Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organisational objectives.
Purpose of marketing:
Bring the buyer to the seller
Satisfy existing customer wants
It is a revenue generating activity of the business
Types of markets:
Resource market - primary production markets
Industrial market - businesses that purchase products to use in their production
Intermediate markets - wholesalers and retailers
Consumer markets - individuals who plan to use or consume the products that they buy.
Mass market - the seller mass-produces, mass distributes, and mass promotes one product to all buyers.
Niche markets - is created when the mass market is finely divided into smaller markets consisting of buyers who have specific needs or lifestyles.
Approaches to marketing
The production approach
Emphasis on producing goods
Demand is greater then supply
The sales approach
Emphasis on selling goods
Demand is less strong
The marketing approach
Emphasis on marketing the product
Supply is greater then demand
Customer orientation occurs when a business bases its marketing decisions on its customers wants.
Market Street
This Is Not the Target Market
English: Sustainability Marketing follows six key ...Elements of a marketing plan
Performing a Situational analysis
Establishing market Objectives
Identifying Target market
Developing marketing Strategies
Implementing, Monitoring and controlling the marketing plan.
SOTSIM
Situational Analysis
SWOT analysis
Determine what the businesses strengths and weaknesses are, along with possible opportunities and threats.
Product Life Cycle
Determine what stage the products are in, introduction, growth, maturity, decline or regrowth.
Marketing Objectives
Increasing market share
Expanding product range
Product mix - total range of products
Product mix width - number of different product
Product mix depth - number of similar products
Broadening the geographical representation
Expanding sales through export markets
Target markets
A target market is a group of customers with similar characteristics who...