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Marketing

Marketing
Paper details:
(Provide 2 different responses for this question and label first response a second response, one source per response)
Question: With respect to the articles assigned and any other articles/research that you are able to draw upon, do marketers have an obligation to avoid marketing to
vulnerable consumers as defined by Craig Smith and Cooper-Martin in “Ethics and Target Marketing: the Role of Product Harm and Consumer Vulnerability”? How should
businesses handle those deemed to be vulnerable?
Textbook link:
Read chapters 6 and 7.
http://gcumedia.com/digital-resources/pearson/2011/a-framework-for-marketing-management_ebook_5e.php
Once you open the link, under resource title, click on pdf, this is located on the bottom right, it should download, once its done downloading open the pdf, on the
first page it asks for username and password, this is the username and password
OR
Once you open the link, CICK ON THE GLOBE (ON THE BOTTOM RIGHT UNDER DOWNLOAD OPTIONS) ITS CALLED WEB VIEWER, CLICK ON PROCEED AND LOG IN WITH THE INFORMATION GIVEN
BELOW.
Lecture Notes
Introduction
Most institutions, businesses, and governmental agencies purchase products and services for their organizations, just as consumers purchase them for their homes.
Business-to-business (B2B) marketing involves four major categories of organizational buyers that include intermediaries, producers, government agencies, and other
institutions. Peter and Donnelly (2007) indicate, “there are over 86,000 governmental agencies in this country that purchase machinery, equipment, facilities,
supplies, and services” (p. 55). This is a tremendous opportunity for all marketers to consider – government agencies not just in this country but also those of other
countries. A marketer should always inquire about the sales potential to government agencies and to other businesses for their product line. It is also important to
recognize that consumer and industrial marketing often overlaps. To illustrate, Proctor and Gamble sells cooking oil and cleaning products to consumers, and also to
hotels, restaurants, and other corporate accounts.
Stages in the Organizational Buying Process
A streamlined buying process is essential in any organization to ensure that its goods and services are purchased and received efficiently and in a timely manner.
There are three types of organizational purchases based on their degree of complexity:
Straight Rebuy − this is the most common type of purchase and involves the reordering of a product routinely used from the same supplier.
Modified Rebuy − this type of purchase occurs when something changes in the situation − typically a change in one of the 4Ps of marketing. For example, it could be
because there is a change in price, there is some dissatisfaction with the current supplier and a new supplier is sought, or new technology makes the previously
purchased commodity outdated.
New Task Purchase − this is a purchase that does not happen frequently. Depending on the product, it may involve a significant purchase price; therefore, there is a
lot of investigation that occurs. The purchaser investigates many alternatives, particularly if a big-ticket item or capital goods are involved. This type of purchase
is often time consuming and involves many marketing professionals in the company. (Peter and Donnelly, 2007).
The organizational buying process is composed of four stages, which include: organizational need (why this purchase is necessary − it is usually done to fill a need);
vendor analysis (each supplier is rated on various performance measures like on-time delivery, pricing, etc.); purchase activities (this could include negotiations on
price and terms); and post-purchase evaluation (a post evaluation which deems whether or not the products or services were acceptable for future purchases or whether
or not a new supplier should be found). (Peter and Donnelly, 2007).
Determining Consumer Needs and Wants
For both consumers and industrial customers, determining needs is the first step towards market segmentation. This can be done based on usage, that is, whether
consumers are nonusers, light users, or heavy users of a specific product. Based on research, consumers can be further segmented by psychographics, demographics, and
how they use the product category.
Bases for Segmentation
Peter and Donnelly (2007) posit several useful segmentation bases for consumer buyer markets, which include the following:
For organizational buyers, the segmentation base could include source loyalty, company size, purchase quantity, product application, organization type, location,
purchase status, and attribute importance. As a rule of thumb, consumer products are often purchased based on meeting emotional needs (e.g., vanity, status), while
industrial purchases tend to be made based on rational buying motives (e.g., price, utility).
VALS
Psychographics focus on the personal attributes of the consumer, their likes and dislikes. As Peter and Donnelly (2007) indicate, “The best-known psychographic
segmentation is called VALS, which stands for ‘values and lifestyles’…Segmentation research based on VALS is a product of SRI Consulting Business Intelligence” (p.
71). SRI Consulting Business Intelligence is now Strategic Business Insights (SBI).
The SBI Web site (2009) provides the following description of the VALS survey:
VALS places US adult consumers into one of eight groups/lifestyles based on their responses to the VALS Survey.
(Seehttp://www.strategicbusinessinsights.com/vals/ustypes.shtml)
The eight segments include innovators, thinkers, achievers, experiencers, believers, strivers, makers, or survivors.Individuals can take this survey to find out which
segment they fall into using the following link: http://www.strategicbusinessinsights.com/vals/presurvey.shtml
This module continues to explore the Claritas PRIZM (Potential Ranking Index by Zip Markets), a system that ranks neighborhoods on their capability to purchase
specific products or services. This type of geodemographic segmentation is the most respected and well known by marketers. Based on work with geodemographic and
psychographic models, marketers can now better understand where to position their product.
Conclusion
It is important to understand how organizational buyers purchase their products. It is also important that companies marketing to organizations realize that there are
influences and processes by which these organizations buy their products and services to meet their needs and be profitable. Government and other agencies (profit and
nonprofit) can also be an important customer base for marketers. Just as important is the need for a company to understand its market segment because that information
helps determine the best product position in the market place.
References
Peter, J. Paul, and Donnelly, James H., Jr. (2007). Marketing management: Knowledge andskills. (8th ed.). McGraw-Hill/Irwin.
Strategic Business Insights (2009). VALS: The VALS types. Retrieved November 15, 2009 at http://www.strategicbusinessinsights.com/vals/
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