Chapter 2: Basic Marketing Concepts Section 2.1 The Marketing Concept Chapter 2: Basic Marketing Concepts

What You’ll Learn 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 the marketing mix

Exercise Name 5 products targeted to people your age, children, and people over 50.

The Basic Concept Customers vs. Consumers How so businesses become successful? The plan for it by following an idea called the marketing concept. Which states businesses must satisfy customers’ needs and wants in order to make a profit. Customers vs. Consumers Customers – buy the product Consumers – people who actually use the product

Basic Concepts Continue… What is a Market? All potential customers who share common needs and wants, and who have the ability and willingness to buy the product. Target Marketing – focusing all marketing decisions on a very specific group of people who you want to reach. Customer Profile – information about the target market with regard to the age, income, level, ethnic background, occupation, attitudes, lifestyles, or geographic residence of the targeted customer Marketing Mix Comprises four basic marketing strategies, collectively known as the Four Ps—product, place, price, and promotion