Marketing Fundamentals

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 goals.
• Focuses on understanding and meeting customer needs and wants.

Key Concepts

Marketing Mix (4 Ps)

• Product: goods or services offered to the market
• Price: amount charged for the product
• Promotion: communication and selling efforts to persuade customers
• Place: channels and logistics of getting the product to the customer

Target Marketing

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

Marketing Strategies

Competitive Strategies

• Cost Leadership: focusing on being the lowest-cost producer
• Differentiation: creating a unique product or service offering
• Focus: concentrating on a specific niche or market segment

Digital Marketing

• Search Engine Optimization (SEO): optimizing website content to improve search engine rankings
• Pay-Per-Click (PPC) Advertising: online ads that charge per click
• Social Media Marketing: using social media platforms to promote products or services

Customer Behavior

Consumer Buying Behavior

• Need Recognition: recognizing a need or want
• Information Search: gathering information about potential products
• Evaluation of Alternatives: comparing different products or services
• Purchase Decision: making a purchase
• Post-Purchase Behavior: evaluating the purchase after the fact

Influences on Consumer Behavior

• Cultural Factors: cultural norms and values
• Social Factors: social relationships and influencers
• Personal Factors: personal characteristics and experiences
• Psychological Factors: motivations, attitudes, and perceptions

Definition and Scope of Marketing

• 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 goals.
• Focuses on understanding and meeting customer needs and wants.

The Marketing Mix (4 Ps)

Product

• Goods or services offered to the market.

Price

• The amount charged for the product.

Promotion

• Communication and selling efforts to persuade customers.

Place

• Channels and logistics of getting the product to the customer.

Target Marketing

Segmentation

• Dividing the market into distinct groups based on demographics, needs, or behaviors.

Targeting

• Selecting one or more segments to focus marketing efforts on.

Positioning

• Creating a unique image or identity for the product in the target market.

Marketing Strategies

Competitive Strategies

Cost Leadership

• Focusing on being the lowest-cost producer.

Differentiation

• Creating a unique product or service offering.

Focus

• Concentrating on a specific niche or market segment.

Digital Marketing

Search Engine Optimization (SEO)

• Optimizing website content to improve search engine rankings.

Pay-Per-Click (PPC) Advertising

• Online ads that charge per click.

Social Media Marketing

• Using social media platforms to promote products or services.

Customer Behavior

Consumer Buying Behavior

Need Recognition

• Recognizing a need or want.

Information Search

• Gathering information about potential products.

Evaluation of Alternatives

• Comparing different products or services.

Purchase Decision

• Making a purchase.

Post-Purchase Behavior

• Evaluating the purchase after the fact.

Influences on Consumer Behavior

Cultural Factors

• Cultural norms and values influencing consumer behavior.

Social Factors

• Social relationships and influencers influencing consumer behavior.

Personal Factors

• Personal characteristics and experiences influencing consumer behavior.

Psychological Factors

• Motivations, attitudes, and perceptions influencing consumer behavior.