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Management and Organizational Studies
Management and Organizational Studies 1021A/B

MOS: Consumer Behaviour Chapter 1 Customer value: combnation of benefits received by consumers (price, convenience, quality) and service before and after purchase • Apple gives good benefits when you buy there product.Also there service is top quality. Target market: specific group that you product will be sold to.Ads should be prioritized to target this group. • Pro sports players using Nike gear entices athletic buyers Marketing Mix: 4 P’s. product price place promotion. Marketers must make sure there 4 P’s hit the target market and are easily accessible by buyers. • You wouldn’t put a 2 nd hand clothes store in Shaughnessy 4 P’s – PAGE 8 TEXT consumer behaviour Marketing process:1) identifying the needs of the market. 2) manage market mix (4 p’s) to meet these needs. 3) realize if it is profitable marketing: process of managing goods, services, or ideas to meet consumer needs. Includes conception of products, pricing, distribution, promotion.All done in order to create a profit Exchange: Trading of 2 goods. Usually money for a product or service. Sometimes products/services are traded with each other. Product: goods, services, idea. Marketed for people to buy or support(idea) Good: a product you can touch or own. Service: a product you cant touch but use. Ex) a movie, physio, holiday Idea: a concept usually looking for support Market: potential consumers with both willingness and ability to buy • Babies cannot buy baby products. The market is there parents Production orientation: done until 1930’s. Focusing organizational efforts on manufacturing of the goods. Consumer needs not a priority. Quality was usually low. Sales Orientation: 1930-1960. Focus on selling as many of the product as possible. Products were in abundance. Quality was improving Marketing Orientation: organizations should strive to meet consumer needs while still achieving organizations goals. (current) Marketing concept: companies focus on collecting info about customer needs and using it to meet those needs. Adds customer value. Relationship marketing: companies create long term links with customers, employees, suppliers to increase customer retention. (customers keep coming back for moar) Customer relationship management: (CRM) building/maintaining profitable customer relationships by giving good customer value and satisfaction. Cheaper than always finding new consumers. Corporate social responsibility: (CSR) companies do good things for the environment/donations to promote there company. People want to be associated with a “green” company. Helps build CRM. Societal Marketing Concept: Marketing programs that focus on the consumer and well-being of society. Similar to CSR. Promotion based off good acts. Recent areas of focus: CRM, CSR. Digital marketing, experiential marketing, partnership marketing, metrics Experiential marketing: holding events or online prizes, games, votes where consumers can interact with the brand. Makes consumers feel part of the brand. Partnership marketing: associations between brands to create business. Ex) Shoppers gives gift cards to ESSO if you spend lotsa mullah at shoppers. Promo partnerships:Aform of partnership marketing. Promotional offers between 2 brands. Ex) iCoke points can be spent on pizza pizza StrategicAlliance: form of partnership marketing. Focuses on long term. Ex) Scotiabank Visa cards lets you earn points when you spend money. Free movies for you. Metrics: Measuring and monitoring business performance. Collecting data to evaluate programs/recommend changes to companies. Can be very broad or specify a specific part of a business. Ethics: laws in place that stop companies from doing bad things. Like not having a recall on poorly made products or copyrighting. Canadian Marketing Association: (CMA) sets guidelines on business practices and ethics. Encourages legal marketing/ethics CHAPTER 2 NOTES Marketing Environment Marketing environmental Scan: acquiring information outside your business to find trends and oppurtunities or threats to a company. SWOT analysis: Strenghts, Weakness, Oppurtunities, Threats.Assessing internalAND external strengths/weaknesses to find what needs to be changed to benefit your business. Technological Factors: How changing technology is affecting the product and how it changes marketing practices People are very comfortable with the latest technology. Meaning it can expand further without losing people. Computers and the Internet are essential tools today and many people rely on them. Many people are multitasking with them. Comps are screen of choice for internet. Fastest changing industry. It is still fairly new and expanding rapidly. An education in computers could all change by the time you grad. Demographics: statistical study of populations.Age, gender, ethnicity, income, education, occupation Baby Boomer: Generation between 1946-1964. Came back from war. Fuckin like rabbits Gen X: 1965-1974. Not brand loyal. self reliant, educated Gen Y: 1975-1991. children of baby boom. Rely on internet, music, sports, computers Gen Z: 1992-present. Grown up with the internet/social media. Not brand loyal but word spreads fast on new products Each generation has different needs/wants that have to be met. Patterns and attitudes are separate. World markets: India+China 2.8 billion people. Future opportunities for people