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CHAPTER 2: BASIC MARKETING CONCEPTS

CHAPTER 2: BASIC MARKETING CONCEPTS. Intro to Marketing. 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 Intro to Marketing

  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 ORIENTATION WHICH BRINGS LONG TERM CUSTOMER SATISFACTION. EX: WARRANTIES, GUARANTEES, 100% SATISFACTION

  5. 100% Gurantee • WHO OFFERS WARRANTIES • Manufacturer • Retailer/Wholesales • Extended Warranties • Third Parties

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

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

  8. iPhone vs. Samsung (adweek.com) • Primary Target Market • Samsung • 18-24 Years Old • Income (Middle) • Male • Secondary Target Market • 24-35 Years Old • Gamers • Female • Primary Target Market • iPhone • 30-40 Years Old • Income (Middle/High) • College Degree • Secondary Target Market • Income (Low/Middle) • Teenagers • Education (Basic)

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

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

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

  12. A. PRODUCT DECISION- • WHAT TO MAKE • WHEN TO MAKE IT • HOW MANY TO MAKE • BRAND NAME

  13. B. PRICE DECISION- WHAT PEOPLE ARE WILLING AND ABLE TO PAY. • AFFORDABLE • COMPETITIVE • PREMIUM

  14. C. PROMOTION DECISION- ALL DECISIONS ON EDUCATING POTENTIAL CUSTOMERS ABOUT THEIR PRODUCT. ALL FORMS OF MEDIA. • PRINT • ONLINE • OUTDOOR • TELEVISION • RADIO

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

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

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

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

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

  20. 2. PSYCHOGRAPHICS- STUDIES OF CONSUMERS BASED ON SOCIAL AND PSYCHOLOGICAL BEHAVIOR. TRENDS: • BEING HEALTHY • EXCERISE • TIME • CONVENIENCE

  21. 3. GEOGRAPHICS- SEGMENTATION BASED ON WHERE PEOPLE LIVE. LOCAL/NATIONAL/INTERNATIONAL CITY/SUBURB/RURAL CITY/COUNTY/STATE/REGION/TERRITORY

  22. 4. PRODUCT BENEFITS- STUDYING A CONSUMERS NEEDS AND WANTS EX. WATER VS RED BULL

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