Basic Marketing Concepts - Chapter Two

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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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  1. Basic Marketing Concepts

  2. 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.

  3. 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)

  4. Customers buy the product Consumers are the actual users of the product/service Cereal, toys, toiletries, insurance, haircuts, etc!

  5. All potential customers who share common needs and wants AND Have the ability and willingness to buy the products What s a Market?

  6. 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

  7. 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.

  8. 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

  9. 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