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Ch1 : What is marketing - Coggle Diagram
Ch1 : What is marketing
Definitions
Mass market
: consists of all possible customers in a market regardless of the differences in their specific needs/wants (businesses rink losing customers to niche companies)
Market segment
: distinct group of customers within a large market who are similar to one another in some way and whose needs differ from other customers in the larger market
Marketing plan
: document describing the marketing env, outlines the marketing objectives and strategies, identifies who will be responsible for carrying out each part of the marketing strategy
Market position
: how the target market perceives the product in comparison to competitors' brands
Needs are general, wants are desires for specific products.
A product delivers a benefit when it satisfied a need or want
Branding
: consumer identity construction through brands and co-branding
Ethnocentrism
: the tendency to view the world through one's own cultural filters
Localisation
: the adaptation of a product or service to meet the needs of a particular language, culture or desired populations 'look and feel'
The 4 Ps
Product
: good, service, idea, place, person
Price
: amount the customer must exchange to receive the offering
Often used as a way to increase customers' interest in a product
Promotion
: included all activities marketers undertake to inform customers about their products and to encourage potential customers to buy
Personal selling, direct marekting, buzz, viral marketing, TV, sponsorship, shop coupons, billboards, magazine ads
Place
: refers to the availability of the product to the customers at the desired time and location
Related to the channel of distribution (product from producer > consumer)
Marketing vs management
Marketing is the process that starts with identifying customer needs for a particular service
Management deals with the functions of planning, organising, coordination and staffing
The market : what consumers want, why, how, where and at what price
Exchanges create commitments
Exchanges create emotion, meaning, social cohesion, beyond the functionality of the object and the value of money.
Possibility to destroy the relationship with a consumer if the exchange isnt appreciated on both parties (Eg : experience at blue ivy)
The external environment : sociocultural, economic, competition, political, technological