Unit 1, Chapter 2

Basic Marketing
Basic Marketing
Concepts
Concepts
Unit 1, Chapter 2
Marketing Concept
Marketing Concept
The idea that you must satisfy a
customers needs and wants in
order to make a profit.
Businesses must have the right goods and
services at the right time, at the right price
and at the right place. Pus they must
communicate this to their customers.
Unit 1, Chapter 2
Target Market
Target Market
Target Marketing !! "nvoves
focusin# marketin# decisions on a
specific #roup of peope you want to
reach with your product.
Unit 1, Chapter 2
$arket %e#mentation
$arket %e#mentation
Analyzing a market by specific
characteristics in order to create
a target market.
&nce a tar#et market is identified, a 'usiness can
customi(e its products and marketin# strate#ies
to that specific #roup of customers.
To do this, 'usinesses may se#ment a market 'y
demographics, psychographics, geographics, and
product benefits.
Unit 1, Chapter 2
Demographic
Demographic
Segmentation
Segmentation
$arket se#mentation 'ased on your tar#et
markets persona characteristics.
"ncudes
) #ender
) a#e
) income eve
) occupation
) ethnic 'ack#round
) education eve
Unit 1, Chapter 2
Psychographic
Psychographic
Segmentation
Segmentation
$arket se#mentation 'ased on your
tar#et markets ifestyes and
personaity characteristics.
"ncudes
)attitudes
)vaues
)activities
)interests
Unit 1, Chapter 2
eographic
eographic
Segmentation
Segmentation
$arket se#mentation 'ased on
where your tar#et market ives.
"ncudes
)oca markets
)re#iona markets
)nationa markets
)#o'a markets
Unit 1, Chapter 2
Benefit Segmentation
Benefit Segmentation
$arket se#mentation 'ased on
'enefits your tar#et market e*pects
to receive or #ain from products.
"ncudes
)added protection
)heath issues
)specia needs
)sta#e in famiy ife cyce
Unit 1, Chapter 2
The ! P"s of the
The ! P"s of the
Marketing Mi#
Marketing Mi#
Prod$ct
Place
Price
Promotion
Unit 1, Chapter 2
The Marketing Mi# is comprised
of fo$r basic marketing
strategies% collectively kno&n as
the '(o$r P"s.)
The Marketing Mi# is dependent
on ho& &ell the target market is
defined and ho& &ell all
strategies are directed to&ard
that target a$dience*
Unit 1, Chapter 2
Prod$ct
Prod$ct
+nowin# what product to make, how to
packa#e it, what 'rand name to use,
and what ima#e to pro,ect.
Unit 1, Chapter 2
Place
Place
-etermines how and where a
product wi 'e distri'uted.
Unit 1, Chapter 2
Price
Price
%houd refect what customers
are wiin# and a'e to pay.
Nike Men's
Shox TL 2
$149.99
Unit 1, Chapter 2
Promotion
Promotion
-eas with how potentia
customers wi 'e tod a'out the
new product, what the messa#e
wi 'e, when and where it wi 'e
deivered, and with what
inducements to 'uy.
Unit 1, Chapter 2
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