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Marketing: typically seen as the task of creating, promoting, and delivering goods and
services to consumers and businesses.
The term 'marketing concept' pertains to the fundamental premise of modern marketing. This
concept proposes that in order to satisfy the organizational objectives, an organization
should anticipate the needs and wants of consumers and satisfy these more effectively than
competitors. Marketing and marketing concepts are directly related.
Places
Properties
Organizations
Information
Ideas
Types of Markets:
Consumer Markets: Consumer market refers to a market where in the seller sells
the product for a primary reason of making profits while buyer buys the products for
personal use..and volume of the profit is less...product is more in number.
Global Markets: The activity of buying or selling goods and services in all the
countries of the world, or the value of the goods and services sold. What are the
fectors that company has to keep in mind for doing business in other country.
A government market is a market where the consumers are federal, state, and
local governments. Governments purchase both goods and services from the private
sector. Governments buy the same types of products and services as private sector
consumers, plus some more exotic products such as aircraft carriers, fighter jets,
tanks, spy satellites, and nuclear weapons. A growing trend in the past decades has
been the outsourcing of traditional government services to private firms, such as
prisons.
Marketing Concepts and Tools
Defining Marketing
Marketing:
Marketing management
Target Markets and Segmentation: Target Marketing involves breaking a market into
segments and then concentrating your marketing efforts on one or a few key segments
consisting of the customers whose needs and desires most closely match your product or
service offerings. It can be the key to attracting new business, increasing your sales, and
making your business a success.
The beauty of target marketing is that by aiming your marketing efforts at specific groups of
consumers it makes the promotion, pricing, and distribution of your products and/or services
easier and more cost-effective.
While market segmentation can be done in many different ways, depending on how you
want to slice up the pie, three of the most common types are:
Demographic Segmentation
gender
age
income level
marital status
education
race
religion
Demographic segmentation is usually the most important criteria for identifying target
markets, making knowledge of demographic information crucial for many businesses.
A liquor vendor, for instance, might want to target their marketing efforts based on the results
of Gallup polls, which indicate that beer is the beverage of choice for people below the age
of 54 (particularly in the 18-34-year-old age range) while those aged 55 and older prefer
wine.
Geographic Segmentation
neighborhood
postal/zip code
area code
city
province/state
region
country (if your business is international)
Psychographic Segmentation
The lifestyle classification involves values, beliefs, interests, etc. Examples include those
who prefer an urban as opposed to rural or suburban lifestyle, or those who are pet lovers or
have a keen interest in environmental issues.
Psychographic segmentation is based on the theory that the choices that people make when
purchasing goods or services are reflections of their lifestyle preferences or socio-economic
class.
Marketing Concepts
and Tools
Metamarket : An online website such as the Maruti suzuki website for second hand cars
which promotes the purchase of physical goods (Maruti suzuki cars) is known as a meta
market. Lets take a look at the automobile industry. Whatever company it may be, an
automobile company would involve suppliers, channels, service providers so and so forth.
Thus the meta market will bring all these buyers and sellers online in one place for one
purpose only. Rather than giving multiple products to one customer, the meta market brings
together different customers of the same product.
It can also be said that the combination of various entities within the same industry can be
known as a meta market.
Product, Offering, and Brand: The following are the major differences between product
and brand:
1. The product is an item or service produced and offered by the company for sale in the
market. A brand is an entity like the logo, symbol or name used by the companies, to make
their products identifiable among other products in the marketplace.
2. A product can be your need, but the brand is something more than that. You can understand
it with an example like it is your need to wear outfits and footwear, but it is your want to wear
outfits of Gucci and footwear of Nike.
3. Copying a product is easy, but its hard or says impossible to copy a brand.
4. Companies create products. On the other hand, Brand is created by us i.e. customers; it
takes years and years to build a brand loyalty.
5. Products can be replaced by other products because it becomes obsolete over time. In
contrast to this, brands are forever.
6. Product performs its general functions, but a brand offers value to the customers.
7. The product is tangible or intangible in nature. However, a brand is intangible it can only be
experienced.
