Marketing and Exchange and Psychographic Segmentation
Question#1: Exchange has been a core concept underlying Marketing Theory. To satisfy human needs, people and organizations are compelled to engage in social and economic exchanges with other people and organizations. Marketing attempts to influence this exchange behavior.
How does the evolving concept of the marketing Exchange impact your decision-making processes as a manager?
Below are links to articles reflecting on the evolution of our understanding of the marketing exchange. Read and reflect upon the topic of marketing and exchange. You may wish to do some research of your own. Make sure you support your statements.
Marketing as Exchange.pdf
Marketing and Exchange [2].pdf
Question#2: Market segments are not naturally occurring entities but, rather, are groupings created by managers of how managers view the market to help them develop strategies that better meet consumer needs at the highest expected profit for the firm. In 1964, Daniel Yankelovich introduced the concept of non-demographic segmentation, which is the classification of consumers according to criteria other than age, residence, income, and such. Segmentation has advanced over the last 50 years, as argued below. Dr. Yankelovich and a colleague have now introduced a view of segmentation.
Is Psychographic segmentation a wasteful diversion, as Yankelovich suggests?
Below are links to the articles. Read and reflect upon Market Segmentation. You may wish to do some research of your own. Make sure you support your statements.
New Criteria for Market Segmentation.pdf
Rediscovering Market Segmentation.pdf
Marketing Exchange and Market Segmentation
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Marketing Exchange and Market Segmentation
Marketing and Exchange
Several marketers agree that exchange is an essential concept that helps them market their products, and scholars should research more on the topic. Even though the concept of marketing exchange has evolved, the fundamental theme has remained the same and continues to guide businesses and consumers. From a management perspective, the various types of exchange discussed by Bagozzi (1975) dictate the marketing approaches a manager uses. The rationale is that the various types of exchanges hint at different needs that consumers seek to fulfill. For example, in a restricted exchange, the manager may create an exclusive relationship with a customer base by providing niche products. In a more complex exchange relationship, the manager may embed the firm into a network comprising firms and clients to take advantage of the exchange processes. A marketer's primary role is to identify consumer needs and find the best products, services, strategies, or approaches to fulfill them. Marketers seek to build effective relationships with their consumers. Therefore, understanding the nature of the relationship surrounding the various exchange types helps managers determine how they position themselves in the market.
Besides basing decisions on the types of exchange, managers must also consider how the concept of value from exchange evolves and how such evolution affects selling or marketing decisions. According to Houston and Gassenheimer (1987), value exists in