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Introduction to Marketing
Miss Mary Lynn Mundell
Introduction to Marketing
What Is Marketing?
Simple definition:
Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably. (CIM,2001)
Goals:
1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction.
Introduction to Marketing
Marketing Defined
Marketing is the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Introduction to Marketing
Buyers markets
Sellers markets
Introduction to Marketing
Introduction to Marketing
Want: Form that a human need takes, as shaped by culture and individual personality.
Introduction to Marketing
Services:
Activity or benefit offered for sale that is essentially intangible and does not result in ownership.
Experiences:
Consumers live the offering.
Introduction to Marketing
Introduction to Marketing
Marketing Management
The art and science of choosing target markets and building profitable relationships with them. Requires that consumers and the marketplace be fully understood. Aim is to find, attract, keep, and grow customers by creating, delivering, and communicating superior value.
Introduction to Marketing
Marketing Management
Marketing managers must consider the following, to ensure a successful marketing strategy: 1. What customers will we serve?
What is our target market?
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Marketing Strategy
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Market Segmentation
Key segmenting variables: Geographic Demographic Psychographic Behavioral
Different segments desire different benefits from products. Best to use multivariable segmentation bases in order to identify smaller, better-defined target groups.
Introduction to Marketing
Market Segmentation
Why Segment?: Meet consumer needs more precisely Increase profits Segment leadership Retain customers Focus marketing communications
Introduction to Marketing
Introduction to Marketing
Market Targeting
Market targeting involves: Evaluating marketing segments.
Segment size, segment structural attractiveness, and company objectives and resources are considered.
Introduction to Marketing
Introduction to Marketing
Introduction to Marketing
Thank you.