Value and Satisfaction: Value: It is the ratio between what the customer gets and what he
gives. The customer gets benefits and gives costs. Product choice is guided by the value
provided by the product.
Benefits of customer may be functional and emotional
Cost of products can be monetary, time, energy and psychic.
Marketing should provide value to the customers by raising benefits and reducing costs.
Value
Value = Benefits / Costs =
(Functional benefits + Emotional benefits) /
(Monetary costs + Time costs + Energy costs + Psychic costs)
Pricing -- Establishing a product price that will be profitable while still attractive to
consumers.
Promotion -- Creating a visible profile for the product that makes it appealing to
customers.
The term transfer may also refer to the movement of an account from one bank or brokerage
to another.
Two-Party Exchange Map Showing Want Lists of Both Parties:
Marketing network: A business model in which a distributor network is needed to build the
business. Usually such businesses are also multilevel marketing in nature in that payouts
occur at more than one level. .
Network marketing is a type of business opportunity that is very popular with people looking
for part-time, flexible businesses. Some of the best-known companies in America, including
Avon, Mary Kay Cosmetics and Tupperware, fall under the network marketing umbrella.
Supply Chain: the management of the flow of goods and services,[2] involves
the movement and storage of raw materials, of work-in-process inventory,
and of finished goods from point of origin to point of consumption.
Competition:
Brand competition: A lot of brand positioning work relates to an
organizations competitiona brand might be positioned this way, but
compared to what? A strong brand identity is built in part on a competitive
position and, in turn, communicates that position to its intended audience.
Industry competition: Industry rivalry usually takes the form of jockeying for position using
various tactics (for example, price competition, advertising battles, product introductions).
This rivalry tends to increase in intensity when companies either feel competitive pressure or
see an opportunity to improve their position.
In most industries, one companys competitive moves will have a noticeable impact on the
competition, who will then retaliate to counter those efforts. Companies are mutually
dependent, so the pattern of action and reaction may harm all companies and the industry.
Some types of competition (for example, price competition) are very unstable and negatively
influence industry profitability. Other tactics (for example, advertising battles) may positively
influence the industry, as they increase demand or enhance product differentiation.
Form competition
Generic competition: among products that are different, but solve the same
problem or provide the same benefit or utility, such as audio cassettes and
CDs, adhesive tape and glue-sticks, carpets and tiles.
Marketing environment
Task environment
The marketing environment consists of the task environment and the broad environment. The task
environment includes the actors engaged in producing, distributing, and promoting the offering.
These are the company, suppliers, distributors, dealers, and target customers. In the supplier group
are material suppliers and service suppliers, such as marketing research agencies, advertising agencies,
banking and insurance companies, transportation companies, and telecommunications companies.
Distributors and dealers include agents, brokers, manufacturer representatives, and others
who facilitate finding and selling to customers.
Broad environment
The broad environment consists of six components: demographic environment, economic environment,
social-cultural environment, natural environment, technological environment, and political-
legal environment. Marketers must pay close attention to the trends and developments in
these and adjust their marketing strategies as needed. New opportunities are constantly emerging
that await the right marketing savvy and ingenuity. Here are two good examples.
Marketing Program
Marketing program
Marketing mix: The marketing mix refers to the set of actions, or tactics, that
a company uses to promote its brand or product in the market. The 4Ps make
up a typical marketing mix - Price, Product, Promotion and Place. However,
nowadays, the marketing mix increasingly includes several other Ps like
Packaging, Positioning, People and even Politics as vital mix elements.
Production Concept
Product concept
Selling Concept
Marketing Concept
Target Market
Customer Needs
External marketing:
Internal marketing
Internal Marketing External Marketing
recognition
satisfaction/experience
service
needed
Examples: The Body Shop: The Body Shop International plc is the original, natural and
ethical beauty brand. The company uses only plant based materials for its products. It is
against Animal testing, supports community trade, activate Self Esteem, Defend Human
Rights, and overall protection of the planet. They have also their own charity, The Body
Shop Foundation, to assist those working to achieve progress in the areas of human and
civil rights, environmental and animal protection. Thus Body shop is really following the
concept of Societal Marketing.