from marketing efforts

Define Mission Statment
Set Objectives and Goals
Design Buisness Portfolio
Devolp Functional Plan

Short clear explanation of why company exists

Prioritizes product devolpment believing that the best product will attract customers

Focuses on understanding customer needs, preferences, and market trends to tailor products and services

Collection of all the different products, services, or business units a company manages

high growth, high share

low growth, high share

high growth, low share

low growth, low share

Making more sales to current customers without changing product

Identify and devolp new markets for existign products

Offering modified or new products to current markets

Strating up or buying buisnesses beyond current products or markets

Product
Price
Place
Promotion

Simplified Research Process
Improved decision-making
Enhanced customer understanding
Identify new market opportunities
Optimized marketing campaigns

Define Problem
Devolp Research plan
Collect Data
Analyze Data
Report Findings
Make Decisions

Describe Customer and market characteristics

Deep understanding of consumer needs/wants

Systematic monitoring, collection, and analysis into competetors

Gather primary data through observing relevant people, actions, and situations

Send obsservers to watch customers in their natural environments

Small carefuly chosen group to meet with a moderator to talk about product

Panel or community of engaged customers who mutually interact and take part in research projects

Gather primary data by selecting matched groups of particiapants and giving them different treatments, controlling unrelated factors and checking for diffrences

Cultural
Social
Personal
Psycological

Group that serve as points of comparison or refrence in shaping a person's attitude or behavior

Need Recognition
Info Search
Eval of Alternatives
Purchase Decision
Postpurchase Behavior

Awarness
Intrest
Evaluation
Trial
Adoption

Buisness demand that comes from the demand for consumer goods

All individiuals and units that play a role in the buisness buying process

Problem Recognition
General Need Description
Product Specifiaction
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specifacation
Performance Review