Students are to read Chapters 6 – 8 and write about what was learned.
- Chapter 6 (Minimum of 200 words)
- Chapter 7 (Minimum of 200 words)
- Chapter 8 (Minimum of 200 words)
Pick two or three specific concepts from each chapter and discuss them. Demonstrate that you have an understanding of the concepts and are able to apply them to real life scenarios. Spell check the work.
this what people in my class say
Chapter 6: Consumer Decision Making
Chapter 6 mainly focuses on how to deal with customers. The consumer buying process includes needing recognition, gathering information, seeking other alternatives, buying the product/services and their behavior after they buy. When consumers want to buy a product or a service, they will need to know why they want it, either they really need it or they want it, after that they get information about what they need and how they can use it, after they find the product at different locations because they will want to get the product or service at the cheapest, once they have found the right price, they will purchase it, after a couple of days they use the product or services and post their thoughts on the product/services. Postpurchase behavior is really important to the company and it will tell them how their product is doing and what they can improve.
An important thing businesses need to understand is cultural differences so they can understand what to do when they are dealing with people from another culture. If a business does something to offend customers because they do not know anything about other cultures, it will set a bad reputation for the company.
Chapter 7: Business Marketing
Business marketing is when you market goods and services to individuals and organizations for person reasons. An example of business marketing selling homemade cups to a business for them to use or resell. When it comes to business marketing business buy products or services to further they on business, either by using the stuff they bought to make other products or reselling them to consumers. The united states has the largest business market in the world, it far exceeds the consumer market. Business market is very big right now and it’s only growing bigger. Every business will need business market for their product unless the company makes all their own equipment.
With the internet, doing marketing is the easiest it has been in years. Internet makes it so that people do not have to leave their house when they want to buy things, they order things online, and it will come straight to their house. E-commerce is when companies conduct business over the internet. Back in 1995 commercials websites were not a thing, but now you can find them everywhere you look. Internet has over 1 billion people using it worldwide, so websites will reach a lot of people around the world. Chapter 7 goes on to talk about how business marketing can be useful to business all around the world.
Chapter 8: Segmenting and targeting markets
Market segment is a subgroup of people or business sharing characteristics that have similar products are each other. So companies like google and bing would be a good example because they both are search site but when it comes down to is personal preference, who prefers which one. Also market segment can be really useful because businesses can use it to look at what their competing companies set the price on their product so business can work around those prices to make them better and get more consumers.
Market segmentation is when businesses divide a market into meaningful, relatively similar and identifiable groups. This allows the marketer to handle marketing mixes to meet the needs of one more segments. All successful business has market segmentation for many reasons. Market segmentation helps marketers know what the customers want and needs more precisely. It can help them adjust the price so every customer can feel comfortable buying the product or service. It can also help marketers improve their product or service by looking at their market segment, it lets them see what they need to do to get more customers and keep them as loyal customers. Chapter 8 goes on to explain how to make a successful business using market segmentation.
– Chapter 6 is about consumer decision making. Consumer decision making is basically based on consumer behaviors. Consumer behavior is when consumers make purchasing decisions and how they use and dispose of the purchased goods or services. If marketing managers pay attention and learn the understanding of what consumers want, it could help their business and strategies. A consumer’s decision has a process with five steps. The first one is ” needs recognition,” this is when consumers are faced with an imbalance between actual and desired states that arouses and activates the consumer’s decision making process. The second process is ” information search,” this is when consumers search for information about the various alternatives available to satisfy. There are three types of information searches which are internal, external, and nonmarketing-controlled. The third process is ” evaluation of alternatives,” this is when consumers look at and base the product off of research from internal, external, and nonmarketing-controlled alternatives and later evaluate the value and worth of the product. The fourth process is “purchase” this is when the evaluation is made by examining alternatives advantages and disadvantages along with relevant product attributes. Alos is a piecemeal process. The fifth process is “postpurchase behavior” this is when the company evaluates how well expectations are met and whether the consumer is satisfied or dissatisfied with the purchase.
– This chapter is about ” Business Marketing.” Business Marketing is the marketing of goods and services to individuals and organizations for a purpose other than personal consumption. The book stated that business marketing is used to manufacture other products or aid the normal operations of an organization. For example, the sale f personal computers to Bowie State is an example of business marketing. Business Marketing has four significant categories of business customers. They are producers, resellers, governments, and institutions. The first one ” producers” is when the segment of the business market includes profit-oriented individuals and organizations that use purchased goods and services to produce other products, to incorporate into other products, or to facilitate the daily operations of the organization. Products are often called original equipment manufacturers. The second one is “resellers,” this is when retailers and wholesale businesses buy finished good and resell them for a profit — for example, Walmart and Target. The third one is “governments,” this is when organizations include thousands of federal, state, and local units into the company and they all make-up what they would call a single market for goods and services in the world. The fourth one is ” institutions” this is when they seek to achieve goals other than the standard goals within the profit, market share, and return on investment.
– This chapter is about Segmenting and Targeting Markets. This chapter explains the difference between market segment and market segmentation. A market segment is the subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Market Segmentation is the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. A target market is a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group. This chapter has three strategies for selecting a target market. The first one is “undifferentiated targeting,” this is when a firm adopts a mass-market philosophy, viewing the market as one big market with no individual segments. The second one is “concentrated targeting” this is when a firm selects a market niche for targeting its marketing efforts. The last one is ” Multisegment Targeting,” this is when a firm chooses to serve two or more distinct market segments and develops a distinct marketing mix.