Basic concept of marketing

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Basic concept of Marketing. What is Marketing?
difference between marketing and market.
market segmentation,targeting,and positioning,
why these are necessary???

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Basic concept of marketing

  1. 1. Needs • Human have many complex needs • Physical needs for food, clothing, warmth, and safety • Social needs or belonging and affection • Individual needs for knowledge and self – expression • needs are states of felt deprivation Wants • Want are the form taken by human needs as they are shaped by culture and individual personality. • People have almost unlimited wants but limited resources. • They want to choose products that provide the most value and satisfaction for their money. Demands • When backed by buying power, wants become demands. • Consumers view products as bundles of benefits and choose products that give them the best bundle for their money. • Wants + Buying Power = Demand
  2. 2. Product Price Customer Needs Promotion Distribution
  3. 3. The use of e-commerce (promoting and selling on the internet) has grown massively over the last few years
  4. 4. consumer Manufacturer costumer wholesaler retailer
  5. 5. Requires careful customer analysis. To be successful, firms must engage in:
  6. 6. Geographic segmentation Demographic segmentation Psychographic segmentation Behavioral segmentation
  7. 7. Why Segment?: Meet consumer needs more precisely Increase profits Segment leadership Retain customers Focus marketing communications
  8. 8. Target market consists of a set of buyers who share common needs or characteristics that the company decides to serve
  9. 9. o Narrowly defined group o Fairly small market size o o o One-to-one marketing. Customised to individuals Customised industrial products niche Targeting: Who are my customers? Positioning: What is my main selling point? Segmenting : dividing into group of similar needs and desires individuals

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