Marketing Basics

Definition and Scope

• Marketing: the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
• Involves understanding customer needs, creating value, and building strong relationships with customers.

Marketing Mix (4 Ps)

• Product: goods or services offered to meet customer needs
• Price: amount charged for the product or service
• Promotion: all forms of communication to inform and persuade customers
• Place: channels or methods used to distribute and sell the product or service

Segmentation, Targeting, and Positioning (STP)

• Segmentation: dividing a larger market into smaller groups based on demographics, needs, or behaviors
• Targeting: selecting one or more segments to focus marketing efforts
• Positioning: creating a unique identity or image for a product or service in the minds of customers

Marketing Strategies

• Push strategy: focusing on pushing products through channels to reach customers
• Pull strategy: creating demand through advertising and promotions to pull customers towards products
• Relationship marketing: building long-term relationships with customers to retain loyalty

Types of Marketing

• Business-to-Consumer (B2C) marketing: targeting individual consumers
• Business-to-Business (B2B) marketing: targeting other businesses or organizations
• Digital marketing: using digital channels to promote products or services (e.g., social media, email, search engine optimization)

Marketing Tools and Metrics

• Marketing metrics: measuring the effectiveness of marketing efforts (e.g., return on investment, customer acquisition cost, customer lifetime value)
• Marketing analytics: using data and statistical methods to analyze marketing performance and inform decisions

Marketing Fundamentals

• Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
• Marketing involves understanding customer needs, creating value, and building strong relationships with customers.

Marketing Mix (4 Ps)

• Product refers to the goods or services offered to meet customer needs.
• Price is the amount charged for the product or service.
• Promotion encompasses all forms of communication to inform and persuade customers.
• Place refers to the channels or methods used to distribute and sell the product or service.

Segmentation, Targeting, and Positioning (STP)

• Segmentation involves dividing a larger market into smaller groups based on demographics, needs, or behaviors.
• Targeting involves selecting one or more segments to focus marketing efforts.
• Positioning involves creating a unique identity or image for a product or service in the minds of customers.

Marketing Strategies

• Push strategy focuses on pushing products through channels to reach customers.
• Pull strategy creates demand through advertising and promotions to pull customers towards products.
• Relationship marketing involves building long-term relationships with customers to retain loyalty.

Types of Marketing

• Business-to-Consumer (B2C) marketing targets individual consumers.
• Business-to-Business (B2B) marketing targets other businesses or organizations.
• Digital marketing uses digital channels to promote products or services, such as social media, email, and search engine optimization.

Marketing Tools and Metrics

• Marketing metrics measure the effectiveness of marketing efforts, including return on investment, customer acquisition cost, and customer lifetime value.
• Marketing analytics involves using data and statistical methods to analyze marketing performance and inform decisions.