What is a Market?
Industrial Market (B2B)
All potential customers buying for business use
Consumer Market (B2C)
All potential customers buying for personal use
Market
All potential customers who share common needs, and wants and have the ability and willingness to buy the product.
need
Basic requirement for survival
Promotion
How is the product promoted?
Price
Pricing methods/pricing strategies
Product
Relates to function of product planning
Place
Relates to the marketing function of distribution
Consumer
someone who is the end user of the product or service. They "consume" the product or use it for themselves.
customer
someone who pays for goods or services
marketing
The process of planning, pricing, promoting, selling and distributing ideas, goods or services to create exchanges that satisfy customers
product
a physical or tangible thing that is produced and sold by businesses
service
an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
want
an item that we desire but that is not essential to survival
Marketing Concept
the idea that an organization should strive to satisfy the wants and needs of consumers while also trying to make a profit