wanting to expand into foreign markets. Socio-cultural forces: What society is turning to. What is becoming popular and cool amongst the target audiences. Yoga and dieting suddenly became the craze, they benefitted from it Food: people are turning to healthier food options. Restraunts now display more healthy foods and have there calories/fat displayed on goods Health Fitness: People turning away from fast food and more into working out. New workout crazes are beginning. Pilates, spin class, crossfit, hot yoga, vitamins Environmental awareness: companies that do not “fight” global warming are getting it hard. Groups protest and people are being sued for harming the environment 30 years ago. Evolving gender roles: Male and females are becoming more equal. (WE STILLWIN). Women working more jobs. Males becoming more house oriented. Females are making more and more decisions so they have become a target audience in the past 20 years. Economy: Collective income, expenditures, resources that affect the cost of running a household/business Economic factors: Which groups purchase your product. Recssion proof? Macro economic forces: forces affecting the government and GDP as a whole inflation: money loses value and the price of everything becomes greater. Recession: times when the economy is doing poorly. Nobody wants to buy or spend money. People are fired from jobs ect Micro Econ Forces: supply and demand of goods and how it impacts individual people Gross income: amount of mullah made by a person in a year Disposable income: money after tax that people can spend on goods/services Discretionary income: money after taxes/basic needs. How much money can be spent on luxury items Competitive factors: Who is your competition in the market. What different about your brands and the differences in price. Direct competitor: pizza hut vs dominos Indirect competitor: pizza hut vs swiss chalet. Both restaurants. Different goods Monopoly: one company sells the product in a market Oligopoly: competition occurs where few companies control the market. Monopolistic Competition: Large # of sellers selling limited products Perfect Competition: many sellers selling identical products. No difference Regulatory factors: Which laws or copyrights could restrict a company from coming out with a new product, name, or marketing technique Regulations: restrictions put on marketing practices by a government or industry association Competition Bureau: Encourages fair competition. Stops misleading products/advertising. DNCL: (Do Not Call List): Telemarketers are unable to contact numbers placed on this list. SEE OTHER ORGANIZATTIONS** PAGE 48-49 Spam: Sending unwanted electronic messages to recipients. Chapter 3 Consumer behaviour: actions a person takes when buying or using a product service Purchase decision process: 5 stage process. Stages a buyer goes through when deciding what products/services to buy • problem recognition: finding a need of yours. • Information seeking: what product/service satisfies your need • Evaluating alternatives: which brand will best satisfy the need • purchase decision: going to purchase the product ◦ can be affected by the store or other factors that might change or delay the purchase • post purchase behaviour: product is compared the consumers expectations. Could alter a purchase in the future or maybe returned 1)psychological influencs 2)soci cultural influences Involvement: how much attachment a person gets to an object • toothpaste = low. Car = high. Either expensive, rare or affects personal image problem solving routine: regular choices that have little change on your life like which coffee shop you stop by on the way to work limited: making a change just to try something new.Ads, brands do affect it. (pg 60) Extended: 5 stages of purchase decision process takes place and items have lots of variance. Each with individual benefits. Usually high value purchases (house, car) GRAPH ON PAGE 59! perception - how a person sees the things around him. Corvette = show off OR prized possesion. Selective perception – the human brain chooses to only remember the important things and does not process everything selective exposure – hear only things that are consistent with your beliefs/personality (religion) selective comprehension – story about toro snow blower (pg 64) selective retention – you forget a lot of things just minutes after you hear it. Brochures or take home info is perfect perceived risk – anxiety felt when a person cannot anticipate the possible negative outcomes of a purchase stimulus generalization: new products with similar brand names. Ipod, iphone, Ipad. behavioural learning • drive – a need that moves someone to action ( hunger) • cue – a sign that you want somehting (grumbling stomach) • response – action taken to satisfy the want (make food) • reinforcement – the reward of the response (food was good) • negative reinforcement – negative effects of the response (that food made me feel sick) cognitive learning: learning through reasoning or observing otherss reactions attitude formation: responding to something in a consistent way beliefs: consumers perception on how a product/brand performs Attitudes can change • changing beliefs of the attributes of a brand/product • changing the perceived importance of attributes ◦ yoga and flexibility suddenly important. Burgers, not so much • adding new attributes to a brand soci-cultural inf
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