Understanding and targeting the marketplace
- 1. UNDERSTANDING AND TARGETING THE MARKETPLACE SINCLAIR COMMUNITY COLLEGE Foundations of Marketing
- 2. 5 STEPS OF THE CONSUMER BUYING PROCESS 1. Realization that there is an unsatisfied need 2. Search for information in order to satisfy that need 3. Assess different options available to them 4. Receiving the product and using it 5. Determine if they are satisfied on unsatisfied with the purchase
- 3. MARKETERS AND THE EFFECT THEY HAVE ON CONSUMERS If customers are pleased and content with purchases, marketers hope that this will in turn develop into customer loyalty and more profit for the company. If the customer is not pleased with the product there could be potential backlash on the company and negative comments on social media or other platforms. The marketing mix (price, promotion, product and place) are things that the marketer will have to make sure to advertise correctly and accurately in order to appeal to the most consumers Consumers face social, psychological and situational factors that go into making a decision to purchase a product If the marketer reaches the customer at the right time when wanting a need consumers are more likely to purchase.
- 4. TYPES OF B2B MARKETING Manufacturers or service providers Resellers Institutions Government
- 5. B2B PROCESS This process runs on a very structured process unlike the customer buying process. During the B2B process there are usually more than one types of people in the buying decision in order to complete the purchase.
- 6. 5 STEP CONSUMER PURCHASE DECISION 1. Recognition of a need 2. Information search 3. Alternative evaluation 4. Purchase Decision 5. Post Purchase Behavior
- 7. STRUCTURE OF THE B2B PROCESS • Initiator – Brings up the purchase • Influencer- How people think of the product and the final decision • Decider- determines one or more of the following: what, how or where to buy • Buyer- handles details of the purchase • User- Purchases the product, uses the product or consumes the product
- 8. Autocratic One person makes the decisions Democratic Majority rules Consensus All must come to an agreement
- 9. STRAIGHT REBUY NEW BUY MODIFIED REBUY Someone is buying a product for the very first time Someone has continuously bought the same product and is buying again Someone is rebuying the same product they normally buy however, with a slight modification
- 10. CONSUMER INFLUENCES Consumers have many social influences. Including, but not limited to, the people they are around, the people they look up to, leaders of a company or government official, experts in a particular field that the consumer is interested in, etc. Consumers can also be influenced by culture or the region of where they are located. Consumer can be influenced by their families when they remember that mom or dad bought something, they are more likely to go out and buy the same thing.
- 11. EXTENSIV E A purchase that requires comparison of options. Benefits vs Costs. Research that takes a substantial amount of time LIMITED A combination of both Routine involvement and Extensive involvement ROUTIN E A purchase that doesn’t require analyzation of other products. Consumer preference