1 UNDERSTAND THE ROLE OF MARKETING IN BUSINESS. ESSENTIAL STANDARD 3.00
2 UNDERSTAND BUYING BEHAVIORS. OBJECTIVE 3.02
TOPICS Marketing Strategy Consumer Decision-Making Process Major Sources of Consumer Information Shopping Locations 3
MARKETING STRATEGY What does a marketing strategy provide for a business? Two steps of a marketing strategy: 1.Identify a target market 2.Create a marketing mix 4
MARKETING STRATEGY CONTINUED Steps in the consumer decision-making process: 1.Recognize a need or want 2.Gather information 3.Select and evaluate alternatives 4.Make a purchase decision 5.Determine the effectiveness of the decision 5
6 MAJOR SOURCES OF CONSUMER INFORMATION
PRODUCT TESTING ORGANIZATIONS Test products and services to detect benefits. Examples – Underwriter Laboratories – Association of Home Appliance Manufacturers – Consumers Union (Independent testing organizations) 7
MEDIA SOURCES Provide specific information about products and services. Types of media sources: Print Examples Magazines Newspapers Broadcast Organizations Examples Radio Television Internet 8
GOVERNMENT AGENCIES Inform consumers and may handle consumer questions. Types Federal State Local What are some ways that government agencies protect people? 9
BUSINESS SOURCES Business sources are available as a public service and to sell products and services. The main function of advertising is to sell. Types Product labels Customer Service Departments Better Business Bureau (BBB) 10
BUSINESS SOURCES CONTINUED What kinds of information has anyone obtained from an advertisement ? How was the information obtained from the advertisement used? What product label has someone used recently? How was the information obtained from the product label used? 11
PERSONAL CONTACTS “Word of mouth” advertising. How do you use personal contacts to learn about new products? 12
13 SHOPPING LOCATIONS
TRADITIONAL RETAILERS Department Stores What is a department store ? What are some examples? Provide some examples in notes sections Discount Stores What is a discount store ? What are some examples? Provide some examples in notes sections Specialty Stores What is a specialty store ? What are some examples? Provide some examples in notes sections 14
TRADITIONAL RETAILERS CONTINUED Supermarket What is a supermarket ? What are some examples? Provide some examples in notes sections Convenience Store What is a convenience store ? What are some examples? Provide some examples in notes sections 15
CONTEMPORARY RETAILERS Specialty Superstores What is a specialty superstore ? What are some examples? Provide some examples in notes sections Superstores What is a superstore ? What are some examples? Provide some examples in notes sections 16
CONTEMPORARY RETAILERS CONTINUED Warehouse Club What is a warehouse club ? What are some examples? Provide some examples in notes sections Factory Outlets What is a factory outlet ? What are some examples? Provide some examples in notes sections 17
NON-STORE SHOPPING What is non-store shopping ? What are some examples of non-store shopping opportunities? Provide some examples in notes sections Another example is vending machines. What are vending machines? What are some examples of vending machine shopping opportunities? Provide some examples in notes sections 18