Transcript Chapter 2: Basic Marketing Concepts

Chapter 2: Basic Marketing
Concepts
SECTION 2.1
THE MARKETING CONCEPT
What You’ll Learn
 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 the marketing mix
Exercise
 Name 5 products targeted to people your age,
children, and people over 50.
The Basic Concept
 How so businesses become successful?
 The plan for it by following an idea called the marketing
concept.
 Which states businesses must satisfy customers’ needs and wants
in order to make a profit.
 Customers vs. Consumers
Customers – buy the product
 Consumers – people who actually use the product
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Basic Concepts Continue…
 What is a Market?
All potential customers who share common needs and wants, and
who have the ability and willingness to buy the product.
 Target Marketing – focusing all marketing decisions on a very
specific group of people who you want to reach.
 Customer Profile – information about the target market with
regard to the age, income, level, ethnic background, occupation,
attitudes, lifestyles, or geographic residence of the targeted
customer
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 Marketing Mix

Comprises four basic marketing strategies, collectively known as
the Four Ps—product, place, price, and promotion