Marketing involves communicating the value of products and services to customers for the purpose of selling them. It includes market analysis, market segmentation, understanding customer behavior, and providing superior value. The marketing mix consists of the four Ps: price, product, promotion, and place. Market segmentation divides the market into groups with distinct needs and behaviors to better target products and services. Marketing research helps gather information to identify opportunities and problems and evaluate marketing actions and performance to improve decision making. It examines factors like the business environment, strengths/weaknesses, opportunities/threats using tools like SWOT and PESTLE analyses.

1. PRINCEAYIEZ
Definition of Marketing
Marketing is the process of communicating the value of a product or service to customers,
for the purpose of selling that product or service.
Marketing is the link between a society’s material requirements and its economic patterns of
response.
Can be looked at as an organizational function and a set of processes for creating, delivering
and communicating value to customers, and managing customer relationships in ways that
also benefit the organization and its shareholders.
Marketing is the science of choosing target markets through market analysis and market
segmentation,
as well as
understanding
consumer
buying
behavior and
providing
superior
customer
value.
Marketing
Mix
The marketing
mix is a
business tool
used in
marketing and
by marketing professionals. The marketing mix is consist four Ps: price, product, promotion, and
place.

2. Positioning - defined as the way by which the marketers attempt to create a distinct impression in
the customer's mind.
Marketing Segmentation
Market segmentation is the technique used to enable a business to better target it products at the
right customers. It is about identifying the specific needs and wants of customer groups and then
using those insights into providing products and services which meet customer needs.
Why do businesses need to segment their markets? Because customers differ in the…
Benefits they want
Amount they are able to or willing to pay
Media (e.g. television, newspapers, and magazines) they see
Quantities they buy
Time and place that they buy
Geographic segmentation
Marketers can segment according to geographic criteria—nations, states, regions, countries, cities,
neighbourhoods, or postal codes. The geo-cluster approach combines demographic data with
geographic data to create a more accurate or specific profile business.
Behavioural segmentation
Behavioural segmentation divides consumers into groups according to their knowledge of, attitude
towards, usage rate or response to a product

3. Segmentation by occasions
Segmentation according to occasions relies on the special needs and desires of consumers on
various occasions.
Segmentation by benefit
Segmentation can take place according to benefits sought by the consumeror according to perceived
benefits which a product/service may provide.
EXAMPLE :
Marketing Research
The set of processes used to identify and define marketing opportunities and problems, generate,
refine, and evaluate marketing actions, monitor marketing performance and improve understanding
of marketing as a process.

4. Role of marketing research:
 Provide management with relevant, accurate, reliable, valid, and current
information.
 Marketing managers make numerous strategic and tactical decisions in the process
of identifying and satisfying customer needs.
 Helps the marketing manager link the marketing variables with the environment and
the consumers.
 Providing the relevant information and marketing decisions were made by the
managers.
 Identify and select the best alternative based on chosen criteria or measures of
success.
Types of Marketing Research
Ad Tracking – periodic or continuous in-market research to monitor a brand’s
performance using measures such as brand awareness, brand preference, and product
usage.
Advertising Research - used to predict copy testing or track the efficacy of
advertisements for any medium, measured by the ad’s ability to get attention
(measured with Attention tracking), communicate the message, build the brand’s image,
and motivate the consumer to purchase the product or service.
Brand equity research - how favorably do consumers view the brand?
Brand association research - what do consumers associate with the brand?
Brand attribute research - what are the key traits that describe the brand promise?
Brand name testing - what do consumers feel about the names of the products?
Commercial eye tracking research - examine advertisements, package designs, websites,
etc. by analyzing visual behavior of the consumer
Concept testing - to test the acceptance of a concept by target consumers

5. Business Environment
The market environment is a marketing term and refers to factors and forces that affect
a firm’s ability to build and maintain successful relationships with customers.
S
W
O
T
a
n
alysis
SWOT analysis is a structured planning method used to evaluate the Strengths,
Weaknesses, Opportunities, and Threats involved in a project or in a business venture.
SWOT analysis aims to identify the key internal and external factors seen as important to
achieving an objective:
 internal factors – the strengths and weaknesses internal to the organization
 external factors – the opportunities and threats presented by the environment
external to the organization

6. PESTLE analysis
A PESTEL analysis is a framework or tool used by marketers to analyse and monitor the macroenvironmental (external marketing environment) factors that have an impact on an organisation.

7. Political Factors- degree a government intervenes. This can include government policy, political
stability or instability in overseas markets, foreign trade policy, tax policy, labour law, environmental
law, trade restrictions and so on.
Economic Factors-have a significant impact on how an organisation does business and also how
profitable they are. Factors include economic growth, interest rates, exchange rates, inflation,
disposable income of consumers and businesses and so on.
Social Factors-Also known as socio-cultural factors, are the areas that involve the shared belief and
attitudes of the population. These factors include population growth, age distribution, health
consciousness, and career attitudes and so on. These factors are of particular interest as they have a
direct effect on how marketers understand customers and what drives them.
Technological Factors- The technological landscape changes and how this impacts the way we
market our products. Technological factors affect marketing and the management there of in three
distinct ways new ways of producing goods and services, distributing goods and services
communicating with target markets
Environmental Factors-become important due to the increasing scarcity of raw materials, pollution
targets, doing business as an ethical and sustainable company, carbon footprint targets set by
governments (this is a good example were one factor could be classes as political and environmental
at the same time)
Legal Factors - health and safety, equal opportunities, advertising standards, consumer rights and
laws, product labelling and product safety. If an organisation trades globally this becomes a very
tricky area to get right as each country has its own set of rules and regulations.