the marketing concept marketing mix. what is “the marketing concept”? satisfy customers’ needs...
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