Basic Marketing Concepts Unit 1 Chapter 2 Marketing

Basic Marketing Concepts Unit 1, Chapter 2

Marketing Concept • The idea that you must satisfy a customers’ _____ and ______ in order to make a _______. • Businesses must have the right goods and services at the right time, at the right price and at the right place. Plus they must communicate this to their customers. Unit 1, Chapter 2

Target Market • ____ Marketing -- Involves focusing ________on a specific group of people you want to reach with your product. Unit 1, Chapter 2

Market Segmentation • ______ a market by specific characteristics in order to create a target market. • Once a target market is identified, a business can _____ its products and marketing strategies to that specific group of customers. • To do this, businesses may ____ a market by demographics, psychographics, geographics, and product benefits. Unit 1, Chapter 2

Demographic Segmentation • Market segmentation based on your target market’s _____ characteristics. • Includes – gender – age – income level – occupation – ethnic background – education level Unit 1, Chapter 2

Psychographic Segmentation • Market segmentation based on your target market’s _____ and ______characteristics. • Includes – attitudes – values – activities – interests Unit 1, Chapter 2

Geographic Segmentation • Market segmentation based on whe your target market lives. • Includes – local markets – __________ – national markets – _________ Unit 1, Chapter 2

Benefit Segmentation • Market segmentation based on benefits your target market expects to receive or gain from products. • Includes – added protection – health issues – special needs – stage in family life cycle Unit 1, Chapter 2

The 4 P’s of the Marketing Mix • ____ • Place • ____ • Promotion Unit 1, Chapter 2

• The Marketing Mix is comprised of four basic marketing strategies, collectively known as the “Four P’s. ” • The ______ ___is dependent on how well the _____ market is defined and how well all strategies are directed toward that target audience! Unit 1, Chapter 2

______ • Knowing what product to make, how to package it, what brand name to use, and what image to project. Unit 1, Chapter 2

______ • Determines how and where a product will be distributed. Unit 1, Chapter 2

______ • Should reflect what customers are willing and able to pay. Nike Men's Shox TL 2 $149. 99 Unit 1, Chapter 2

_______ • Deals with how potential customers will be told about the new product, what the message will be, when and where it will be delivered, and with what inducements to buy. Unit 1, Chapter 2

Any Questions? Unit 1, Chapter 2