Marketing
• To explain what marketing is • To differentiate between “needs” and “wants” • To understand the fundamental marketing concepts • To explain why and how companies learn about their customers • To describe the main tools of marketing research • To identify and comment on the four elements of a company’s marketing mix
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Marketing is more than a fancy image, a clever commercial, a special contest or a discount
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Name some examples of marketing questions! Marketing involves a lot of planning and execution in order to develop a new product, set its price, market-entry date, distribute it, promote it and convince people to buy it Marketing involves also understanding customers’ needs, their buying behavior, creating consumer awareness, providing customer service and maintaining long term relationships
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• Product marketing • Service marketing • Place marketing • Cause related marketing
Needs/ Wants
Need= a difference between your actual state and your ideal state Wants= based on needs, but more specific Marketers channel the customers’ needs for various products and services into wants ( the desire to purchase a specific brand) by exposing you to alternatives E.g. need= thirst, want= Coca-Cola or Pepsi
Rely on product’s quality, performance and innovative Devote their marketing resources to make continuous improvements features;
Product concept
Better products # better sales Also innovative products need marketing
Selling concept
Consumers will buy whatever they sale Focus on distribution and promotion Inside-out perspective which works in a seller’s market; in a buyers’ market companies need to become more customer-centered
Marketing concept
Determine the needs and wants of target markets and shape and deliver accordingly products and services Outside-in perspective
Relationship concept
Building and maintaining a long term relationship with key parties; The relationship with the customer = ongoing process , it doesn’t
•
Marketing is more than a fancy image, a clever commercial, a special contest or a discount
•
Name some examples of marketing questions! Marketing involves a lot of planning and execution in order to develop a new product, set its price, market-entry date, distribute it, promote it and convince people to buy it Marketing involves also understanding customers’ needs, their buying behavior, creating consumer awareness, providing customer service and maintaining long term relationships
•
•
• Product marketing • Service marketing • Place marketing • Cause related marketing
Needs/ Wants
Need= a difference between your actual state and your ideal state Wants= based on needs, but more specific Marketers channel the customers’ needs for various products and services into wants ( the desire to purchase a specific brand) by exposing you to alternatives E.g. need= thirst, want= Coca-Cola or Pepsi
Rely on product’s quality, performance and innovative Devote their marketing resources to make continuous improvements features;
Product concept
Better products # better sales Also innovative products need marketing
Selling concept
Consumers will buy whatever they sale Focus on distribution and promotion Inside-out perspective which works in a seller’s market; in a buyers’ market companies need to become more customer-centered
Marketing concept
Determine the needs and wants of target markets and shape and deliver accordingly products and services Outside-in perspective
Relationship concept
Building and maintaining a long term relationship with key parties; The relationship with the customer = ongoing process , it doesn’t