Ch.11 Building Customer Relationships Through Effective Marketing PDF

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David Herst...

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Ch.11 Building Customer Relationships Through Effective Marketing

Market Segmentation approach (ppt27) Group of indiv or organizations within a market that share one or more common characteristics Ex. Demographic - age, gender, race ; Psychographic - Personality,Motives, lifestyles ; Geographic - Region, climate city size ; Behavioristic

Developing a Marketing Plan Marketing Plan - Written document that specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group Well-written marketing plan: Helps establish a unified vision for an organization, used for communication among employees, covers responsibilities, tasks and scheduled

Market Measurement and Sales Forecasting Sales Forecast: Estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of market effort

Marketing Research Process of systematically gathering, recording, and analyzing data concerning a particular marketing problem Six Steps: #1 Define a Problem; #2 Make a preliminary investigation; #3 Plan the research; #4 Gather factual information #5 Interpret the information; #6 Reach a conclusion

Marketing Research: Gathering Data Primary Data- In-depth information gathered by marketers from their own research Ex. your found data Secondary Data - Existing data that has previously been collected by sources like the government Ex. no expense and is easily accessible , doesn't always provide all the needed information for marketers

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Types of Buying Behavior Buying Behavior- Decisions and actions of people involved in buying and using products Consumer buying behavior - Purchasing of products for personal or household us, not for business purpose -Consumers’ buying behavior differ for different types of products Business Buying Behaviour - Purchasing of products by producers, resellers, governmental units, and institutions -Consider a products quality, price and service provided by suppliers -Better informed than consumers about products and generally buy in larger quantities -Committee or group decided on purchase

Consumer Buying Power Personal income: The income an individual receives from all sources less the Social Security taxes the individual must pay Disposable income - Personal income less all additional personal taxes Discretionary income- Disposable income less savings and expenditures on food, clothing, and housing Of particular interest to marketers due to choice of how to spend it Blahhhhhh

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