Understanding Marketing Processes and Consumer Behavior

1. Understanding Marketing Processes and Consumer Behavior

2. What Is Marketing? Process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives

3. What Is a Marketing Plan? Detailed strategy for focusing marketing efforts on consumer needs and wants

4. Who Are Marketing Managers? Manager who plans and implements the marketing activities that result in the transfer of products or services from producer to consumer

7. What Is Relationship Marketing? Marketing strategy that emphasizes lasting relationships with customers and suppliers

10. The External Marketing Environment

14. What Is the Marketing Mix (or the “Four P’s”)? Combination of product, pricing, promotion and distribution (place) strategies used to market products

16. What Is a Product? Product differentiation is the creation of a product feature or product image that differs enough from competing products to attract consumers How do they differentiate themselves?

23. What Is Brand Loyalty? Pattern of regular consumer purchasing based on satisfaction with a product

24. What Is Marketing Research? Study of consumer needs and wants and the ways in which sellers can best meet them

28. What Is Consumer Behavior? Study of the decision process by which people buy and consume products

30. Consumer Buying Behavior