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Fundamentals of Marketing

Fundamentals of Marketing. Chapter 1 Sec. 3. Market – All people who share similar needs and wants and who have the ability and willingness to buy. What markets are you part of?. Consumer Markets. Consist of consumers who purchase goods and services for personal use .

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Fundamentals of Marketing

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  1. Fundamentals of Marketing Chapter 1 Sec. 3

  2. Market – All people who share similar needs and wants and who have the ability and willingness to buy What markets are you part of?

  3. Consumer Markets Consist of consumers who purchase goods and services for personal use.

  4. Industrial Markets Business-to-business (B-to-B) markets include all businesses that buy products for use in their operations.

  5. Market Share A company’s percentage of the total sales volume generated by all companies that compete in a given market.

  6. TargetMarketing Focusing all decisions on a very specific group of people who you want to reach.

  7. Customer Profile • To develop a clear picture of their target market, businesses create a customer profile. • It lists information about the target market such as age, income level, occupation, attitudes, lifestyle, and geographic residence

  8. Customer vs. Consumer Customers – people who buy the product Consumers– people who actually use the product Is mom the customer or the consumer? The kids?

  9. How can you use a customer profile to learn about a business’s target market?

  10. Marketing MixBasic marketing strategies – the four P’s • Product • Place • Price • Promotion

  11. Product Strategies • What product to make • How to package it • What brand name to use • What image to project

  12. Place Strategies How and where a product will be distributed.

  13. Price Strategies Reflect what customers are willing and able to pay.

  14. Promotion Strategies • How potential customers will be told about the new product • What the message will be • When and where it will be delivered • What inducements are there to buy

  15. The Marketing Mix The elements are interconnected Product Place Price Promotion

  16. The Marketing Mix – The 4 P’s • Contains countless alternatives. • Management must select a combination of marketing mix decisions that will satisfy target markets and achieve organizational goals.

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