About This Chapter
Business Marketing Basics: Chapter Summary and Learning Objectives
Understanding business marketing and how it relates to competition, consumer buying decisions, and customer satisfaction is an essential part of creating and maintaining a strong presence in the marketplace of any particular product. In this chapter, our instructor explains the basics of business marketing in terms of production, sales, product promotion, social factors, technology, and more. You'll be introduced to different types of marketing strategies, competitive advantages, and consumer buying decisions, as well as how market segments are created and why they are important to marketers.
Our instructor also teaches the basic differences between sales and market orientation, and between business and consumer marketing. The external, environmental, and societal factors that influence markets and marketing strategies are also covered. In addition, the introduction of several vocabulary words and their definitions will help you learn the basics of business marketing. By the end of this chapter, you should be able to:
- Explain target market strategies and the four components of the marketing mix
- Identify social factors and other influences on consumer buying decisions
- Describe the different types of market segments and explain the importance of market segmentation to marketers
- Discuss the differences between business marketing and consumer marketing
- Explain what influences and affects consumer buying habits
|Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages||Know and understand the sources of competitive advantage.|
|Target Market Strategies for Successful Business||Know and understand the importance of target market strategies.|
|Marketing Research: Definition, Purpose, and Role in Marketing Strategy||Define 'marketing research' and understand its purpose.|
|B2B vs. B2C: How Business Marketing Differs from Consumer Marketing||Understand how business marketing and consumer marketing differ.|
|Market Segmentation: Geographic, Demographic, Psychographic & More||Know and understand geographic, demographic, psychographic, benefit, and usage-rate market segmentations.|
|Influences on Consumer Buying Decisions: Cultures, Values & More||Learn how culture, values, social class, reference groups, and opinion leaders affect consumer buying decisions.|
1. Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages
Companies need that special something to draw in new customers and keep them coming back. Learn about competitive advantage and the different ways a company can have it.
2. Target Market Strategies for Successful Business
If you've ever felt persuaded to buy an item by an ad, you've likely been defined as part of a target market. Though you may not know it, advertisements are created specifically for people similar to you. In this lesson, you'll learn how marketing firms identify a target market, create basic target market strategies and use a marketing mix for a product or service.
3. Marketing Research: Definition, Purpose and Role in Marketing Strategy
If you're a business owner, you need to know your clientele. Watch this lesson to understand the purpose and role of marketing research strategy in an overall marketing plan. This might be just the info you need!
4. B2B vs. B2C: How Business Marketing Differs from Consumer Marketing
A business-to-business sales situation has numerous key differences from a business-to-consumer situation. Marketing managers must develop a business selling strategy and be aware of the five different aspects of business buying behavior compared to consumer buying.
5. Market Segmentation: Geographic, Demographic, Psychographic & More
Marketers must be effective at creating niche segments to promote and sell their products or services. There are five specific ways that markets can be segmented in order to create a successful sales opportunity.
6. Influences on Consumer Buying Decisions: Cultures, Values & More
External influences are all around us and play a large role in our buying decisions. Watch this video to see how cultures, values and other influences shape our purchases.
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Other chapters within the Business 100: Intro to Business course
- The Dynamic Business Environment
- Practicing Social Responsibility and Ethical Behavior in Business
- Economics and Business
- Business in Global Markets
- Forms of Business Ownership
- Entrepreneurship and Small Business
- Managing and Leading in Business
- Leadership Styles in Business
- Organizational Management
- Business Production and Operations
- Workplace Productivity & Motivation
- Basics of Human Resources
- Managing the Employer-Worker Relationship
- Product Development and Retailing
- Product Distribution & Supply Chain Management
- Pricing Strategy in Marketing
- Product Promotion in Business
- MIS Basics in Business
- Implications of Information Technology
- Risk Management in Business
- Accounting Basics
- Financial Management in Business
- Securities Markets and Business
- Money and Financial Institutions
- Studying for Business 100