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Basic Marketing Concepts
The marketing concept states that to
make a profit, a business must focus all
of its efforts on satisfying the needs and
wants of its customers.
Some companies are sales oriented, while others
are marketing oriented. Can you think of some
examples of both?
Customers buy a product. Consumers use a
product. How might this confuse marketers?
A key element that users of the marketing
concept must consider is customer
satisfaction. In general, value is the personal
satisfaction gained from the use of a good or
service. Customers compare the price they
pay for a product with all the benefits that
come with it.
What is one product that your have found
valuable? How about one in which you were
not so satisfied?
Identifying Your Customers
In order to respond to customers’ need and
preferences, businesses must first know who their
customers are. To find out, they must study the
market for their product.
Mass marketing involves using a single marketing
plan to reach all consumers. Not many products are
mass-marketed anymore. They were in the 1950’s
and early 1960’s. Why do you think they were then?
What is a product that is still mass-marketed today?
Dividing the total market into smaller groups
of people who share specific needs and
characteristics is the essence of market
segmentation. To segment a market, you can
use a variety of methods:
Geographics refers to segmenting a market
based on where people live.
Demographics refer to statistics that describe a
population in terms of personal characteristics.
These include:
Ethnic background
Psychographics involves the study of consumers
based on lifestyle, and the attitudes and values that
shape it.
A final way to segment a market is by product
benefits. Companies usually build beneficial
features into their products in response to
consumer wants and needs. What is an
Review: What are demographics?
Geographics? Psychographics? Product
What do you think a customer profile is?
There are four basic marketing decisions, collectively known
as the four P’s, Product, Place, Price and Promotion.
Together they comprise a product’s marketing mix.
When you position your product, you try to get consumers to
think of it in a certain way. You especially want them to
distinguish it from the competition. Some key points to
remember are:
*Play to the Competitor’s Weaknesses
*Look for Underserved Markets
*Lead with Your Strengths
*Target Different Market Segments
What are some examples of companies using the above
points to position their products?
Positioning Exercise