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The Marketing Concept

The Marketing Concept. Implementing the Marketing Strategy. The Marketing Concept. The Marketing Strategy. Target Market. A clear and identifiable group of people Finding Similar Characteristics Demographics - (Age, Gender, Income, Education, Careers

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The Marketing Concept

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  1. The Marketing Concept Implementing the Marketing Strategy

  2. The Marketing Concept

  3. The Marketing Strategy

  4. Target Market A clear and identifiable group of people Finding Similar Characteristics Demographics - (Age, Gender, Income, Education, Careers Generations – (Seniors, Empty Nester, Baby Boomers, Gen Y, Gen X, etc…) Geographic Area - Location Psychographics: (General personality, behaviors, life-style, rate of use, repetition of need, benefits sought, and loyalty characteristics.) Example of Target Market A Marketing Mix is then developed to meets the Needs of this group

  5. The Marketing Mix

  6. Product More than just the product: - Brand Name - Accessories - Packaging - Services Marketers help businesses create new Products by using: - Marketing Research - Buying Behaviors

  7. Place (Distribution) Making the product/service accessible to your customers. Where to sell it? How to get it there? How to can I reduce costs? Channels of Distribution The path a product takes to get from producer to consumer.

  8. Effective Distribution 1.) Difference in Quantity Adjusts the product amount to meet customer needs. 2.) Difference in Assortment Businesses can carry a variety of items in one place. 3.) Difference in Locations Businesses can carry products made from all over the world. 4.) Differences in the Time Businesses can determine when to deliver products to consumers.

  9. Pricing Goals 1.) Maximize Profits 2.) Increase Sales 3.) Maintain Image Pricing Influences 1.)Supply and Demand 2.) Quantity Purchased 3.) Customer Service 4.) Special Products 5.) Channel of Distribution 6.) Advertising and Promotion

  10. Promotion The efforts of a business to communicate with customers resulting in some type of action. Promotional Methods 1.) Advertising 2.) Trade Promotions (Trade Shows) 3.) Consumer Promotions (Contests) 4.) Personal Selling 5.) Publicity 6.) Sponsorships 7.) Direct Marketing

  11. Selecting Promotion Methods Businesses select promotional methods based on: (p.111) 1.) Who is the Target Market? How many? Where are they located? Where and how do they receive information? 2.) What is the Message? Does everyone need the same information? Is it simple or complex? Need Repeating? 3.) What is your Promotional Budget?

  12. People • People are critical in implementing the Marketing Strategy. Roles Played Personal Selling Customer Service Support

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