Class notes
Complement Foundation of marketing
- Course
- Institution
Complement document published previously on basic marketing principles
[Show more]
Seller
FollowCyndie
Content preview
Suite Foundation marketingOften, those with goods chase those with money OR we can undersatnd consumer wants,
and te only way to do this is conducting market research. Only the consumer can tell about
the answer.
Once we found out what the consumer wants, we can satisfy its needs.
The consumer
People are different in a market and among all these people you will find your consumer.
The consumer as an individual:
– self-concept & self image = by the prodct and the brand I consume I will cnvey a
specific image of myself
– needs : I have some disconforts and I need some solutions for that so I need to
satisfy my needs. In the market I will find different solutions to satisfy my need but I
will have some preferences.
– motivations:
– perception
– attitudes
– learned behaviour
Pyramid of Maslow:
1) Physiological needs: people need to drink, eat, sleep
2) Safety: insurance, organic product (for marketing)
3) Needs of love and belonging => we belong to groups and we want to be valued
4) Esteem : we play an important role in the groups we belong to
5) Self-actualization : we always want more and better.
Nowadays, people are buying product to belong to other groups : 3)
Marketing can not create new needs but it can address them.
AIDA:
Awareness > Interest > Desire > Action
Decision making
It is an all process:
Problem recognition > Information search (internal or external research) > Evaluation of
alternatives > Purchase decision > Post-purchase behavior
Influences on decision making
There are several inflences on the consumer decision making process:
1) Social environment (culture, reference groups, social class)
2) Individual circumstances (gender, age, family life-cycle, income, education)
3) Psychological characteristics (personality, life-style, needs, perception)
All of this will have a consequence on the purchase.
Family life cycle
Wants & abilities change with age
Family Life Cycle shapes our consumption
The steps of a family life are:
Young,free & single ; newly wed ; full nest (child <6 years) ; full nest (child 6-12 years) ;
full nest (child> 12 years) ; empty nest (children are gone) ; sole survivor.
Innovation adoption
Innovation curve: in every market there is a life cycle :
1- the innovators like to try new things and once they have buy the product 2,5%
2- the Early aopters will buy the new product: they are opinion leaders and thanks to them
other people will be interested by the product 13,5%
3- Early majority 34%
4- Late Majority is the people who buy the product because everybody has it 34%
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Cyndie. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.44. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now