The Marketing ConceptImplementing the Marketing Strategy

The Marketing Concept

The Marketing Strategy

Target Market

A clear and identifiable group of people

Finding Similar CharacteristicsDemographics - (Age, Gender, Income, Education, CareersGenerations – (Seniors, Empty Nester, Baby Boomers, Gen Y,

Gen X, etc…)Geographic Area - LocationPsychographics: (General personality, behaviors, life-style,

rate of use, repetition of need, benefits sought, and loyalty characteristics.)

Example of Target Market

A Marketing Mix is then developed to meets the Needs of this group

The Marketing Mix

Product

More than just the product:- Brand Name- Accessories- Packaging- Services

Marketers help businesses create new Products by using:

- Marketing Research

- Buying Behaviors

Place (Distribution)Making the product/service accessible to your customers.

Where to sell it?How to get it there?How to package the product?Channels of DistributionThe path a product takes to get from producer to consumer.

Effective Distribution1.) Difference in Quantity

Adjusts the product amount to meet customer needs.2.) Difference in Assortment

Businesses can carry a variety of items in one place.3.) Difference in Locations

Businesses can carry products made from all over the world.4.) Differences in the Time

Businesses can determine when to deliver products to consumers.

Pricing Goals1.) Maximize Profits

2.) Increase Sales

3.) Maintain Image

1.) Supply and Demand2.) Quantity Purchased3.) Customer Service4.) Special Products5.) Channel of Distribution6.) Advertising and Promotion

Pricing Influences

PromotionThe efforts of a business to communicate with customers resulting in some type of action.

Promotional Methods1.) Advertising2.) Trade Promotions3.) Consumer Promotions (Sales)4.) Personal Selling5.) Publicity6.) Sponsorships7.) Direct Marketing

Selecting Promotion MethodsBusinesses select promotional methods based on:(p.111)

1.) Who is the Target Market?2.) What is the Message?3.) What is your Promotional Budget?

People People are critical in implementing the

Marketing Strategy.

Roles PlayedPersonal SellingCustomer ServiceSupport