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CHAPTER 2: BASIC MARKETING CONCEPTS

CHAPTER 2: BASIC MARKETING CONCEPTS. I. MARKETING CONCEPTS. A MARKETING CONCEPT RECOGNIZES 2 MAIN OBJECTIVES FOR A BUSINESS: 1. TO SATISFY CUSTOMER NEEDS AND WANTS 2. TO MAKE A PROFIT. A. SALES VS. MARKETING ORIENTATION

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CHAPTER 2: BASIC MARKETING CONCEPTS

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  1. CHAPTER 2: BASIC MARKETING CONCEPTS

  2. I. MARKETING CONCEPTS • A MARKETING CONCEPT RECOGNIZES 2 MAIN OBJECTIVES FOR A BUSINESS: 1. TO SATISFY CUSTOMER NEEDS AND WANTS 2. TO MAKE A PROFIT

  3. A. SALES VS. MARKETING ORIENTATION BUSINESS USED TO BE SALES ORIENTED IN WHICH LITTLE CONCERN WAS GIVEN TO CUSTOMER WANTS.

  4. COMPANIES NOW FOCUS ON MARKETING OREINTATION WHICH BRINGS LONG TERM CUSTOMER SATISFACTION. EX: WARRANTIES, GUARANTEES, 100% SATISFACTION

  5. B. CUSTOMER VS. CONSUMER CUSTOMERS BUY CONSUMERS USE

  6. II. WHAT IS A MARKET? • TO BE SUCCESSFUL, A BUSINESS MUST IDENTIFY A GROUP OF POTENTIAL CUSTOMERS THAT IT WOULD LIKE TO REACH

  7. A. CONSUMER MARKET- A POTENTIAL CUSTOMER WHO WILL BUY A PRODUCT FOR PERSONAL, HOUSEHOLD USE. EX. TOILET PAPER, TOOTHPASTE, FOOD, CLEANING SUPPLIES

  8. B. INDUSTRIAL MARKET- ALL POTENTIAL CUSTOMERS WHO WILL BUY A PRODUCT FOR BUSINESS USE. EX. GFS, COCA-COLA, XEROX

  9. III. MARKETING MIX • INCLUDES FOUR BASIC MARKETING STRATEGIES, ALSO CALLED THE 4 P’S (PG. 22 FIGURE 2-2)

  10. A. PRODUCT DECISION- WHAT TO MAKE, WHEN, HOW MANY, BRAND NAME

  11. B. PRICE DECISION- WHAT PEOPLE ARE WILLING AND ABLE TO PAY.

  12. C. PROMOTION DECISION- ALL DECISIONS ON EDUCATION POTENTIAL CUSTOMERS ABOUT THEIR PRODUCT. ALL FORMS OF MEDIA.

  13. D. PLACE DECISION- HOW A PRODUCT WILL BE DISTRIBUTED; DIRECT OR INDIRECT.

  14. IV. MARKETING APPROACHES • THERE ARE TWO APPROACHES THAT CAN BE USED TO MARKET A PRODUCT:

  15. A. MASS MARKETING- ONE MARKETING PLAN TO TARGET ALL CUSTOMER EX: CHEWING GUM, MILK

  16. B. MARKET SEGMENTATION- IDENTIFYING TARGET MARKETS AND DEVELOPING PRODUCTS THAT APPEAL TO THEM. CUSTOMERS ARE MARKETED IN 4 WAYS:

  17. 1. DEMOGRAPHICS- DESCRIBES A POPULATION IN TERMS OF PERSONAL CHARACTERISTICS: EX: AGE, GENDER, INCOME, EDUCATION, OCCUPATION, ETHNIC BACKGROUND

  18. 2. PSYCHOGRAPHICS- STUDIES OF CONSUMERS BASED ON SOCIAL AND PSYCHOLOGICAL BEHAVIOR. TRENDS:BEING HEALTH, EXCERISE, TIME, CONVENIENCE

  19. 3. GEOGRAPHICS- SEGMENTATION BASED ON WHERE PEOPLE LIVE. LOCAL VS. NATIONAL VS. INTERNATIONAL

  20. 4. PRODUCT BENEFITS- STUDYING A CONSUMERS NEEDS AND WANTS EX. TENNIS SHOES INDUSTRY, SHAMPOO

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