Marketing Fundamentals and Mix

Marketing Fundamentals

• Marketing focuses on managing customer relationships to benefit the organization and its stakeholders.
• Marketing involves understanding customer needs and wants, developing plans to satisfy them, and creating products and distribution methods.
• Five external forces influence marketing programs:
  • Political and legal factors
  • Sociocultural factors
  • Technological changes
  • Economic conditions
  • Competition

Marketing Planning and the Marketing Mix

• A marketing plan outlines how to achieve marketing goals, focusing on meeting consumer needs and wants.
• The four components of the marketing mix, known as the "4 Ps," are:
  • Product: Goods or services offered to consumers.
  • Price: Determining the value of products for customers.
  • Place (Distribution): Reaching consumers through channels like stores or online platforms.
  • Promotion: Communicating the value of products to consumers through advertising and other means.

Market Segmentation and Targeting

• Market segmentation involves dividing a market into categories based on consumer types, identifying target markets (groups with similar interests in the same products).
• Target marketing focuses on reaching specific consumer groups with tailored marketing campaigns.

Marketing Research

• Market research helps businesses understand buyer needs and how to address them.
• It involves:
  • Studying the current market situation.
  • Selecting appropriate research methods.
  • Collecting and analyzing data.
  • Preparing research reports.
• Common research methods include observation, surveys, focus groups, and experiments.

The Consumer Buying Process

• The consumer buying process involves several stages influenced by various factors:
  • Problem/Need Recognition: Recognizing a need or desire for a product.
  • Information Seeking: Gathering information about potential products to meet needs.
  • Evaluation of Alternatives: Comparing different products based on criteria and preferences.
  • Purchase Decision: Making a decision to buy a specific product.
  • Post-Purchase Evaluation: Assessing satisfaction and loyalty after using the product.

Organizational Markets

• There are three categories of organizational markets:
  • Industrial Market: Businesses that purchase goods to transform into other products.
  • Reseller Market: Businesses that buy and sell finished products to other businesses or consumers (e.g., retailers, distributors).
  • Government Market: Government agencies and institutions that procure goods and services for public use.

Branding and Packaging

• Branding: Distinguishes products and creates expectations in the minds of consumers.
• Packaging: Plays a crucial role in product presentation, conveying information, protecting the product, and influencing consumer perception.
• Research and Development (R&D) departments play a key role in product innovation and development.