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Fundamentals of Marketing

Chapter 1 Sec. 3. Fundamentals of Marketing. All of the people who share similar needs and wants and who have the ability to purchase a given product Are you part of the videogame market? Are you part of the sports car market?.

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Fundamentals of Marketing

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  1. Chapter 1 Sec. 3 Fundamentals of Marketing

  2. All of the people who share similar needs and wants and who have the ability to purchase a given product • Are you part of the videogame market? • Are you part of the sports car market? • Market – all potential customers who have the ability and willingness to buy

  3. Consumer Markets • Consist of consumers who purchase goods and services for personal use.

  4. Industrial Markets • Business-to-business (B-to B) markets include all businesses that buy products for use in their operations.

  5. Total market • Can also be described by the total sales in a product category • Market Share • A company’s percentage of the total sales volume generated by all companies that compete in a given market.

  6. Market • anyone who has the desire and the means to buy

  7. Market Segments • Small groups of people within the market

  8. Target Market • The group chosen for a specific marketing program Target Market: Males, Ages 14-20

  9. Certain products have more than one target market 1. Your product might have different groups of users Who is 5-hour Energy Targeting? Men – too much hassle to make coffee Women – you will feel like working out for a change

  10. Certain products have more than one target market 2. Your product might have different group who purchases than who consumes • Consumers – the people consuming or using the product • Customers – the people who are buying the product

  11. What features on this package target Moms and what features target kids? Moms Kids

  12. Customer Profile • To develop a clear picture of their target market, businesses create a customer profile. • It lists information about the target market, such as age, income level, occupation, attitudes, lifestyle, and geographic residence

  13. Marketing Mix: The activities that go into the selling of a productBasic marketing strategies – the four P’s • Product • Place • Price • Promotion

  14. Product Strategies • Product Features • Packaging • Brand Name • Different versions or flavors • Image

  15. Place Strategies • How and where a product will be distributed. • Physical location • Stores sold in • Where within the store • Is it available online or direct?

  16. Price Strategies • Reflect what customers are willing and able to pay. • What is exchanged for the product: • What do I have to sell a product for to make a profit? • What psychological impacts does a low or high price have?

  17. Promotion Strategies • How potential customers will be told about the new product • What the message will be • When and where it will be delivered • What inducements are there to buy • Decisions about advertising, selling, discounts and publicity

  18. The Marketing Mix The elements are interconnected Product Place Price Promotion

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