Business Management - Marketing Activities
Examples of demographics include
Age, gender, Income, Marital staus, ethnic background, education, occupation
Market Segmentation is
Classification of customers by wants and needs
An objective of all businesses is to delay
Decline
The need to develop a new market segment or new product is done in
Decline stage
Segmentation factors include
Demographic, Geographic, Psychographic, Behavioral
Decline
larger competitors drive out smaller businesses
A customer profile is
list of characteristics about a target market
Examples of geographic segmentation include
local, regional, nation, global
Price strategies include
low price, seasonal price, bundling
Product and service differentiation
need focus in growth stage
Purpose of marketing
to help connect businesses to customers
Price refers to
what customers are willing and able to pay
Geographic refers to
where people live
Growth
Initial time of negative profits until break even point
Innovative customers try a product in
Introduction stage of Product life cycle
Product improvements, line extensions and add ons are done in
Maturity stage
Examples of psychographics include
Political opinions, Interests Trends, Hobbies
What is marketing?
Activities include buying, selling, transporting, grading & valuing, transporting, research, financing, storing, risk taking
Introduction
Sales are low and production tends to be high
Behavioral examples include
Spending habits, luxuries, image items, status items
A target market is
group of people identified as the most likely to become customers
The product life cycle
has 4 stages, introduction, growth, maturity, decline
Without a solid mix of marketing strategies
a product is not likely to succeed in the marketplace
A customer profile give a business
a starting point from which to do research on their target market
Promotion refers to
advertising, sales promotion and publicity
Behavioral refers to
benefits desired by consumers, shopping patterns and usage rates
Maturity
business can start to expand, sales increas, competition may grow
Market Differentiation strategies include
customer service, product, price, quality
The 5th "P" in the marketing mix refers to
customers and employees
Place in the marketing mix refers to
distribution
The 5th "P" in the marketing mix is
people
Product in the marketing mix refers to
physical characteristics or product/service features
The marketing mix includes
product, price, place, promotion
Examples of Product in the marketing mix include
quality, packaging, accessories, service, features
Market Segmentation creates
smaller, more precise groups of people
Examples of Place include
specific stores, distribution channels, order processing
Demographics refers to
statistics that describe a population in terms of personal characteristics
Businesses want to reach thieir
target market
Psychographics refer to
the grouping of people with similar lifestyles
Marketing Concept
the idea that a business should strive to satisfy customer's needs and wants while generating a profit