Marketing Management Overview

What is the group of customers a company focuses on called?

What is the reason customers should choose a particular product called?

What are the different marketing strategies that companies follow called?

What does a company do to gain a competitive advantage based on the production concept?

What does a company do to gain a competitive advantage based on the selling concept?

What does a company do to gain a competitive advantage based on the marketing concept?

Which of these is included in the micro environment?

Marketing Management

Target market: The group of customers a company focuses on
Value proposition: The reason customers should choose a product
Example: A toy store focuses on kids and parents

Marketing Orientations

Production concept: Focuses on cheap and easy-to-find products. This can lead to a narrow focus (myopia)
Product concept: Focuses on quality, performance, and innovation.
Selling concept: Focuses heavily on advertising and promotion.
Marketing concept: Focuses on customer needs, and understanding target markets needs and wants
Societal marketing concept: Focusing on helping customers and society. Companies using this concept make eco-friendly products instead of polluting the environment

The Marketing Environment

Importance: Companies must consider factors beyond their business to maintain relationships with target customers and build successful strategies
Two main types:
- Micro environment: Close to the company
  - Customers
  - Suppliers
  - Competitors
  - Employees
- Macro environment: Big outside forces
  - Economy
  - Technology
  - Nature
  - Laws
  - Culture

This quiz explores fundamental concepts in Marketing Management, including target markets and value propositions. It discusses various marketing orientations and the importance of understanding the marketing environment for building successful business strategies. Test your knowledge on these critical aspects of marketing!