STUDY FOR BUSINESS

Product Anything that can be offered to a market for attention, acquisition, sue, or consumption that might satisfy a want or need.

Choosing a Differentiation and Positioning Strategy for Product Some firms find it easy to choose a differentiation and their positioning strategy. For example, a firm well known for quality in certain segments will go for this position in a new segment if there are enough buyers seeking quality. But in many cased, two or more firms will go after the same position. Then, each will have to find other ways to set itself apart. Each firm must differentiate its offer by building a unique bundle of benefits that appeal to a substantial group within the segment.

Differentiation and Positioning of Product Beyond deciding which segments of the market it will target, the company must decide on a value proposition—on how it will create differentiated value for targeted segments and what positions it wants to occupy in those segments. Product Position The way the product is defined by consumers on important attributes—the place the product occupies in consumers minds relative to competing products. “Products are created in the factory, but brands are created in the mind, “says a positioning expert.

Read more »

Target Market A set of buyers sharing common needs or characteristics that the company decides to serve   Target Marketing Strategies Undifferentiated (mass) Marketing Differentiated (segmented) marketing Concentrated (niche) Marketing Micromarketing (local or individual) Marketing

Market Segmentation Dividing a market into smaller groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes. Segmenting Consumer Markets There is no single way to segment a market. A marketer has to try different segmentation variable, alone and in combination, to find the best way to view the market structure. Here we look at the major geographic, demographic, psychographic, and behavioral variables.

System Selling Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex situation.

Read more »

Business Market The business market is huge. In fact, business markets involve far more dollars and items than do consumer markets. For example, think about the large number of business transactions involved in the production and sale of a single set of Good year tires. Various suppliers sell Goodyear the rubber, steel, equipment, and other goods that it needs to produce the tires. Goodyear then sells the finished tires to retailers, who in turn sell them to consumers. Thus many sets of business purchases were made for only one set of consumer purchases. In addition, Goodyear sells tires as original equipment to manufacturers who install them on new vehicles, and as replacement tires to companies that maintain their own fleets of company cars, trucks, buses, or other vehicles.

Business Buying Process The decision process by which business buyers determine which products and services their organizations need to purchase, and then find, evaluate, and choose among alternative suppliers and brands.

Business Buyer Behavior "The buying behavior of the organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit."

Read more »

Developing the Research Plan   Once the research problems and objectives have been defined, researchers must determine the exact information needed, develop a plan for gathering it efficiently, and present the plan to management. The research plan outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather new data. a) Secondary Data “Information that already exists somewhere, having been collected for another purpose”

Read more »

Types of Buying Decision Behavior Buying behavior differs greatly for tube of toothpaste, and iPod, financial services, and a new car. More complex decisions usually involve more buying participants and more buyer deliberation. Types of consumer buying behavior based on the degree of buyer involvement and the degree of differences among brands.

Model of Consumer Behavior Consumers make many buying decisions every day. Most large companies research consumer buying decisions in great detail to answer questions about what consumers buy, where the buy, how and how much they buy, when they buy, and why they buy. Marketers can study actual consumer purchases to find out what they buy, where, and how much. But learning about the whys of consumer buying behavior is not so easy- the answers are often locked deep within the consumer’s mind. “For companies with billions of dollars on the line, the buying decision is the most crucial part of their enterprise,” states one consumer behavior analyst. “yet no one really knows how the human brain makes that choice.” Often, consumers themselves don’t know exactly what influences their purchases. “Buying decisions are made at an unconscious level.” Says the analyst, “and … consumers don’t generally give very reliable answers if you simply ask them, ‘Why did you buy this?”

Consumer Market All the individuals and households who buy or acquire goods and services for personal consumption

Consumer Buyer Behavior The buying behavior of final consumers-individuals and households who buy goods and services for personal consumption

Marketing Research The systematic design collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Exploratory Research Marketing research to gather preliminary information that will help define problems and suggest hypotheses.

Developing Marketing Information Marketers can obtain the needed information from internal data, marketing intelligence, and marketing research. Internal Data Electronic collections of consumer and market information obtained from data sources within the company network.