BASIC MARKETING CONCEPTS

Marketing concept- you must satisfy a customers needs and wants to make a profit.
Right goods and services
Right time
Right price
Right place
Target Marketing- focusing marketing decisions on a specific group
Market Segmentation- analyzing a market to create target market
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Demographic Segmentation- based on personal characteristics

Age, gender, income level, occupation, ethnic background, education level
Psychographic- based on lifestyles and personality characteristics
Attitudes, values, activities, interests
Geographic- based on where the target market lives
Local market, regional, national, global
Benefits segmentation- based on benefits the target market expects to receive/gain
Added protection, health issues, special needs, stage in family life cycle

4 Ps of Marketing Mix
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Product- what to make, brand name, image to project

Place- how and where to distribute
Price- what customers are willing and able to pay
Promotion- how potential customers will be told about the new product

Marketing Utilities- capacities of the product offering to satisfy the needs of the customer
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Form Utility- the product is modified for the customer

Time utility- ability to buy the product when he wants
Place utility- the consumer is able to buy the product at the location convenient to him
Possession utility- transfer of ownership from seller to buyer

Marketing Management Concepts

1. Product concept- the product generates the demand; little marketing effort is needed
2. Selling concept- customers will not normally buy a product unless its aggressively
promoted to them
3. Marketing concept- identify consumer needs and satisfy these more effectively and
efficiently than competition
4. Societal concept- find a balance between social welfare, consumer needs and
company profits
Marketing- process of planning and executing the concept, price, promotion, and distribution of
ideas, goods, and services
Marketing mix- organizations strategy that combines all of its marketing goals into one
comprehensive plan

The marketing strategy is the foundation of a marketing plan.

Decision Making Unit (DMU)- people who will decide to purchase a product.
Buyer- who actually issues the check
Decider- says this is the product he wants
Influencer- helps the decider decide *press, analysts, peers, evaluation group
User- who uses the product and derives benefit from it
Decision Making Process (DMP)- the interaction between the DMU.
DIFF. TYPES OF MARKETING STRATEGY AND TECHNIQUE
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Social Marketing- increase the acceptability of a social cause or practice among people
Augmented- providing additional services
Direct- through advertising media
Relationship- long-term relationship w/ customers in order to win their loyalty
Services- applying the concepts, tools, and techniques of marketing to services
Person- towards particular people to promote their careers and income
Organization- create, maintain/change attitudes and behavior of target market towards
an organization
8. Place- create, maintain/change attitudes and behavior of target market towards
particular places
9. Differential- to target diff. markets thru diff. strategies or offers
10. Synchro- balancing the fluctuations in irregular demand for a product due to seasons
11. Concentrated- the firm focuses on only one or few markets
12. De-Marketing- to reduce demand temporarily or permanently, not to destroy demand
but only to shift it