Transcript Marketing Concept

Marketing Concept
• Satisfy customer’s needs and wants
• Do it better than the competition
Utility
• Utility – added value in economic
terms
• Form
• Place
• Time
• Possession
• Information
Vocabulary
• Customers – those people who buy
the product
• Consumers – those people who use
the product
• Market – all potential customers who
share common needs and wants and
who have the ability and willingness
to buy
Marketing Mix (5 P’s)
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Product
Price
Place
Promotion
People
Marketing Mix Model
Price
Product
People
Promotion
Place
Product Strategy
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What product to make
How to package it
What brand name to use
What image to project
Place Strategy
• How and where to distribute
Price Promotion
• How much to charge
• Cost vs. Price
• Pricing Methods
Promotion Strategy
• How to tell customers about product
• What will that message be
• When and where is the product
available
People
• Target market – focus marketing decisions
on a very specific group of people
• Must be very specific
• Market Segmentation
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Demographics
Psychographics
Geographics
Product Benefits
Demographics
• Personal characteristics that
describe a population
• May Include:
– Age
– Gender
– Income
• Disposable vs. Discretionary
– Race
Psychographics
• Describes the way a population thinks
and acts
• May include:
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Sports enthusiasts
Extremists
Conservatives
Movers and shakers
Geographics
• Where a population lives
• May Include:
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Rural
Urban
Cold climate
Warm climate
Rainy
Dry
Product Benefits
• Population that uses product based
on benefits
• May Include
– Specialty shoes (ie. Football shoes,
basketball shoes)
– Diet soda