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Lecture 9

MGMT 1000 Lecture Notes - Lecture 9: Brand Loyalty, Marketing Mix, Rolex


Department
Management
Course Code
MGMT 1000
Professor
Kathleen Rodenburg
Lecture
9

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Marketing: The activity for creating, communicating, delivering and exchanging offerings that
benefit the organization, its stakeholders and society at large
Requirements for Marketing to Occur:
- Two or more parties with unsatisfied needs
- Desire and ability to satisfy these needs
- A way for the parties to communicate
- Something to Exchange
Marketing:
- A process of developing and implementing a strategy to plan and coordinate ways to
identify, anticipate and satisfy consumer demands, with an over-riding objective of
maximizing profits
Marketing Strategic Planning Process:
It is this strategic planning process that lies at the heart of marketing
1. Situation Analysis
2. Marketing Objectives
3. Marketing Strategy
4. Marketing Tactics
Strategic Marketing Process (Detailed)
The Planning Phase (3 step process)
Step 1: Situation Analysis
- Internal Analysis
- External Analysis
- Consumer Behaviour
- SWOT Analysis
Step 2: Set marketing and product goals
- Select target markets
- Find points of difference
- Position the product
- Set financial target
Step 3: Marketing Program
- Product Strategies
- Price Strategies
- Promotion (including participation) strategies
- Place (distribution) strategies

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STEP 1: SITUATION ANALYSIS
- Internal Analysis
- External Analysis
- Consumer behaviour
- SWOT Analysis
1. The situational Analysis: Identifying and Discovering Consumer Needs
Consumer Behaviour: The actions a person takes in purchasing and using products and
services, including the mental and social processes that precede and follow these actions
Study Consumer Behaviour
The Purchase Decision Process
- A decision process underlies the visible act of making a purchase
- The purchase decision process is a series of stages a buyer passes through in making
decisions about which products and services to buy
The purchase decision process consists of 5 stages
- Problem Recognition: Perceiving a need
- A perceived difference between a person’s ideal and actual situation big enough
to trigger a decision

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- Information Search: Seeking value
- Serves to clarify the options open to the consumers and may involve two steps:
- Internal search
- External search
- Alternative Evaluation: Assessing Value
-
Objective Attributes
Subjective Attributes
Picture quality
Reputation of Apple vs Blackberry
Capability with other media
What does it say about me if I carry an
iphone vs a blackberry?
Communication features
Cool factor?
- Purchase Decision: Buying Value
- When to buy and from whom to buy
- The purchase decisions involves judging the alternatives and is often influenced
by seller characteristics and incentives provided by sellers at the point of
purchase
- Post-Purchase Behaviour:
Value in Consumption or use
- Cognitive Dissonance: Post purchase psychological tension or anxiety
Influences on the consumer purchase decision
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