1. Basic Marketing Concepts
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2. Marketing Concept
The idea that you must satisfy a customers’ needs and wants in order to make a profit.
Businesses must have the right goods and services at the right time, at the right price and at the right place. Plus they must communicate this to their customers.
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3. Target Market
Target Marketing -- Involves focusing marketing decisions on a specific group of people you want to reach with your product.
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4. Market Segmentation
Analyzing a market by specific characteristics in order to create a target market.
Once a target market is identified, business can customize its products and marketing strategies to that specific group of customers.
To do this, businesses may segment a market by demographics, psychographics, geographics, and product benefits.
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5. Demographic Segmentation
Market segmentation based on your target market’s personal characteristics.
Includes
gender
age
income level
occupation
ethnic background
education level
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6. Psychographic Segmentation
Market segmentation based on your target market’s lifestyles and personality characteristics.
Includes
attitudes
values
activities
interests
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7. Geographic Segmentation
Market segmentation based on where your target market lives.
Includes
local markets
regional markets
national markets
global markets
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8. Benefit Segmentation
Market segmentation based on benefits your target market expects to receive or gain from products.
Includes
added protection
health issues
special needs
stage in family life cycle
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9. The 4 P’s of the Marketing Mix
Product
Place
Price
Promotion
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10. The Marketing Mix is comprised of four basic marketing strategies, collectively known as the “Four P’s.”
The Marketing Mix is dependent on how well the target market is defined and how well all strategies are directed toward that target audience!
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11. Product
Knowing what product to make, how to package it, what brand name to use, and what image to project.
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12. Place Determines how and where a product will be distributed.
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13. Price Nike Men's Shox TL 2 $149.99
Should reflect what customers are willing and able to pay.
Nike Men's Shox TL 2 $149.99
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14. Promotion How potential customers are informed about new product
what the message will be
when and where it will be delivered
with what inducements to buy.
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15. Any Questions?
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