Note Taking Guide KEY Topic # 4352 TYPES OF MARKETING Mr. Christensen Marketing is “The task of Finding, developing and Profiting from business opportunities by fulfilling Customer Needs. Consumer Marketing is marketing directed at the consumer to satisfy Their needs. Business to Business marketing is the marketing of goods and services that will be used by businesses to produce goods and/or services. In Mass Marketing one product is produced for the entire market. Target Marketing is directed at consumers with similar needs and in some cases more narrowly defined niche markets. The advent of computers and flexible manufacturing has allowed customer-level customized marketing. The consumer first acquires Awareness or learns of a product, their Interest is stimulated, they conduct an Evaluation of the product, and may use it on a Trial basis before make a Decision to buy or not buy the product. The consumer evaluates their buying decision each time they need to purchase a product and may conduct Reinforcement (buy) or conduct Rejection (not buy) a product. Viewing who buys a new product the Innovators are first followed by the Early adopters then the Early Majority, Late Majority and finally the Laggards. Business to business marketing: Business buyers make purchases based on how the purchase will affect the company’s profits. A business becomes aware of a Problem determines the problem’s Cause, they search for Alternative solutions, conduct an Evaluation of those solutions, determine their Choice of a solution (which to buy) and Evaluate their decision on buying or not buying again. Government and institutional markets have Specific rules and reporting requirements, in some cases the lowest bidder will be the winner. Their needs and requirements are often Specialized and to a specific requirement. Often new and old technology must be blended (interfaced) and as with most purchases support, training and reliability are major requirements.