MARKETING CONCEPT
WHAT IS MARKETING?
Marketing is the sum of all activities involved in the planning, pricing, promoting, distributing, and selling of goods and services to satisfy needs and wants.
WHAT IS MARKETING MIX?
Is the unique combination of the tools available to a business to reach its target market.
4P's: Place, Product, Promotion, Price
2C's: Customers, Competitors
Marketing has 7 main functions that people within the business must perform in order for the product to be marketed to its fullest potential.
Promotion
Selling
Product Management
Information Management
Pricing
Financing
Distribution
WHAT IS TWO TYPE OF DATA & EXPLAIN?
Primary data- Information that you collect specifically for the purpose of your research project
Secondary data- Is information that has already been collected by someone else.
IMPORTANCE OF MARKET RESEARCH?
Market research helps businesses understand customers to make better decisions.
THE MARKETING CONCEPT?
The idea that a business/organization must consider both its potential customers and its competitors in every important business decision.
WHAT ARE THE 4 P'S?
PRODUCT, PLACE, PROMOTION, PRICE
WHAT IS SELLING?
Converting potential customers (leads) into actual customers
Establishing a deeper relationship with customers
WHAT IS MARKET RESEARCH?
Marketing research is gathering information to make marketing decisions
CONSUMER RESEARCH AND IMPORTANCE?
Studying what the customer wants, needs, and prefers.
Importance? It helps businesses create products and services that customers actually want
MARKETING CONCEPT REQUIRES?
Identify an opportunity in a specific consumer or industrial market.
Ensure that the opportunity has not already been met.
Use appropriate marketing strategies to sell its products or services successfully.
BEFORE DEVELOPING A MARKETING MIX, WHAT DOES IT NEED?
Before developing a marketing mix, marketers determine a target market
WHAT IS FINANCING?
Getting the money needed to pay for the operations of the business.
WHEN IS MARKETING RESEARCH NEEDED?
When a business wants to expand
When a strong competitor enters the market
When a business wants to relocate or open another location
MARKET RESEARCH COMPETITION IMPORTANCE?
Importance? It helps businesses see what others are doing well and find ways to do better
WHAT ARE MARKETING GOODS/SERVICES?
Consumer Goods and Services are products intended for personal use by the general public.
WHAT IS THE TARGET MARKET, CUSTOMER and CONSUMER?
TARGET MARKET: A target market is the specific group of customers that a company will focus on
CUSTOMERS: A customer is an individual or group who buys products or uses products or services
CONSUMER: Someone who uses the product or service.
WHAT IS PRODUCT MANAGEMENT?
Developing, maintaining and improving a product over time in response to:
WAYS TO RESEARCH PRIMARY DATA?
POPULAR LIFESTYLE TRENDS AND IMPORTANCE?
Are current habits, interests, or ways of living that many people follow or enjoy.
Importance? Knowing popular lifestyle trends is important because it helps businesses create products and marketing that fit what people like and want.
NAME THE HIERARCHY OF NEEDS. EXPLAIN EACH ONE
1. Psychological needs - air, water, food, shelter, sleep, clothes, etc.
2. Safety needs - employment, security, health, property, resources.
3. Love and belonging - friendship, intimacy, family
4. Esteem - respect, self-esteem, status, recognition, strength, freedom
5. Self-actualization - desire to become the most that one can be.
WHAT IS COMPETITION?
Rivalry between businesses offering similar products or services to the same target market, aiming to increase sales and secure customer loyalty.
WHAT IS INFORMATION MANAGEMENT?
Obtaining information from Market Research
Data from sources such as online reviews, social media engagement, and surveys allows businesses to see how well their marketing efforts are working
3 AREAS OF RESEARCH & EXPLAIN
1. Customers - Learn about customers so that the company can meet customers’ needs
2. Competition - Learn about the competition so that the company can beat them.
3. New business opportunities - Learn about new opportunities so that the company can grow.
STEPS FOR MARKET RESEARCH?
Main steps in the marketing research process: