Assignment:
What are the steps a buyer passes through when making a buying decision? What other factors might influence a purchase? Think about something you recently purchased and discuss each buying decision step and other factors that influence your decision to buy. Incorporate concepts and examples from this week's lecture in your post. Respond to at least two of your classmates' posts.
REPLY TO JACQUELN:
The Buying Process
What are the steps a buyer passes through when making a buying decision? What other factors might influence a purchase? Think about something you recently purchased and discuss each buying decision step and other factors that influence your decision to buy. Incorporate concepts and examples from this week's lecture in your post.
The 5 steps for the "Buying Process" include: The five steps are; problem awareness, search for information, evaluation of alternatives, purchase and finally post-purchase evaluation. Factors that influence a purchase include timing, prices, any sales promotions that are being offered, gender, and age of individual. Targeting the right audience using filtered data is key when marketing. For example, when I recently was in the market to purchase a used (but new vehicle for me) the main factor involved was location and price. I was looking to buy a cheap car for around 3,000 totals, but was open to a more expensive car if I was approved for financing and it was a great deal. I would have been the perfect candidate at the time to target since my timing to buy was right, and had an open mind. Aged internet leads are a great way to gather a list of people to target since they have raised their hands at one point by filling out a survey online interested in for instance in my case, buying a car.
Current Buyer Evaluation
When in the buying process, it is pertinent in performing a general buyer evaluation to target the correct individuals that may have inquired in the past for goods or services you the company may offer. From our textbook states: Four variables, called the four "ics," help marketers describe their target market. They are Geographic's, psychographics, demographics, and behavioristics." (Ogden, J. R., & Ogden, D. T. (2014).
The Sales Cycle
"The marketing manager's role in the sales cycle will vary depending on the type of organization or industry. Retail or consumer packaged goods company, for example, is often directed by marketing which drives sales. Alternatively, with many manufacturers or B2B sales companies, marketing plays a more supportive role. No matter the type of organization, salespeople should know the sales cycle and be able to answer a few basic questions about it. A complete outline of a sales cycle is illustrated in Figure 5.1." (Ogden, J. R., & Ogden, D. T. (2014).
1. Prospecting
- Referrals
- Family and Friends
- Reference Groups
- Directories and Data Bases
- Networking
2. Qualification
-Reviewing prospective consumers wants and needs
- Asking questions to prospective customers to gain more information
3. Sales Presentation
- Defining SMART objectives
- Producing products to help fulfill objectives such as products, surveys, or pamphlets
- A plan to ensure excellent customer service
4. Quoting and Negotiations
- Negotiation of prices include trying to convince or persuade customer the value of product or service, or coming to a compromise of the quotation offered
Marketing Management Flow Chart Helps Create Planning for Marketing Campaigns to Increase the Buying Process
The marketing management flow chart as follows, "A marketing plan is broken down into several interrelated sections. As such the marketing manager must wear many hats in order to develop an effective marketing plan that includes well thought out and integrated tactical executions. Think of the marketing manager as a juggler trying to keep many balls in the air at once. The head of the marketing program is charged with the responsibility of the development of marketing objectives, marketing strategies, research-based market segmentation, tactical executions, and the evaluation and control of the entire marketing program." (Ogden, & Ogden, 2014).