KENTON LARSEN

What is Marketing?

Marketing is:

Product, place, price, promotionGoods and servicesExchangesTo satisfy wants and needs In order to…MAKE MONEY

Utility

The ability to satisfy consumers’ wants and needs: Glamour Sex appeal Status Functionality Form – tangible Task – service Possession – “for sale” Time/place – where and when consumers want it.

Psychology

Exchanges: based on “value”

Perception: based on “equal exchange”

Satisfaction: based on prior experience

Customers

Current: buy the product

Prospective: considering buying the

productOpinion leaders:

influence others to buy the product

Markets

Consumer: buy for their own use

Government: buy for civic, provincial, federal use

Local/Regional/International:Business:

Resellers – buy to resell Industrial – buy to build something else

Marketers

True or false: Everybody sells.

Men Without Hats - Everybody's Selling Something

Marketer: Anyone with an idea, product, or service to sell.

Consumer psychology

Personal processes: Perception – learning – motivation

Interpersonal influences: Family – Society – Culture

Non-personal influences: Time – Place – Environment

Purchase decisions: Alternatives

Post-purchase feelings: Positive or negative

Personal processes

Perception: the product exists.

Learning: the product is compelling.

Persuasion: you need to buy the product.

Motivation: you need to buy it now!

Learning and persuasion

Learning: Change in thought or behavior caused by experience.

Persuasion: Change in thought or behavior caused by promotional

activities.

Persuasion

Central route: High involvement.

Peripheral route: Low involvement.

Most advertising is peripheral: People don’t pay close attention to ads, unless they

deeply desire the product, are considering buying it, or have already bought it.

Interpersonal influences

Family: Early, long-lasting influence

Society: Opinion leaders, reference groups

Cultural: Needs and wants handed down from generation to

generationHeroes:

Celebrities, sports figures, etc.

Non-personal influences

Time: When do you need the product?

Place: Where?

Financial: Can you afford it?

Social: Will you be rewarded for buying it?

Political: Will the GST stop you from buying it?

Economic: Good or bad economy?

The purchase decision

Evoked set: The brands you mull over

Evaluative criteria: Your standards

Purchase decision: Buy, don’t buy, think about it

Cognitive dissonance

Why did I buy this #@$!?Justifying behavior, usually after you make a

purchase. The more costly the exchange, the greater the

dissonance. The more satisfying, the less the dissonance. Form long-term brand perceptions: positive and

negative.

Sources

All images: from Microsoft PowerPoint clip art, 2008Song: Doroschuk, I. (1989). Everybody's Selling

Something. In YouTube. Retrieved June 16, 2012, from http://www.youtube.com/watch?v=jivSbcj82tA.