The Marketing Concept Marketing Mix. What is “The Marketing Concept”? Satisfy customers’ needs...
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Transcript of The Marketing Concept Marketing Mix. What is “The Marketing Concept”? Satisfy customers’ needs...
The Marketing Concept
Marketing Mix
What is “The Marketing Concept”?
•Satisfy customers’ needs and wants
•Make a profit
What is a “Market”?
•All potential customers that share common needs and wants, and have the willingness and ability to buy the product
What is a “Customer Profile”?
•A complete “picture” of a prospective customer by combining geographic, demographic and psychographic data
DEMOGRAPHICS•Age•Ethnic background•Income•Family Life Cycle
– Single– Married– Married + Children– Divorced
Psychographics
•Lifestyle
•Hobbies
•Interests
•Attitudes
•Values
Target Market
• A specific group of consumers that an organization selects as the focus of its marketing efforts or Marketing MIX
Successful Targets Must (Be):
• Sizable
• Measurable
• Reachable
• Demonstrate Behavioral Variation
Targeting - Evaluating the various segments and selecting the one(s) that promises the best Return on Investment
MARKETING MIX(4 P’s of Marketing)
• PRODUCT
• PLACE
• PRICE
• PROMOTION
PRODUCT
• Relates to function of product planning
• What to make or sell
• When to make it or sell it
• How much to make or sell
• Level of quality
• Packaging/Brand/Label
PLACE
• Relates to the marketing function of distribution
• Direct or indirect distribution (use a middleman?)
• Where to sell?
• Level of intensity?
• Storage?
PRICE
•Pricing methods
•Pricing strategies
•Discounts?
•Competition?
•Profit margin desired?
PROMOTION
•Advertising
•Sales promotion
•Public relations/publicity
•Personal selling
•Visual merchandising
How is the Marketing Mix (4
P’s)
used in the Marketing Plan?
• Used to “position” a product in the minds of the consumer, and to relate the product to a particular market.
• This is called “target marketing”.
Class Exercise:
• Product
• Place
• Price
• Promotion