hafgh

• Today's consumers have access to more information and choices than ever before
• Marketing


  An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
• Marketing tries to help us cut through the clutter, get our needs met and develop loyalty with brands
• Marketing is the link between the organization and the people who buy and use its goods and services
• Marketing is the path to developing loyal, long-term customers
• What marketing is about

  • Discovering unmet customer needs
  • Researching potential markets
  • Producing a product (or service) capable of satisfying targeted customers
  • Promoting, pricing, and distributing (aka place) that good or service
• Marketers must capture consumers' attention...and their hearts
• Marketing examples


  • Nike's highly effective slogan
  • PETA's shock tactics for cause marketing
  • McDonald's billboard ad with slogan
  • McDonald's Happy Meal aimed at kids
  • Coke's guerilla and experiential marketing using a bus stop
• There has been a shift from a sellers' market to a buyers' market
• Marketing Mix


  A blending of four strategies to fit the needs and preferences of a specific target market: Product strategy, Distribution (Place) strategy, Promotional strategy, Pricing strategy
• Target market


  The group of possible customers, with shared characteristics, that an organization directs its marketing efforts toward
• Example of a target market

  • Girls 14-16 years old living in West Island of Montreal that have disposable income, like to shop with friends, and are active in sports
• B2B


  Business to business
• B2C


  Business to consumer
• Marketing research


  The process of collecting and evaluating information to help marketers make effective decisions
• Big Data


  Information collected in massive amounts and at unprecedented speed from both traditional and digital sources
• Market Segmentation


  The process of defining and subdividing a large homogeneous population into specific and identifiable segments or groups that have similar characteristics, needs, wants and respond similarly to marketing
• Ways to segment the market

  • Geographical
  • Demographic
  • Psychographic
  • Product-Related
• Criteria for creating market segments

  • Measurable
  • Accessible
  • Sizeable or Substantial
  • Unique or Differentiable Needs
• Consumer Behaviour


  The activities of end consumers that are directly involved in obtaining, consuming, and disposing of products, and the decision processes before and after these activities
• Consumer Behaviour is the study of how people make purchase decisions to satisfy their needs, wants, or desires and how their emotional, mental, and behavioral responses influence the buying decision
• Determinants of Consumer Behaviour

  • Personal factors: needs and motives, perceptions, emotions, attitudes, learned experiences, self-concept
  • Interpersonal factors: cultural, social, and family influences
• Examples of Consumer Behaviour

  • Hoarding during pandemic is example of consumer behaviour driven by emotion (fear)
  • Sophia only shops on Sunday to save time
  • Renaud buys new menswear for travelling to feel confident and stylish
  • Many shoppers experience euphoria when shopping
• Steps in the Consumer Decision-Making Process

  • Buying a simple cup of coffee
  • Buying an expensive used car
• Relationship Marketing


  Develops and maintains long-term, cost-effective exchange relationships with partners including individual customers, suppliers, and employees, with the ultimate goal of achieving customer delight
• Lifetime value of a customer

  Revenues and intangible benefits (such as referrals and customer feedback) from the customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer
• Loyalty = Lower costs, higher profits, and protection against competitors for the business
• Tools for Nurturing Customer Relationships

  • Frequency marketing (loyalty programs)
  • Affinity programs
  • Co-marketing
  • Co-branding
• Examples of customer relationship tools


  • Co-marketing
  • Co-branding
  • Affinity Program
  • Frequency marketing
  • Co-branding success: Yeezy
• One-to-One Marketing


  Customizing products and marketing and rapidly delivering goods
• Customer relationship management (CRM) software


  Helps companies gather, sort, and interpret data about specific customers
• Building blocks of a marketing strategy


  • Study and analyze potential target markets and choose among them
  • Create a marketing mix to satisfy the chosen market
• Product

  A bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants
• Consumer goods categories

  • Convenience products
  • Shopping products
  • Specialty products
• Convenience goods


  Frequent with little effort
• Shopping goods


  Relatively infrequent with much effort and planning and comparison of brands on price, quality, and style
• Specialty goods

  Infrequent, special purchase effort, usually strong brand preference and loyalty, little comparison of options, little price sensitivity
• Unsought product

  Infrequent with little product awareness and knowledge or little interest
• Examples of consumer goods and services

  • Car towing, burial services, life insurance
  • Luxury goods, antiques, wedding dress, certain types of cars
  • Sofa, furniture, clothing, electronics, and appliances
  • Snacks, coffee, bread, milk, toothpaste, soap, eggs
• Services

  • Intangible
  • Perishable
  • Difficult to standardize
  • Service is inseparable from provider