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Understanding Marketing: Strategies to Identify and Meet Customer Needs

Marketing is a crucial business function focused on identifying and responding to customer needs. Successful marketing communicates commitment to meeting these needs, builds loyalty among existing customers, and attracts new ones. Essential tactics include developing a strong brand identity, creating a memorable logo, and effectively utilizing the four P's of marketing: Product, Place, Price, and Promotion. By understanding your target market segments and engaging them with relevant messaging, businesses can position themselves effectively in a competitive landscape.

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Understanding Marketing: Strategies to Identify and Meet Customer Needs

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  1. Chapter 10 What is marketing?

  2. Marketing… • Marketing- the business function that identifies customer needs and responds to them • For example- Nike used the slogan “Just do it” to market their inspire customers to buy their product. • Marketing is how you will communicate to your customers that you are deeply committed to meeting their needs.

  3. Marketing… • Is meeting new customer needs • Building the loyalty of current customers • Attracting new- especially competitors- customers • Who are your customers? • Friends -babies • Classmates -local people • Relatives -? • Young children -? • Adult men -?

  4. Marketing… • To market a product or service successfully, ask yourself: • Who are my customers? • What do they need my product or service to do for them? • Answering those questions will help you form your marketing vision. • Marketing vision- the benefit you want to show customers that your product or service provides

  5. Brand • You want to develop a brand that customers distinguish from its competition • What will your brand communicate? • Examples: • Lexus- luxury • Save-a-lot- inexpensive • ??????

  6. How to build your brand • Choose a business name that is easy to remember, describes your business, and establishes “mind share” • Create a logo that symbolizes your business to the customer • Develop a good reputation • Create a brand personality- youthful, healthy, etc. • Communicate your brand personality to your target market

  7. Logo • Logo- short for “logotype” • A distinctive company trademark or sign • You will have to create your own logo—think about what you want it to be and what you want it to represent!

  8. The four P’s of Marketing • Product- the product or service should meet or create a customer need • Place- Place your product where customers who need it do their shopping • Price- the product has to be priced low enough so the public will buy it, and high enough to make a profit. • Promotion- Advertising, publicity, etc.

  9. Business card • Include your name • Address • Contact info • Website info • Your logo • A short catchy phrase

  10. Other promotional tools • Publicity- free advertising • Freebies- give away free samples • Discounts- offer a lower price to attract customers • Walking advertisement- t-shirt, hats, buttons • Donate products- give away product for a good cause

  11. Market Segment • Who IS your market segment? • Market segment- composed of consumers who have a similkiar response to a certain type of marketing • Could it be- women, men, friends, neighbors, people online, • Decide WHO you want to target as your market segment

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