Bus 2000 Sec3

Products, Pricing, Place, Promotion

an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in a way that benefit the organization and its stakeholders

students and stake holders(compaines)

(B2C)

(B2B)

because each company is supplied by another company supplying another company . B2b is just straight form business to consumer. Many baruch graduates find jobs in b2b

Create value for customers and build customer relationships

is a key in keeping loyal customers , once customers switch products they often don't return

encountering something new that makes you seek more

satisfaction is low

satisfaction is high

expectation will be as well, then its difficult to satisfy wants and needs

where people get products

focuses on Customer needs with integrated marketing while the selling concept focuses on the selling and promoting

Product

The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

The entire stream of purchases that the customer would make over a lifetime of patronage

The share a company gets of the customers purchasing in their product categories

Global marketers need to become sensitive to cultural biases that influence their thinking, behavior , and decision process

people's unconscious tendency to resort to their own cultural experience and value systems to interpret a given business situation

feeling of one's own cultural superiority and Tend to adhere to the way headquarters are doing business

We erase our prior experience and then try to absorb the different cultures (Creates the problem for the headquarters, can struggle to communicate)

Try to minimize the det of reference criterion just look at norms, needs and wants

Walmart, Amazon, Apple
Marketing Analytics

was a software company in south carolina they grew into a analytics company creating a system to analyze data from different angles to they can feed information to ,doctors, accountatins, marketing people

information on research data about consumers

it could have destroyed people jobs but now companies are making major investments into Ai

Market Segmentation , Targeting, Positioning

focus on particular segment after identify the segments in that market

Select the segment to cultivate,and Determine which segment is better for your company

Cognitive biases (eg self reference criterion),
Prospect theory (loss aversion theory),
Behavioral economics( humans are not rational) vs rational choice theory (humans are rational)
Kahneman got nobel prize

Divide the market into segments of customers Within each section people are very similar to each other

Geographic, Demographic, Psychographic , Behavioral

Segments, niches, Local areas, Individuals

they taylor product recommendations to each individual user

Started as a very unique rental car company . First provided cars for repair shop loaners and got payed through insurance.

Saw Empty spot in the market making baby products for people with sensitive skins not modifying 4Ps

Look at how people behave ex. Good saver, cat lover, enjoys holidays , soccer fan

the behavior when buying more expensive items (ex car), going through steps before making the decision

reducing buying behavior, post purchase dissonance after the purchase you have dissonance
Low Involvement

you get bored buying the same thing so you try to buy something else (ex coke or pepsi)
Positioning Differentiation

Core benefit or service, Design/Packaging/ features, Installation/ Warranty/ After sale Service

"In the factory, we make cosmetics; in the store we sell hope."

Lengthen beyond current range

Lengthen within current range

Selling entire lines of a specific product

A name , term, symbol or design , meant to To identify the goods or service and to differentiate them from competitors

New to the world, New product lines, additions ,improvements, Repositionings ,Cost reductions

a new product

Youtubers,

high income individuals who like to try new products first and the key segment

well educated , enjoy communicating with others

less sales

more sales

adding a standard markup to the cost of the product (Final price is close to cost)
Target Profit Pricing (Break even Analysis)

Market Skimming and Market Penetration

Set a high price for a new product to "skim" revenues layer by layer form the market (Firm makes fewer but more profitable sales)

Set a low initial price in order to "penetrate" the market quickly and deeply (High risk high return later type of strategy)

Most companies cant create a new channel of distribution they must use existing sources (Unless they are Amazon)

Manufacturer> Wholesaler> Retailer > COnsumer

Product and service producer are bypassing intermediaries and going directly to final buyers

Companies get so big they wipe out stories they are competing with

Product are released amd pushed to retailers stores get incentives

Short term and doing it once a month or once a quarter generates a surge in sales

"press kit" and send "media kit" to media companies to talk about new products and investments

The only direct contact point with the customers (ex. Baristas)

Direct connections with targeted individuals consumers to obtain an immediate response and cultivate lasting customer relationships

Has stores and online presence

only or mainly online companies

Google, Amazon, Facebook, Apple

Disruptive innovatio

Getting you to buy into the ecosystem, To build barriers against the competitors

If people are using the same device then we can connect to each other