Business Markets Defining Business Marketing Business marketing includes all activities involved in communicating the value of a business’s products and services to another business. LEARNING OBJECTIVES Define business marketing KEY TAKEAWAYS Key Points Business marketing is often directed to individuals within an organization, who act on behalf of the needs of the organization. Business-to-business marketing involves any products or services a company purchases to resell, use as components in their… Read More »Business Marketing

Consumer Experience Factors Influencing Experience, Involvement, and Satisfaction The main factors that influence experience, involvement, and satisfaction with a product are personal, social, object and situational. LEARNING OBJECTIVES Explain the factors influencing the consumer experience, involvement and satisfaction KEY TAKEAWAYS Key Points A person’s perceptions, beliefs, attitudes, and values can substantially influence his or her experience and involvement with products. Personal or individual factors can also serve as strong influences,… Read More »Consumer Experience : Factors Influencing Experience, Involvement, and Satisfaction

Social Influences on the Consumer Decision Process Roles Consumers have different roles in purchasing products and services, and these roles can influence their buying behavior. LEARNING OBJECTIVES Describe the different types of consumer roles KEY TAKEAWAYS Key Points Influencers are people who have a relatively large audience in which to tout their beliefs. In the consumer world, influencers can impact the success or failure of a product by using it… Read More »Social Influences on the Consumer Decision Process

Influences of Personality on the Consumer Decision Process Perception Perception in marketing is described as a process by which a consumer identifies, organizes, and interprets information to create meaning. LEARNING OBJECTIVES Describe the characteristics of perception as a part of the consumer buying decision process KEY TAKEAWAYS Key Points Perception is a psychological variable involved in the Purchase Decision Process that is known to influence Consumer Behavior. elective Perception is… Read More »Influences of Personality on the Consumer Decision Process

Purchase During the purchase decision stage, the consumer may form an intention to buy the most preferred brand or product. LEARNING OBJECTIVES Examine the “purchase decision” stage of the Consumer Decision Process KEY TAKEAWAYS Key Points During this time, the consumer may form an intention to buy the most preferred brand because he has evaluated all the alternatives and identified the value that it will bring him. The final purchase… Read More »Purchase : Consumer Decision Process

Information Search Information Search is a stage in the Consumer Decision Process during which a consumer searches for internal or external information. LEARNING OBJECTIVES Examine the “information search” stage of the consumer decision process KEY TAKEAWAYS Key Points During the information search, the options available to the consumer are identified or further clarified. An internal search refers to a consumer’s memory or recollection of a product, oftentimes triggered or guided… Read More »Information Search

The Consumer Decision Process Need Recognition Need recognition occurs when a consumer identifies a need and thinks of a product that might meet this need. LEARNING OBJECTIVES Identify need recognition as part of the consumer decision making process KEY TAKEAWAYS Key Points The 5 stages which a consumer often goes through when they are considering a purchase: problem or need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior.… Read More »The Consumer Decision Process

Positioning Bases By using customer research and perceptual mapping, a marketer can create a positioning statement using one of the three main bases. LEARNING OBJECTIVES Examine positioning and the strategy behind it relative to competitive perceptual positioning KEY TAKEAWAYS Key Points Functional Positions deal with solving a problem, providing benefits and getting a favorable perception from investors, stockholders and consumers. Symbolic Positions deal with self- image enhancement, ego identification, belongingness,… Read More »Positioning Bases

Competitive Perceptual Positioning Perceptual Mapping Perceptual mapping is a graphic display explaining the perceptions of customers with relation to product characteristics. LEARNING OBJECTIVES Evaluate the concept of perceptual mapping as part of competitive perceptual positioning KEY TAKEAWAYS Key Points Perceptual maps help marketers understand where the consumer ranks their company in terms of characteristics and in comparison to competing companies. Perceptual maps can display consumers’ ideal points that reflect their… Read More »Competitive Perceptual Positioning

Selecting Target Markets Strategic targeting can optimize the return on investment by selecting the best segments in the market for return on investment. LEARNING OBJECTIVES Recognize the importance of segmentation and how to translate data into smart decisions KEY TAKEAWAYS Key Points Identifying optimal segments within the broader market can improve the efficiency of both paid and organic marketing initiatives. Selecting the right segments relies heavily on good data. The… Read More »How To Select Targeted Groups : Selecting Target Markets