Download Marketing Concepts

Basic Marketing Concepts
Std. 3
Marketing Concept
• The idea that you must satisfy a
customers’ needs and wants in order to
make a profit.
• Businesses must have the right goods and services at the
right time, at the right price and at the right place. Plus they
must communicate this to their customers.
Target Market
• Target Marketing -- Involves focusing marketing decisions on a
specific group of people you want to reach with your product.
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Unit 1, Chapter 2
Who’s the target?
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Unit 1, Chapter 2
Who’s the target?
Market Segmentation
• Analyzing a market by specific characteristics in order to create a
target market.
• Once a target market is identified, a business can customize
its products and marketing strategies to that specific group of
customers.
• To do this, businesses may segment a market by
demographics, psychographics, geographics, and product
benefits.
Demographic Segmentation
• Market segmentation based on your target market’s
personal characteristics.
• Includes
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gender
age
income level
occupation
ethnic background
education level
Psychographic Segmentation
• Market segmentation based on your target market’s lifestyles and
personality characteristics.
• Includes
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attitudes
values
activities
interests
Geographic Segmentation
• Market segmentation based on where your target market lives.
• Includes
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local markets
regional markets
national markets
global markets
Benefit Segmentation
• Market segmentation based on benefits your target market expects
to receive or gain from products.
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added protection
health issues
special needs
stage in family life cycle
The 4 P’s of the Marketing
Mix
• Product
• Place
• Price
• Promotion
• The Marketing Mix is comprised of four basic marketing
strategies, collectively known as the “Four P’s.”
• The Marketing Mix is dependent on how well the target market is
defined and how well all strategies are directed toward that target
audience!
Product
• Knowing what product to make, how to package it, what
brand name to use, and what image to project.
Unit 1, Chapter 2
Place
• Determines how and where a
product will be distributed.
Unit 1, Chapter 2
• Should reflect what customers are
willing and able to pay.
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Unit 1, Chapter 2
Price
Promotion
• Deals with how potential customers will
be told about the new product, what the
message will be, when and where it will
be delivered, and with what
inducements to buy.
Unit 1, Chapter 2
Any Questions?
Unit 1, Chapter 2