* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download chapter 2: basic marketing concepts i. marketing concepts
Affiliate marketing wikipedia , lookup
Online shopping wikipedia , lookup
Brand loyalty wikipedia , lookup
Product placement wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Perfect competition wikipedia , lookup
First-mover advantage wikipedia , lookup
Service parts pricing wikipedia , lookup
Product lifecycle wikipedia , lookup
Market segmentation wikipedia , lookup
Sales process engineering wikipedia , lookup
Consumer behaviour wikipedia , lookup
Ambush marketing wikipedia , lookup
Social media marketing wikipedia , lookup
Visual merchandising wikipedia , lookup
Market penetration wikipedia , lookup
Marketing research wikipedia , lookup
Customer experience wikipedia , lookup
Customer relationship management wikipedia , lookup
Pricing strategies wikipedia , lookup
Multi-level marketing wikipedia , lookup
Food marketing wikipedia , lookup
Marketing communications wikipedia , lookup
Viral marketing wikipedia , lookup
Digital marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Youth marketing wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Marketing plan wikipedia , lookup
Target audience wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Direct marketing wikipedia , lookup
Customer satisfaction wikipedia , lookup
Multicultural marketing wikipedia , lookup
Street marketing wikipedia , lookup
Customer engagement wikipedia , lookup
Marketing channel wikipedia , lookup
Target market wikipedia , lookup
Green marketing wikipedia , lookup
Product planning wikipedia , lookup
Advertising campaign wikipedia , lookup
Global marketing wikipedia , lookup
CHAPTER 2: BASIC MARKETING CONCEPTS I. MARKETING CONCEPTS A MARKETING CONCEPT RECOGNIZES 2 MAIN OBJECTIVES FOR A BUSINESS: 1. TO SATISFY CUSTOMER NEEDS AND WANTS 2. TO MAKE A PROFIT A. SALES VS. MARKETING ORIENTATION BUSINESS USED TO BE SALES ORIENTED IN WHICH LITTLE CONCERN WAS GIVEN TO CUSTOMER WANTS. COMPANIES NOW FOCUS ON MARKETING OREINTATION WHICH BRINGS LONG TERM CUSTOMER SATISFACTION. EX: WARRANTIES, GUARANTEES, 100% SATISFACTION B. CUSTOMER VS. CONSUMER CUSTOMERS BUY CONSUMERS USE II. WHAT IS A MARKET? TO BE SUCCESSFUL, A BUSINESS MUST IDENTIFY A GROUP OF POTENTIAL CUSTOMERS THAT IT WOULD LIKE TO REACH A. CONSUMER MARKETA POTENTIAL CUSTOMER WHO WILL BUY A PRODUCT FOR PERSONAL, HOUSEHOLD USE. EX. TOILET PAPER, TOOTHPASTE, FOOD, CLEANING SUPPLIES B. INDUSTRIAL MARKET- ALL POTENTIAL CUSTOMERS WHO WILL BUY A PRODUCT FOR BUSINESS USE. EX. GFS, COCA-COLA, XEROX III. MARKETING MIX INCLUDES FOUR BASIC MARKETING STRATEGIES, ALSO CALLED THE 4 P’S (PG. 22 FIGURE 2-2) A. PRODUCT DECISION- WHAT TO MAKE, WHEN, HOW MANY, BRAND NAME B. PRICE DECISION- WHAT PEOPLE ARE WILLING AND ABLE TO PAY. C. PROMOTION DECISION- ALL DECISIONS ON EDUCATION POTENTIAL CUSTOMERS ABOUT THEIR PRODUCT. ALL FORMS OF MEDIA. D. PLACE DECISION- HOW A PRODUCT WILL BE DISTRIBUTED; DIRECT OR INDIRECT. IV. MARKETING APPROACHES THERE ARE TWO APPROACHES THAT CAN BE USED TO MARKET A PRODUCT: A. MASS MARKETING- ONE MARKETING PLAN TO TARGET ALL CUSTOMER EX: CHEWING GUM, MILK B. MARKET SEGMENTATIONIDENTIFYING TARGET MARKETS AND DEVELOPING PRODUCTS THAT APPEAL TO THEM. CUSTOMERS ARE MARKETED IN 4 WAYS: 1. DEMOGRAPHICSDESCRIBES A POPULATION IN TERMS OF PERSONAL CHARACTERISTICS: EX: AGE, GENDER, INCOME, EDUCATION, OCCUPATION, ETHNIC BACKGROUND 2. PSYCHOGRAPHICSSTUDIES OF CONSUMERS BASED ON SOCIAL AND PSYCHOLOGICAL BEHAVIOR. TRENDS:BEING HEALTH, EXCERISE, TIME, CONVENIENCE 3. GEOGRAPHICSSEGMENTATION BASED ON WHERE PEOPLE LIVE. LOCAL VS. NATIONAL VS. INTERNATIONAL 4. PRODUCT BENEFITSSTUDYING A CONSUMERS NEEDS AND WANTS EX. TENNIS SHOES INDUSTRY, SHAMPOO