Download Marketing Basics

UNDERSTANDING THE
MARKETING CONCEPT
In order to make a profit, a business must
focus all of it’s efforts on satisfying the needs
and wants of it’s customers.
Sales Oriented
Marketing Oriented
Make and sell
products without
regard for what
people want.
Focus on customer
satisfaction.
Direct their resources
toward offering the
goods and services that
people want.
Customers
Buy Products
vs.
Consumers
Use Products
Value
The personal satisfaction gained from the
use of a good or service.
IDENTIFYING YOUR CUSTOMER
Market
Group of all potential customers who share common needs and
wants, and who have the ability and willingness to buy the
product.
Mass Marketing
Involves using a single marketing plan to reach all consumers.
Market Segmentation
Dividing the total market into smaller groups of people who share
specific needs and characteristics.
Customer Profile
Combining geographic, demographic, and psychographic data.
• Geographic--segment the market based on where
people live.
• Demographic--describes the population in terms
of personal characteristics.
• Psychographics--Study of consumers based on
lifestyle, and the attitudes and values that shape it.
Product Benefits
Building beneficial features into their products in
response to consumer wants or needs.
Reaching Your Customers
Target Marketing
Focusing all marketing decisions on the specific
group of people you want to reach.
Marketing Mix
The “4 basic marketing decisions also known as
the “4 P’s.”
PRODUCT, PLACE,
PRICE, & PROMOTION
Positioning
(also called prospecting)
What you do to get into the mind of the prospect.
Some examples are:
•
•
•
•
Play to the competition’s weakness.
Look for underserved markets.
Lead with your strengths.
Target different segments.
• Marketing bridges the gap
between you and the maker or
seller of an item.
• Marketing makes buying easy
for consumers.
• Marketing helps create new and
improved products, as well as
lower prices.