What is Marketing?
Marketing is generating profit by focusing on customers and providing them with value through goods and services that meet their needs.
Unique combination of benefits received by buyers
Includes quality, price, convenience, delivery, service before and after the sale
Different customers will get different types of value from the same product/service
A single product will not satisfy everyone
The specific group of existing and potential customers we will focus our marketing on.
The Marketing Mix (4 Ps)
Product can refer to a good, service, or idea
Good – something tangible you can touch and feel (i.e. smartphone)
Service – intangible (i.e. wireless provider for your phone)
Idea – a concept that looks for support (i.e. Earth Hour)
What will we charge?
What is our target market willing to pay?
What are we trying to communicate with our price?
Upscale vs. budget
Where will the product be sold
Retail, wholesale, direct orders, online, etc.
Where does the target market prefer to buy?
Mediums of communication that will be used to inform the target market
TV, print, online/social media, public relations, sales promotions, event marketing, sponsorship, etc.
Which methods of communication work best to engage the target market?
The Marketing Process
Potential customers who have both the ability and willingness to pay
The specific group of existing and potential customers we will focus our marketing on
Actual users of the product
Organizations create long-term links with all stakeholders (customers, employees, suppliers) to increase loyalty