Thursday, September 24, 2009

Consumer Behavior



This chapter focused on why we buy what we buy. There is a 5 step decision making process people go through when they buy things. The steps are recognizing the need, searching for information, evaluating alternatives, making the choice and last post-purchase disorder. Sometime people later question themselves about their purchase and there is a gap between the satisfaction they feel and what they expected. I did not know that this was an actual step people go through. I have often felt this way after buying something, especially something expensive. I use much higher effort when purchasing products that cost more money, even if I know I need them.

People buy products for many different reasons. Some are internal, others are social. Internal reasons include perception, motivation, learning, attitudes, among others. Social reasons are social class, group memberships and other belonging needs. I thought it was very interesting to learn that the temperature of a store can affect your purchase behavior! Psychographics are when companies use our activities, interests and opinions to divide us into market segments. I thought this was the most interesting chapter we have studied so far. I've never given much thought to why I buy the things I do, but next time I am shopping I will probably think about it!

The perfume bottle is a good example of something that would be high effort for me. I really want it but I don't want to spend the money to buy it. The sketchers ad shows reasons why people buy things...if you buy those shoes you can be sexy and Christina Aguilera wears them so you can be like her.


Marketing Research



Marketing research helps companies gather information to find ways to make their product grow. There are 7 steps in Marketing Research. Marketing information systems helps them know what info they need to gather and actions to gather it. There are 4 different ways to gather data in MIS: internal company data, marketing intelligence, marketing research and acquired databases. Marketing decision support system is different than MIS because it can be used to predict consumer behavior and looks for patterns and trends. Data mining is also part of this chapter. It involves sifting through data to create segments of consumers.

I thought that the picture on the left was funny and true in some cases. It seems like some companies believe in "exaggerating" to sell more of their product!

Monday, September 7, 2009

Marketing Planning Process





Business planning is an ongoing process where managers make decisions that guide a business. There are 3 levels of business planning: strategic planning, tactical planning, and operational planning. Strategic planning is what to do in the next 5 years and involves the mission statement. Tactical planning is for the next 1 to 2 years. Operational planning is about the day to day activities. The market is made up of stars, question marks, cash cows, and dogs.


Intro to Marketing




Marketing is finding what people need and finding a way to meet those needs. We see hundreds of brands everyday and exposed to lots just starting our morning. There are 4 P's of marketing: product, promotion, place and price.