Basic Marketing Concepts - Chapter Two
The fundamentals of marketing, including the marketing concept, customer vs. consumer, market definition, target marketing, and the 4Ps (product, price, place, promotion).
- basic marketing concepts
- marketing concept
- customer vs. consumer
- target marketing
- 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
