COMMON TEST QUICK NOTES MKT243  Selling concept

- idea that consumers will not buy

CHAPTER 1 :
enough
AN OVERVIEW OF MARKETING
- unless ; aggressive mktg, selling,
Def : Marketing promotion effort
(AMA) : the activity - set of institutions &
 Marketing concept
processes for creating, communicating,
- achieving organizational goals
delivering & exchanging offerings that
despite knowing needs and wants
have value for cust, clients, partners &
of TM
society.
- delivery satisfaction better than
competitors
(Kotler & Armstrong) : process - create
value for cust and build strong cust r’ships.
 Societal marketing
- make good mktg decisions by
(McDaniel, Lamb, Hair) : deliver value to
considering consumers’ wants,
cust for managing cust r’ships - benefit the
company requirements,
organization.
consumers’ & society’s long term
interests
Def : Marketing mix
set of controllable tactical mktg tools that
firm blends in order to produce response it
Def : Macroenvironment
wants from target market.
uncontrollable factors that influence an
organization’s decision making and affect
Elements of Marketing mix
performance & strategies.
- Product (what)
- Price (how much)
Importance of knowledge on MacroEnv.
- Place (where)
- essential for planning
- Promotion (advertising, publicity, sales)
- compete effectively
- identify opportunities & threats
Def : Marketing management
- take advantage of emerging strategy
the art & science of choosing target market
& building profitable r’ship.
Demographic factors :
Study of vital statistic ; age, gender, race,
MARKETING CONCEPTS
ethnicity, occupation & location
 Production concept
- available products and highly
Cohorts :
affordable
Tweens - 8 to 12
- internal capability of firm ;
Teens - 13 to 19
continuous improvement
Gen Z - 1995 to 2010
Gen Y - 1981 to 1995
 Product concept
Gen X - 1965 to 1980
- offer the most quality,
Baby boomers - 1946 to 1964 after WW2
performance & features
Economic factors :
Three economic areas (greatest concern) UNDERSTANDING CONSUMER
- Consumers’ incomes (purchase power) BEHAVIOR
- Inflation
- Recession Def : Consumer behavior
How consumer make purchase decisions -
Natural factors : use and dispose of the purchased G & S.
How organisation interact and how it affect
natural environments Factors influencing consumer buying
behavior
Technological factors :  Cultural factors
New tech enables creation of new - set of values, norms, attitudes &
product/market opportunities other meaningful symbols that
Eg : Research & development, global shape human behavior.
innovation - Culture, Sub-culture, Social class
- Values : enduring belief that a
Political & Legal factors : specific mode of conduct is
Limit activities/actions personally or socially preferable to
- Federal legislation (whole country) another mode of conduct.
- State laws (certain states) - Sub-culture : A homogeneous
- Regulatory agencies group of people who share elements
of overall culture
Social Cultural factors : - Social class : Group of people who
- Values, attitudes, lifestyle are nearly equal in status or
- Change taste, purchasing behavior, shift community esteem
priority
 Social factors
Competitive factors : Consumers interact socially with ref.
- Competition for profit & market share groups, opinion leader & family
- Global competition members to obtain product
information & decision approval.
o Family
o Role and status
o Reference groups :
membership group -
direct influence
aspirational group -
group that u wish to join

 Personal factors
- Personality : way of organizing and
grouping the consistencies of an
ind. reactions to situations.

CHAPTER 2 :
- Self-concept : how consumers perceive - can be affected by attitude of others,
themselves in terms of attitudes, unexpected situational factors
perceptions, beliefs & self-evaluation 5. Post-purchase decision
- Lifestyle : mode of living as identified by - Cognitive dissonance ; inner tension ;
person’s activities, interests & opinions when consumer recognize inconsistency
btwn their values/opinions and their
 Psychological factors behavior
- Perception : process of selecting, - The larger the gap btwn expectations
organizing & interpreting stimuli the greater the dissatisfaction.
into a coherent picture. - Reduce dissonance ;
- Motivation (motives) : driving force
Consumer can Marketer can
that cause a person to take action to
o Justify decision o Send postpuchase /
satisfy specific needs.
o Seek new info ty letter
- Learning : process that creates
o Avoid o Guarantees/
changes in behavior, immediate or
contradictory Warranties
expected through experience/practice.
info o Display products
o Return product superiority in ads

Consumer buying decision-making

process
1. Recognition of need
- Marketing helps consumers
recognize an imbalance between
present status and preferred state
- Stimulus ; any unit of input
affecting one or more of the 5
senses (sight, smell, taste, touch,
hearing)
2. Information search
- Sources of information :
Personal (fam & friends),
Commercial (ads), Public (mass
media, consumer), Experiential
(handling, examining)
3. Evaluation of alternatives
- Cutoffs ; Narrow down
number of choices
- Evoked/consideration set ;
group of brands resulting from
information search
4. Purchase decision