Basic Marketing Concepts - Chapter Two
Basic Marketing Concepts
Objectives:
1.
The Marketing Concept
2.
The difference between customers and
consumers
3.
What a market is and how it can be described
4.
What target marketing is
5.
The four P’s of marketing
States that businesses must satisfy customer
needs and wants in order to make a profit
Businesses must have the right goods or
services at the right:
Time
Price
Right place to purchase
They also need to communicate this to their customers
(Who are they & how can they be reached)
Customers
buy
the product
Consumers are the actual users of the
product/service
Cereal, toys, toiletries, insurance, haircuts, etc!
All potential customers who share common
needs and wants
AND
Have the
ability
and
willingness
to
buy
the
products
What’s a Market?
The total sales in a product category by
competing
companies
Examples
Sports Drinks
Computers
Cell Phones
Satisfying the needs and wants of all customers & product
categories
would be difficult without defining &
analyzing the current potential customers of a given
product
Focusing all marketing decisions on a very
specific group of people who you want to reach
The more information you have on your
target market, the easier it is to make
marketing decisions
To create a clear picture of who their TM is,
businesses create a
customer profile.
May include information about the TM with
regard to:
Age
Income level
Ethnic background
Occupation
Attitudes
Geographic Residence of the target customer
Marketers spend a lot of money researching the most
important characteristics of their TM’s customer profile
The four (4) basic marketing strategies known as the 4
P’s:
1.
Product
2.
Price
3.
Place
4.
Promotion
The elements of the marketing mix are interconnected;
actions in one area affect the decisions in the other
areas
The fundamentals of marketing, including the marketing concept, customer vs. consumer, market definition, target marketing, and the 4Ps (product, price, place, promotion).
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Presentation Transcript
Objectives: The Marketing Concept The difference between customers and consumers What a market is and how it can be described What target marketing is The four P s of marketing 1. 2. 3. 4. 5.
States that businesses must satisfy customer needs and wants in order to make a profit Businesses must have the right goods or services at the right: Time Price Right place to purchase They also need to communicate this to their customers (Who are they & how can they be reached)
Customers buy the product Consumers are the actual users of the product/service Cereal, toys, toiletries, insurance, haircuts, etc!
All potential customers who share common needs and wants AND Have the ability and willingness to buy the products What s a Market?
The total sales in a product category by competing companies Examples Sports Drinks Computers Cell Phones Satisfying the needs and wants of all customers & product categories would be difficult without defining & analyzing the current potential customers of a given product
Focusing all marketing decisions on a very specific group of people who you want to reach The more information you have on your target market, the easier it is to make marketing decisions To create a clear picture of who their TM is, businesses create a customer profile.
May include information about the TM with regard to: Age Income level Ethnic background Occupation Attitudes Geographic Residence of the target customer Marketers spend a lot of money researching the most important characteristics of their TM s customer profile
The four (4) basic marketing strategies known as the 4 P s: Product Price Place Promotion 1. 2. 3. 4. The elements of the marketing mix are interconnected; actions in one area affect the decisions in the other areas
