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UNDERSTANDING THE MARKETING CONCEPT

UNDERSTANDING THE MARKETING CONCEPT. In order to make a profit, a business must focus all of it’s efforts on satisfying the needs and wants of it’s customers. Sales Oriented Marketing Oriented. Make and sell products without regard for what people want. Focus on customer satisfaction.

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UNDERSTANDING THE MARKETING CONCEPT

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  1. UNDERSTANDING THE MARKETING CONCEPT In order to make a profit, a business must focus all of it’s efforts on satisfying the needs and wants of it’s customers.

  2. Sales Oriented Marketing Oriented Make and sell products without regard for what people want. • Focus on customer satisfaction. • Direct their resources toward offering the goods and services that people want.

  3. Customers vs. Consumers Buy Products Use Products Value The personal satisfaction gained from the use of a good or service.

  4. IDENTIFYING YOUR CUSTOMER Market Group of all potential customers who share common needs and wants, and who have the ability and willingness to buy the product. Mass Marketing Involves using a single marketing plan to reach all consumers. Market Segmentation Dividing the total market into smaller groups of people who share specific needs and characteristics.

  5. Customer ProfileCombining geographic, demographic, and psychographic data. • Geographic--segment the market based on where people live. • Demographic--describes the population in terms of personal characteristics. • Psychographics--Study of consumers based on lifestyle, and the attitudes and values that shape it. Product Benefits Building beneficial features into their products in response to consumer wants or needs.

  6. Reaching Your Customers Target Marketing Focusing all marketing decisions on the specific group of people you want to reach. Marketing Mix The “4 basic marketing decisions also known as the “4 P’s.” PRODUCT, PLACE, PRICE, & PROMOTION

  7. Positioning(also called prospecting) What you do to get into the mind of the prospect. Some examples are: • Play to the competition’s weakness. • Look for underserved markets. • Lead with your strengths. • Target different segments.

  8. Economic Benefits of Marketing • Marketing bridges the gap between you and the maker or seller of an item. • Marketing makes buying easy for consumers. • Marketing helps create new and improved products, as well as lower prices.

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