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