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Essential Standard 3.00

Essential Standard 3.00. Understand the role of marketing in business. Objective 3.02. Understand buying behaviors. Topics. Marketing Strategy Consumer Decision-Making Process Major Sources of Consumer Information Shopping Locations. Marketing Strategy.

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Essential Standard 3.00

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  1. Essential Standard 3.00 Understand the role of marketing in business.

  2. Objective 3.02 Understand buying behaviors.

  3. Topics • Marketing Strategy • Consumer Decision-Making Process • Major Sources of Consumer Information • Shopping Locations

  4. Marketing Strategy • What does a marketing strategy provide for a business? • Two steps of a marketing strategy: • Identify a target market • Create a marketing mix

  5. Marketing Strategy continued Steps in the consumer decision-making process: • Recognize a need or want • Gather information • Select and evaluate alternatives • Make a purchase decision • Determine the effectiveness of the decision

  6. Major Sources of Consumer Information

  7. Product Testing Organizations • Test products and services to detect benefits. • Examples • Underwriter Laboratories • Association of Home Appliance Manufacturers • Consumers Union (Independent testing organizations)

  8. Media Sources • Provide specific information about products and services. • Types of media sources: • Print Examples • Magazines • Newspapers • Broadcast Organizations Examples • Radio • Television • Internet

  9. Government Agencies • Inform consumers and may handle consumer questions. • Types • Federal • State • Local • What are some ways that government agencies protect people?

  10. Business Sources • Business sources are available as a public service and to sell products and services. • The main function of advertising is to sell. • Types • Product labels – Provide Helpful information about nature of product, how care for product, where product was made, and the size of the product • Customer Service Departments – Focus on assisting customers • Better Business Bureau (BBB) – Provide facts about products or services

  11. Business Sources continued • What kinds of information has anyone obtained from an advertisement? • How was the information obtained from the advertisement used? • What product label has someone used recently? • How was the information obtained from the product label used?

  12. Personal Contacts • “Word of mouth” advertising. • How do you use personal contacts to learn about new products?

  13. Shopping Locations

  14. Traditional Retailers • Department Stores • What is a department store? – Provides broad product lines and highlight their customer service • What are some examples? Provide some examples in notes sections • Discount Stores • What is a discount store? – Highlight their offering of lower prices for products • What are some examples? Provide some examples in notes sections • Specialty Stores • What is a specialty store? – Provide a special line of products • What are some examples? Provide some examples in notes sections

  15. Traditional Retailers continued • Supermarket • What is a supermarket? – Large, full service store that offers many brand of products • What are some examples? Provide some examples in notes sections • Convenience Store • What is a convenience store? – Provides popular items, offer long operating hours, and usually located in highly accessible areas • What are some examples? Provide some examples in notes sections

  16. Contemporary Retailers • Specialty Superstores • What is a specialty superstore? – Provides a wide variety of limited products at low prices • What are some examples? Provide some examples in notes sections • Superstores • What is a superstore? – Provides a wide variety of products in retail services, such as food, bakery, auto, and electronics • What are some examples? Provide some examples in notes sections

  17. Contemporary Retailers continued • Warehouse Club • What is a warehouse club? – Provides products in large quantities at practical prices • What are some examples? Provide some examples in notes sections • Factory Outlets • What is a factory outlet? – Provides high quality products at low prices • What are some examples? Provide some examples in notes sections

  18. Non-Store Shopping • What is non-store shopping? – Allows goods and services to be purchased by telephone, computer, television, fax, or door-to-door • What are some examples of non-store shopping opportunities? Provide some examples in notes sections • Another example is vending machines. What are vending machines? Provide products through automation • What are some examples of vending machine shopping opportunities? Provide some examples in notes sections

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