The document discusses key concepts in marketing including the 4 P's of marketing (Product, Price, Place, Promotion), consumer rights, the marketing environment, and the marketing process. It provides an overview of segmentation, targeting, and positioning as important strategies in marketing. Key steps in the marketing process are analyzing opportunities, selecting target markets, developing the marketing mix, and managing the effort.
The document discusses key concepts in marketing including the 4 P's of marketing (Product, Price, Place, Promotion), consumer rights, the marketing environment, and the marketing process. It provides an overview of segmentation, targeting, and positioning as important strategies in marketing. Key steps in the marketing process are analyzing opportunities, selecting target markets, developing the marketing mix, and managing the effort.
The document discusses key concepts in marketing including the 4 P's of marketing (Product, Price, Place, Promotion), consumer rights, the marketing environment, and the marketing process. It provides an overview of segmentation, targeting, and positioning as important strategies in marketing. Key steps in the marketing process are analyzing opportunities, selecting target markets, developing the marketing mix, and managing the effort.
The document discusses key concepts in marketing including the 4 P's of marketing (Product, Price, Place, Promotion), consumer rights, the marketing environment, and the marketing process. It provides an overview of segmentation, targeting, and positioning as important strategies in marketing. Key steps in the marketing process are analyzing opportunities, selecting target markets, developing the marketing mix, and managing the effort.
Principles of Marketing Consumerism The Right to Be Safe The Right to Be Informed
Basic Consumer Rights
The Right to Be Heard The Right to Choose
Marketing Involves having the Right Product available in the Right Place at the Right Time and making sure that the customer is Aware of the Product. Simple Marketing System
Communication
Product/Service Producer/Seller Consumer Money
Feedback Marketing Product Price
Customers
Place Promotion Marketing’s 4 P’s
⚫ Product ⚫ Price ⚫ Place
⚫ Promotion Marketing’s 4 P’s (+2)
⚫ People ⚫ Product ⚫ Price ⚫ Place ⚫ Promotion ⚫ Profits Marketing is....
getting the right products to the right people at
the right price and at the right place and time with the right promotion Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.
Kotler 1994 Actors and Forces in a Modern Marketing System
Environment
Company (marketer) Marketing End-user Suppliers inter- market mediaries
Competitors Core
satisfaction, and quality Marketing
Value, Concepts
Exchange, transactions, and relationships Information Buying
Risk Taking Selling
Marketing Functions
Financing Transporting
Standardizing Storing and Grading Change In Perspective
Yesterday: Here is this great product. Don’t you
want to buy it? Today: Here is what I need. Can you make it? Customer Relationship Management CRM
CRM – Customer relationship management . . .
“is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.” PRODUCT SOCIETAL CONCEPT MARKETING CONCEPT
KEY MARKETING PHILOSOPHIES
MARKETING MARKETING PRODUCTION CONCEPT CONCEPT CONCEPT
SELLING CONCEPT Marketing Challenges in the 21st century Designing the Business Protfolio The Boston Consulting Group’s Growth-Share Matrix 20%- Market growth rate
Political- Social- Legal Competitors Cultural Environment Environment Analyzing marketing opportunities The Marketing Information System Marketing Marketing managers Marketing Information System environment
Developing information Test
Analysis markets Assessing Internal Marketing Planning information Marketing needs records intelligence channels Implemen- tation Competitors
Control Marketing Publics Distributing decision Marketing information support research Macro- analysis environment forces
Marketing decisions and communication
The Marketing Environment Demographic
Company Cultural Economic Publics Suppliers Company
Political Competitors Customers Natural
Intermediaries
Technological The Microenvironment Company
Publics Suppliers
Forces Affecting a Company’s Ability to Serve Customers
Competitors Intermediaries
Customers The Macroenvironment Demographic
Cultural Economic Forces that Shape Opportunities and Pose Threats to a Company Political Natural
Technological Steps in the Marketing Research Process 1. Problem Definition and the Research Objectives
2. Developing the Research Plan
3. Implementation
4. Interpretation and Reporting
of Findings Firm needs to know Who buys? How they buy? When and where they buy?? Why they buy? How they respond to marketing stimuli? Consumer Buying Behavior Product Economic Price Marketing and Technological Place Other Stimuli Political Promotion Cultural
Buyer Buyer’s decision Buyer’s Black Box characteristics process ”what” & “how” affecting consumer behavior
Cultural Social Personal Age and Psycho- Culture Reference life-cycle logical groups Occupation Motivation Sub- Economic Perception Buyer culture Family situation Learning Lifestyle Beliefs and Roles Personality attitudes Social and class and self-concept status Buyer Decision Process Problem recognition
Information search
Evaluation of alternatives
Purchase decision
Postpurchase behavior Market Segmentation Major Steps in Target Marketing
✓ Segmentation ✓ Target Marketing ✓ Market Positioning Market Segmentation Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes. Segmentation Segmentation Variables
A. Undifferentiated Marketing Company Marketing Mix 1 Segment 1
Company Segment 2 Marketing Mix 2
Company Marketing Mix 3 Segment 3
B. Differentiated Marketing Segment 1 Company Marketing Segment 2 Mix Segment 3
C. Concentrated Marketing Company Marketing Individual Mix Customer
D. Custom Marketing Strategy or
Micromarketing Strategy Requirements for Effective Segmentation • Size, purchasing power, Measurable profiles of segments can be measured. • Segments must be Accessible effectively reached and served. • Segments must be large Substantial or profitable enough to serve. • Segments must respond Differential differently to different marketing mix elements & actions.
Actionable • Must be able to attract and
serve the segments. Marketing Mix 4 Ps Levels of Augmented Product Products Installation
Packaging Brand Features Name Core After- Delivery Benefit or Sale & Credit Quality Service Service Design Level
