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Launch your PollEV session: Text : UWMBUSINESS to 37607

Get the results of Test 1 and learn about the factors influencing the consumer decision process and B2B marketing. Earn bonus points every day!

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Launch your PollEV session: Text : UWMBUSINESS to 37607

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  1. Launch your PollEV session: Text: UWMBUSINESS to 37607 *Text LEAVE at the end of class* Alternate #: (747) 444-3548

  2. Test 1 results • Class average: 79.8% • 90 and above: 30% • 80 – 89: 25% • 79 and below: 45%

  3. Remember: • 4 tests • homework, discussion, lectures are crucial – 60% of your grade • Earn bonus points every day!

  4. The Consumer Decision Process

  5. U-R-E Attribute Sets

  6. U-R-E Attribute Sets e.g., Every brand & model of car BMW, Porsche Boxster, Ford Mustang, Pontiac G6, Pontiac Vibe, Chevrolet Malibu, Chevrolet Cobalt, Mitsubishi Eclipse Malibu, Cobalt, Eclipse

  7. Your questions: • Is psychological risk more of an internal risk? Does it affect only you? I'm confused between performance and psychological self-image, self-perception, self-concept, how I feel about myself • Performance risk: (independent of me) - what if the product fails to live up to its expectations? It fails to perform

  8. Factors Influencing the Consumer Decision Process

  9. Maslow’s Hierarchy of Needs Motive = energized need

  10. Basic (physiological) needs

  11. Maslow’s Hierarchy of Needs Motive = energized need

  12. Higher-order needs

  13. Involvement • Involvement is the consumer’s degree of interest in or concern about the product (high/ low involvement)

  14. High low

  15. High low

  16. Heart health

  17. Involvement • Extended problem solving – common when the customer perceives that the purchase entails a lot of risk • Limited problem solving – a purchase decision that calls for a moderate amount of effort and time • Impulse buying – a buying decision made by customers on the spot • Habitual decision making – when consumers engage in little conscious effort during a decision process

  18. The Elaboration Likelihood Model

  19. The Elaboration Likelihood Model

  20. The Elaboration Likelihood Model

  21. Look at these ads • Look at these advertisements and think about low involvement versus high involvement

  22. Anti-smoking ad

  23. All about the associations: Colors, splash, Juicy, tropical, fruit… Low involvement

  24. Smoking can kill you! • Core message grips you and demands attention • Nothing to distract from core message • High involvement

  25. Decision: Don’t Buy • Expensive • Clunky • Increase my monthly phone bill • Don’t really have the money right now • I love Apple products! • Would make me more productive - - - - + +

  26. The negatives win • Expensive • Clunky • Increase my monthly phone bill • Don’t really have the money right now • I love Apple products! • Would make me more productive - - - - + +

  27. Understanding the Marketplace – Business-to-Business Marketing Ref: Text, chapter 7

  28. Exchange of value “PRODUCT” (Value) Seller Business Buyer ? VALUE

  29. In this topic, we will: • Explain what business-to-business (B2B) marketing is, and who it involves • Explain the steps in the B2B buying process (and how it’s different from or similar to the B2C process) • Identify the different roles within the buying center; why it’s important for a vendor to understand these • Describe different types of organizational cultures, and how they may influence buying • Describe different buying situations

  30. What is B2B marketing? • B2B marketing is when a business markets to another organization • Be used in the production of other goods or services • For consumption by the buying organization, or • For resale

  31. What is B2B marketing? • B2B and B2C marketing are related – derived demand. • The demand for B2B sales is often derived from B2C sales in the same supply chain

  32. Fishermen B2B Fish Wholesalers B2B McDonald’s B2C Consumer

  33. What is B2B marketing? • DIFFERENT: B2B transactions are more complex typically and involve multiple members on both the buying side and the selling side

  34. What is B2B marketing? principles • SIMILAR: Both are similar in their understanding of what marketing is, though: • They focus on creating value for their customers • They focus on key market or industry segments, and don’t try to serve everyone

  35. B2B Markets • Manufacturers and service providers • Buy raw materials, components, and parts, that they use to manufacture their own goods, which they sell to others • Resellers • Are marketing intermediaries that resell manufactured products without significantly altering their form • For example, wholesalers and distributors buy products from manufacturers and sell them to retailers, who sell them to consumers

  36. B2B Markets • Institutions • Such as hospitals, educational institutions, museums, religious organizations, sports teams • Government • In most countries, one of the largest purchasers of goods and services (US$4 trillion by the US Federal Government) • Central, state, local

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