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UNDERSTAND THE ROLE OF MARKETING IN BUSINESS.

ESSENTIAL STANDARD 3.00

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UNDERSTAND BUYING BEHAVIORS.OBJECTIVE 3.02

TOPICS

• Marketing Strategy• Consumer Decision-Making Process • Major Sources of Consumer Information• Shopping Locations

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MARKETING STRATEGY

• What does a marketing strategy provide for a business?

• Two steps of a marketing strategy:1. Identify a target market2. Create a marketing mix

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MARKETING STRATEGY CONTINUED

Steps in the consumer decision-making process:1. Recognize a need or want2. Gather information3. Select and evaluate alternatives4. Make a purchase decision5. Determine the effectiveness of the decision

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MAJOR SOURCES OF CONSUMER

INFORMATION

PRODUCT TESTING ORGANIZATIONS

• Test products and services to detect benefits.

• Examples– Underwriter Laboratories– Association of Home Appliance Manufacturers– Consumers Union (Independent testing organizations)

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MEDIA SOURCES

• Provide specific information about products and services.

• Types of media sources:• Print

Examples• Magazines• Newspapers

• Broadcast OrganizationsExamples• Radio• Television

• Internet

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GOVERNMENT AGENCIES

• Inform consumers and may handle consumer questions.

• Types• Federal• State• Local

• What are some ways that government agencies protect people?

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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)

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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?

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PERSONAL CONTACTS

• “Word of mouth” advertising.• How do you use personal contacts to learn about

new products?

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SHOPPING LOCATIONS

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 sections14

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

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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

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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

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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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