1. CHAPTER 8 DISCUSSION QUESTIONS 1) What is guerrilla marketing? 2) Define "target market" & explain how small businesses can pinpoint their target markets. 3) Define "demographics.” 4) Define “market research” & state the objective of market research. 5) Explain what “branding” is. 6) What are the 4 major elements of a marketing strategy?
3. MARKETING -”THE PROCESS OF CREATING & DELIVERING DESIRED GOODS & SERVICES TO CUSTOMERS.” MARETING CONCEPT -ACHIEVING ORGANIZATIONAL GOALS DEPENDS ON KNOWING THE NEEDS & WANTS OF OF TARGET MARKETS AND DELIVERING THE DESIRED SATISFACTIONS.
7. Yawning is a surprisingly powerful act. Just by reading the two yawns in the previous two sentences--and the two additional yawns in this sentence--a good number of you will probably yawn within the next few minutes. Even as I'm writing this I've yawned twice. If you're reading this in a public place, and you've just yawned, chances are that a good proportion of everyone who saw you yawn is now yawning too, and a good proportion of the people watching the people who watched you yawn are now yawning as well, and on and on, in a ever-widening, yawning circle. Yawning is incredibly contagious. I made some of you reading this yawn simply by writing the word "yawn". The people who yawned when they saw you yawn, meanwhile, were infected by the sight of you yawning--which is a second kind of contagion. They might even have yawned if they only heard you yawn, because yawning is also aurally contagious: if you play an audio-tape of a yawn to blind people, they'll yawn too. And finally, if you yawned as you read this, did the thought cross your mind--however unconsciously and fleetingly--that you might be tired? I suspect that for some of you it did, which means that yawns can also be emotionally contagious. Simply by writing the word, I can plant a feeling in your mind.
16. TARGET MARKET -”A GROUP OF CUSTOMERS WITH SIMILAR NEEDS THAT FORMS THE FOCUS OF A COMPANY’S MARKETING EFFORTS.” -IF YOU ATTEMPT TO REACH EVERYONE, YOU WILL END UP REACHING NO ONE. -MARKETING EFFORTS MUST BE PRECISELY FOCUSED ON THE GROUP(S) OF EXISTING & PROSPECTIVE CUSTOMERS WHO ARE MOST LIKELY TO BUY YOUR PRODUCTS/SERVICES.
17. DEMOGRAPHICS -THE STATISTICAL CHARACTERISTICS OF HUMAN POPULATIONS USED TO IDENTIFY MARKET SEGMENTS. -AGE -INCOME -SEX -EDUCATION -RACE -EMPLOYMENT PSYCHOGRAPHICS -VARIABLES CLASSIFYING POPULATION GROUPS ACCORDING TO PSYCHOLOGICAL VARIABLES. -INTERESTS -VALUES -LIFESTYLE
23. 1) CUSTOMER AWARENESS -COMPANIES UNDRSTAND THAT A CUSTOMER IS OUT THERE, BUT THEY KNOW LITTLE ABOUT WHO THEY ARE. -COMPANIES VIEW CUSTOMERS IN THE MOST GENERAL TERMS, & DO NOT REALLY UNDERSTAND THE BENEFIT OF CLOSE CUSTOMER RELATIONSHIPS.
24. 2) CUSTOMER SENSITIVITY -A WALL STANDS BETWEEN THE COMPANY & ITS CUSTOMERS. -THE COMPANY DOES NOT SOLICIT FEEDBACK FROM ITS CUSTOMERS.
25. 3) CUSTOMER ALIGNMENT -COMPANIES UNDERSTAND THAT CUSTOMERS PLAY A CENTRAL ROLE IN THE SUCCESS OF THE COMPANY. -COMPANIES SEEK FEEDBACK FROM CUSTOMERS THROUGH: -SURVEYS -FOCUS GROUPS -CUSTOMER VISITS
26. 4) CUSTOMER PARTNERSHIP -COMPANIES EMBRACE A CUTOMER SERVICE ATTITUDE AS PART OF ITS CULTURE. -CUSTOMERS BECOME PART OF ALL MAJOR DECISIONS. -THE FOCUS IS ON BUILDING LASTING RELATIONSHIPS WITH THE COMPANY’S BEST CUSTOMERS.* *80-20 RULE (PARETO PRINCIPLE) -80% OF A COMPANY’S SALES COME FROM 20% OF THEIR CUSTOMERS.
27. THE MARKETING MIX (4 P’S) PRODUCT PLACE PRICE PROMOTION -ALL FOUR P’S MUST REINFORCE THE IMAGE OF THE PRODUCT/SERVICE THE COMPANY REPRESENTS TO THE POTENTIAL CUSTOMER.
31. PROMOTION -INVOLVES BOTH ADVERTISING & PERSONAL SELLING. ADVERTISING: -COMMUNICATES TO CUSTOMERS THE BENEFITS OF A PRODUCT/SERVICE THROUGH SOME MASS MEDIUM (TV, PRINT, RADIO, WEB). PERSONAL SELLING: -THE ART OF PERSUASIVE SALES ON A ONE-TO-ONE BASIS.
