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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 • Customer Service Departments • Better Business Bureau (BBB)

  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? • What are some examples? Provide some examples in notes sections • Discount Stores • What is a discount store? • What are some examples? Provide some examples in notes sections • Specialty Stores • What is a specialty store? • What are some examples? Provide some examples in notes sections

  15. Traditional Retailers continued • Supermarket • What is a supermarket? • What are some examples? Provide some examples in notes sections • Convenience Store • What is a convenience store? • What are some examples? Provide some examples in notes sections

  16. Contemporary Retailers • Specialty Superstores • What is a specialty superstore? • What are some examples? Provide some examples in notes sections • Superstores • What is a superstore? • What are some examples? Provide some examples in notes sections

  17. Contemporary Retailers continued • Warehouse Club • What is a warehouse club? • What are some examples? Provide some examples in notes sections • Factory Outlets • What is a factory outlet? • What are some examples? Provide some examples in notes sections

  18. Non-Store Shopping • What is non-store shopping? • What are some examples of non-store shopping opportunities? Provide some examples in notes sections • Another example is vending machines. What are vending machines? • What are some examples of vending machine shopping opportunities? Provide some examples in notes sections

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