Download Marketing Basics Notes

Name: _______________________________
Marketing Basics
The Marketing Concept – philosophy that success is dependent upon identifying consumer
___________ and _____________ and then satisfying them.
What are the components of the Marketing Mix?
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Target Market – people with a defining set of characteristics that set them apart as a group.
Targets must be:
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Niche Marketing – carving out a relatively _________ part of a market that has a very
____________ need not currently being filled.
Market Segmentation – the process of identifying groups of consumers based on their common
___________.
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Helps to:
Understand consumer groups
Determine target markets
Develop positioning strategies
Customize products and marketing strategies
5 Bases for Market Segmentation (explain each)
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Positioning – fixing company products in the minds of consumers; all about ______________
Product Differentiation – a _____________ strategy that some firms use to distinguish their
products from those of competitors
Re-Positioning – marketer’s plan for _______________ consumers’ ______________ of a brand in
comparison to competing brands.
Advertising – and _________, non-personal form of _____________________ by an identified
company promoting goods and services.
Why advertise?
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Advertising Agency – an organization that decides on and implements an advertising
_____________ for a customer
Why use an ad agency?
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