Business Finance Homework Help

Assigned Readings:

Chapter 1. Why Is Marketing Management Important?

Chapter 2. Customer Behavior.

Overview:

This week’s readings provide an understanding of the meaning of the term “marketing”. It will also explain the importance of marketing, as well as, introduce and provide an overview of the marketing management framework. Marketing is defined as an exchange relationship between a firm and its customers wherein the customer wants something from the firm, and the firm wants something from the customer. Marketing can be involved with educating the marketplace. Its importance can be explained through its evolution from the production-focused stage to the sales-oriented stage, and finally, the customer-oriented marketing world. Due to the current customer-oriented environment, firms understand the importance of creating and maintaining relationships with their customers. It will also identify the 5Cs of marketing: customer, company, context, collaborators, and competitors. It then describes the STP (segmentation, targeting, and positioning) framework, followed by an explanation of the 4Ps of marketing [i.e., product, price, place (distribution), and promotion].The explanation of how to identify and describe the three phases of the purchasing process (pre-purchase, purchase, and post-purchase). You will be able to distinguish among the types of purchase for consumers and for businesses (convenience purchases, shopping purchases, and specialty purchases versus straight rebuy, modified rebuy, or a new buy). Students will also understand the role of sensation and perception; learning, memory, and emotions; motivation; and attitudes and decision making in the purchasing process (i.e., consumer behavior), as well as, how culture affects these decisions. From a managerial perspective, the readings will help students to understand how the purchase processes are similar and how the level of consumer involvement depends upon the type of purchase. All five senses of human beings—sight, hearing, touch, smell, and taste—can be used to attract their attention to a particular brand, but the extent to which consumers are attracted also depends on various other factors such as social class, age cohort, gender, ethnicity, and country culture.

1. Identify and describe the three phases of the purchase process.
2. The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible. Bullet points should not to be used.