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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? Target Market – people with a defining set of characteristics that set them apart as a group. Targets must be: 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 ___________. Helps to: Understand consumer groups Determine target markets Develop positioning strategies Customize products and marketing strategies 5 Bases for Market Segmentation (explain each) 1. 2. 3. 4. 5. 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? Advertising Agency – an organization that decides on and implements an advertising _____________ for a customer Why use an ad agency?