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Topic A - An Introduction to Marketing - Coggle Diagram
Topic A - An Introduction to Marketing
Step 1 of the Marketing Process
Understand
Wants
Human needs shaped by culture.
This is where marketers start to influence.
Needs
State of felt deprivation.
food, clothing, warmth, need of belonging and affection
Demands
Human wants backed by buying power.
Market Offerings
Services
Intangible
persons, places, organisations, information, ideas
Experiences
Products
Tangible
persons, places, organisations, information, ideas
Markets
actual buyers
someone who uses the product
potential buyers
someone who could use the product
Exchange and relationships
The act of obtaining an object with something in return
relationships must be built to keep long term with customers making more profits and building customer equity
Value and satisfaction
Will the customer buy again?
rise the customers expectation level to the same level of the product or a bit lower
Marketing Myopia
Focusing on a specific product that a company offers and focusing on what they are good at rather than coming up with new good products and services.
Step 2 of the Marketing Process
Design
Target Marketing
Determining which segment to target.
Value Proposition
Set of values and promises that a company makes with the consumer.
Market Segmentation
Dividing the consumer into different categories.
Marketing Management
Production Concept
available and highly affordable
Production and Distribution
Product Concept
quality, performance and features
Societal Concept
consider the long term interests of society and the environment
still providing a good product to the customer
body shop against animal testing
Selling Concept
selling and promotion effort
Pressure on the consumer to buy a product
Very high pressure - short term
Reasonable Amount of pressure - Long term relationships
Marketing Concept
Targeting and managing
knowing needs and wants
Marketing management
target markets and build strong customer relationships