1 6 Analyzing Consumer Markets Chapter Questions How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How do consumers make purchasing decisions? In what ways do consumers stray from a deliberate rational decision process? Copyright © 2012 Pearson Education 6-2 Consumer Behavior Copyright © 2012 Pearson Education 6-3 What Influences Consumer Behavior? Cultural Factors Social Factors
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Question 1 Describe the 7 Ps of marketing and provide examples with which you are familiar. Question 2 Discuss the importance of the ‘marketing mix’ to the success of a firm. 7Ps of marketing: Philip Kotler elaborated McCarthy’s (1960) traditional marketing mix; according to him it consists of 4Ps namely Product‚ Price‚ Place and Promotion. These 4Ps of marketing mix were considered as the main areas where marketing managers try to use limited business resources to achieve their objectives
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Marketing 11e Armstrong/Kotler Company Case 6‚ “Darden Restaurants: Balancing Standardization and Differentiation.” (p. A10)‚ Question 1 Behavioral Segmentation - The sit-down market segment has been experiencing a decline in the number of customers who are patronizing to sit-down style restaurants such as those owned by Darden. It is believed that this is a result of the economic decline may be prompting customers to be more careful in the use of their discretional income. Geographic Segmentation
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Is Marketing Management an artistic exercise or a scientific exercise? The marketing concept focuses on customer analysis‚ competitor analysis‚ and integration of the organisation’s resources to provide customer value and satisfaction‚ as well as long-term profits (Pride et al. 2007‚ p. 13). To gain customer’s satisfaction‚ organisations need to respond to ever-changing customer needs in a timely manner. Being too concerned about the analysis result has a risk of giving marketers a narrow view
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International Marketing and Marketing Research Compare the advertising campaigns (message‚ media‚ target audience...)which company may use a) to launch new product b) to support a long established product whose sales are slowly declining Introduction Due to new challenges which business organisations encounter in ever changing environment‚ the present marketing must focus on much more than creating new products or services. It is
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information to customers easily. * MARKETING * What is marketing? * Creating consumer wants & satisfying it * Finding ways to satisfy customers effectively & efficiently. * Is to be defined as value delivering process. * Definition * Kotler “Marketing is a social & managerial process by which individuals & groups obtain what they need and want through creating‚ offering and exchanging products of value with others”. * AMA “ Marketing is the process of planning & executing
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2.1 Define segmentation (using more than just the textbook’s definition) According to Kotler et al. 1999‚ a market segment consists of consumers who respond in a similar way to a given set of marketing stimuli. Segmentation is the analytical dissection of a set of customers that possess the same attributes. A group of people would be divided into subsets based on their segmentation variables that are Geographic‚ Demographic‚ Psychographic and Behavioural (Cyr‚ Donald and Douglas Gray 2009). Market
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In Chris Bilton’s book‚ Management and Creativity: From Creative Industries to Creative Management‚ the author argues that simply allowing employees total freedom will not result in increased creativity and innovation. In fact‚ he claims that‚ “Contrary to the myth of the self-motivated‚ creative worker and the ideology of neo-liberal management‚ managerial intervention can play a significant part in the creative process.” (Bilton‚ 2007‚ p. 86). Bilton researches into how the relationship between
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Manual on Elective III – Hospitality Marketing By Amy Tan‚ Ph.D. Eliza Ching-Yick Tse‚ Ph.D. Cynthia Ling Wong‚ M.S. School of Hotel and Tourism Management The Chinese University of Hong Kong Hospitality Marketing Copyright © The Government of the Hong Kong Special Administrative Region All rights reserved. The copyright of this manual belongs to the Government of the Hong Kong Special Administrative Region. Commercial use is strictly prohibited. Offenders will be liable to legal
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The Strategic Marketing Management Analysis of Lenovo Group Wang‚ Wen Cheng‚ Dept. of Business Management‚ Hwa Hsia Institute of Technology‚ Taiwan Chu‚ Ying Chien‚ Department of Tourism and Leisure‚ National Penghu University‚Taiwan Chen‚ Ying Chang‚ Department of Hotel and Restaurant Management‚ Ching Kuo Institute of Management and Health ABSTRACT In recent years‚ market competition in the market economy is fierce‚ the different economic performances and behaviors based on the enterprises’
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