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Marketing: Helping Buyers Buy - Coggle Diagram
Marketing: Helping Buyers Buy
Marketing is the activity, institution, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Concept
Customer orientation
Provide what the customer wants
Service orientation
One community goal: customer satisfaction
Profit orientation
Focus on what will earn the most profit
Customer Relationship Management (CRM)
Learning as much as possible about customers and doing everything you can to satisfy them with goods and services.
The Marketing Mix
Product
Physical good, service, or idea that satisfies a want or need.
Test marketing: Process of testing products among potential users.
Brand name: Word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors.
Price
Place
Promotion
All the techniques sellers use to inform people about and motivate them to buy their products or services.
Providing Marketers With Information
Marketing research: Analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
Secondary data: Information that has already been compiled by others and published in journals and books or online.
Primary data: Data that you gather yourself (not from secondary sources).
Focus group: Small group of people who communicate their opinions about an organization, its products, or other given issues.
The Marketing Environment
Environmental scanning: Identifying the factors that can affect marketing success.
Global, Technological, Sociocultural, Competitive and Economic factors
Two Markets
Business-to-business (B2B): Individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.
Consumer market: Individuals or households that want goods and services for personal consumption or use.
Market segmentation: Dividing the total market into groups whose members have similar characteristics.
Target marketing: Directed toward those groups (market segments) an organization decides it can serve profitably.
Geographic segmentation:Dividing a market by cities, counties, states, or regions.
Psychographic segmentation: Dividing the market using groups’ values, attitudes, and interests.
Benefit segmentation: Dividing the market by determining which benefits of the product to talk about.
Volume segmentation: Dividing the market by usage (volume of use).
Niche marketing: Finding small but profitable market segments and designing or finding products for them.
One-to-one marketing: Developing a unique mix of goods and services for each individual customer.
Mass marketing: Developing products and promotions to please large groups of people.
Relationship marketing: Keeping individual customers over time by offering them products that exactly meet their requirements.