The Marketing Concept Marketing Mix. What is “The Marketing Concept”? Satisfy customers’ needs and wants Make a profit.

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Presentation transcript:

The Marketing Concept Marketing Mix

What is “The Marketing Concept”? Satisfy customers’ needs and wants Make a profit

What is a “Market”? All potential customers that share common needs and wants, and have the willingness and ability to buy the product

What is a “Customer Profile”? A complete “picture” of a prospective customer by combining geographic, demographic and psychographic data

DEMOGRAPHICS Age Ethnic background Income Family Life Cycle –Single –Married –Married + Children –Divorced

Psychographics Lifestyle Hobbies Interests Attitudes Values

Target Market A specific group of consumers that an organization selects as the focus of its marketing efforts or Marketing MIX

Successful Targets Must (Be): Sizable Measurable Reachable Demonstrate Behavioral Variation Targeting - Evaluating the various segments and selecting the one(s) that promises the best Return on Investment

MARKETING MIX ( 4 P’s of Marketing) PRODUCT PLACE PRICE PROMOTION

PRODUCT Relates to function of product planning What to make or sell When to make it or sell it How much to make or sell Level of quality Packaging/Brand/Label

PLACE Relates to the marketing function of distribution Direct or indirect distribution (use a middleman?) Where to sell? Level of intensity? Storage?

PRICE Pricing methods Pricing strategies Discounts? Competition? Profit margin desired?

PROMOTION Advertising Sales promotion Public relations/publicity Personal selling Visual merchandising

How is the Marketing Mix (4 P’s) used in the Marketing Plan? Used to “position” a product in the minds of the consumer, and to relate the product to a particular market. This is called “target marketing”.

Class Exercise: Product Place Price Promotion