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Fundamentals of Marketing Chapter 1 Sec. 3 Section 1.3 Fundamentals of Marketing What You’ll Learn • Describe the concept of market • Differentiate consumer and industrial markets • Describe market share • What target marketing is • The four P’s of the marketing mix • Market – all potential customers who have the ability and willingness to buy Consumer Markets • Consist of consumers who purchase goods and services for personal use. Industrial Markets • Business-to-business (B-to B) markets include all businesses that buy products for use in their operations. Market Share • A company’s percentage of the total sales volume generated by all companies that compete in a given market. Target Marketing Focusing all decisions on a very specific group of people who you want to reach. Customer Profile • To develop a clear picture of their target market, businesses create a customer profile. • It lists information about the target market, such as age, income level, occupation, attitudes, lifestyle, and geographic residence • Customers – people who buy the product • Consumers – people who actually use the product Is mom the customer or the consumer? The kids? Marketing Mix Basic marketing strategies – the four P’s • • • • Product Place Price Promotion Product Strategies • • • • What product to make How to package it What brand name to use What image to project Place Strategies • How and where a product will be distributed. Price Strategies • Reflect what customers are willing and able to pay. Promotion Strategies • How potential customers will be told about the new product • What the message will be • When and where it will be delivered • What inducements are there to buy The Marketing Mix The elements are interconnected Product Place Price Promotion The Marketing Mix – The 4 P’s • Contains countless alternatives. • Management must select a combination of marketing mix decisions that will satisfy target markets and achieve organizational goals.