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Understanding Marketing: Markets, Strategies, and Concepts

Learn about types of markets, marketing strategies, and essential concepts like market analysis, customer needs, and the 4Ps of marketing mix. Discover the importance of understanding buyer psychology and creating products that meet consumer demands. Explore commodity, industrial, financial, and consumer markets to grasp the diverse landscape of marketing.

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Understanding Marketing: Markets, Strategies, and Concepts

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Presentation Transcript

  1. MARKETING Kinds of markets What is marketing? Market analysis Market research The product life cycle The marketing mix The 4Ps

  2. Kinds of markets General: • A market is a meeting place between who sells and who buys. • Sellers and buyerstry to understand each other’s needs and psychology in an attempt to reach a profitable exchange. • Most modern markets specialise. • Nowadays it can be rare for sellers and buyers to meet physically.

  3. Kinds of markets Commodity markets Industrial markets Financial markets Consumer markets

  4. What is marketing? • It’s a PLANNING PROCESS that identifies the needs and wants of potential customers; • then it creates a product or service to meet these requirements. • (So it’s not just a simple matter of selling and advertising a product!!!) • The main aim of marketing is to convince a potential customer to buy new products.

  5. The marketing concept THE CUSTOMER PROMOTION Market analysis Market research PLACE Planning and development PRICE PRODUCT

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