BADMOO1 Marketing Fundamentals
BADM001 Marketing Fundamentals
Overview Definition What is a market Steps in a marketing system Researching consumer buying behavior Product life cycle Distribution
Overview • Definition • What is a market • Steps in a marketing system • Researching consumer buying behavior • Product life cycle • Distribution
Definition Formal Marketing is a total system of business activities designed to plan, price, promote and distribute"want-satisfying?"goods and services to present and potential customers Informal Marketing involves finding out what people want then planning and developing a product or service which will satisfy those wants and then determine the best way to price, promote and distribute that product or service Stanton: Fundamentals of Marketing
Definition • Formal: – Marketing is a total system of business activities designed to plan, price, promote and distribute “want-satisfying” goods and services to present and potential customers • Informal: – Marketing involves: • finding out what people want • then planning and developing a product or service which will satisfy those wants • and then determine the best way to price, promote and distribute that product or service Stanton: Fundamentals of Marketing
Steps in Marketing Determine the wants Develop the Product/Service Price promote
Steps in Marketing Determine the wants Develop the Product/Service Price & Promote
Marketing is a System product services communication with market feedback Company arget Market payments
Marketing is a System Target Market Company product & services communication with market feedback payments
Marketing is Consumer Oriented hat business does the company think it is In Company Production oriented Marketing oriented Universal studios make movies market entertainment enno make furnaces provide climate control Head ski make skis market recreation Which answer targets customers?
Marketing is Consumer Oriented • What business does the company think it is in? Company Production oriented Marketing oriented Universal Studios make movies market entertainment Lennox make furnaces provide climate control Head Ski make skis market recreation Which answer targets customers?
What is a market? A set of potential consumers with needs and the wherewithal to satify those needs Usually, companies define specific charcteristics which their products or services will satisfy thereby segmenting the market
What is a Market? • A set of potential consumers with needs and the wherewithal to satify those needs • Usually, companies define specific charcteristics which their products or services will satisfy thereby segmenting the market
Benefits to Segmenting Channel more profitable markets Designing products for that segment More specific promotional appeals Better understand the consumer
Benefits to Segmenting • Channel more profitable markets • Designing products for that segment • More specific promotional appeals • Better understand the consumer
Ways to segment Demographics region of country age seX Disposable income Expenditure patterns Sociological groups
Ways to Segment • Demographics – region of country – age – sex • Disposable Income • Expenditure Patterns • Sociological Groups
Consumer buying behavior Marketing must acknowledge the changes occuring in the consumer market Cultural change Quality of life: attitudes toward work and pl easure Role of women Home and family life Impulse buying Desire for convenience
Consumer Buying Behavior • Marketing must acknowledge the changes occuring in the consumer market – Cultural change – Quality of life: attitudes toward work and pleasure – Role of women – Home and family life – Impulse buying – Desire for convenience