Name______Date:

Marketing Processes & Consumer Behavior

Chapter 11

Marketing- The activity set of institution and process of creating communicating delivering and exchanging offerings that have value for customers, clients,partners, and society at large.

Value and benefits – is the benefit worth the cost? Value = ______

How can business increase Value to customer?

  • manufacturing =
  • retail =

Value & Utility (ability to satisfy want or need)

Benefits provide utility

  • Form utility =
  • Time utility =
  • Place utility =
  • Ownership utility =

Product:

  • Consumer goods –
  • Industrial goods –
  • Services –
  • Ideas –

Relationship Marketing =

Five Forces

Political-Legal Environment
Sociocultural Environment
Technological Environment
Economic Environment
Competitive Environment

ACTIVITY 11 – 1 - May the Force Be With You

Objective: Understanding the impact of external forces on the marketing process of a business.

Select a business or product from the list below – circle or highlight it. In the chart, give an example of how each of the five external forces affect that product/business. You CAN use your notes or the text for assistance. Remember to be thinking from the mind of the company owner. What does he/she have to be aware of in marketing this product??

Political/Legal Environment / Sociocultural Environment / Technological Environment / Economic Environment / Competitive Environment

NOTE: When you select your product, you will be using this same product when we get into consumer behavior and target markets

Cars / Amusement Parks
Smart Phones / Ben & Jerry’s Ice Cream
Barnes & Noble Books / Uggs
Starbucks Coffee / Carnival Cruise Lines
Brittish Petroleum (BP) / McDonalds
Southwest Airlines / M&T Bank
Hollister / JC Penney

MARKETING MIX

Product = ______

Pricing = ______

Place (distribution) = ______

Promotion = ______

Target Marketing & Market Segmentation

Target Markets –______

NOT ______

Use market segmentation to ______

Consumer Behavior

  • Psychological influence ______
  • Personal influence ______
  • Social influence ______
  • Cultural influence ______

Consumer Buying Process - Stages

Geographic Variables

  • ______
  • ______

Demographic Variables

Psychographic variables – ______

  • ______
  • ______
  • ______

Activity 11 – B Customer Profiling – What Does Your Customer “LOOK LIKE?”

Objective: Identify target market for a product by considering demographic, psychographic, and geographic variables.

Use the same product/company from Activity A. Complete the chart below identifying three specific factors from each variable that will help determine the exact target market for the product:

DEMOGRAPHIC / PSYCHOGRAPHIC / GEOGRAPHIC

Write a “Customer Profile” for your product

Entrepreneurship/Business Essentials Materials/Chapter 11 NOTES