Marketing
Core Marketing Concepts:
Market Segments & Target Markets
Market Segments exist in the market and has to be identified by examining Demographic, Pychographic, and Behavioral differences among buyers.
Segments which present the greatest opportunity is termed Target Markets.
For each chosen target market, company develops a market offering. The offering is positioned in the minds of target buyers as delivering some central benefit(s).
Product, Offering & Brand
Product companies address needs by putting forth a value proposition, a set of benefits they offer to customers to satisfy their needs.
Offering the intangible value proposition is made physical by an offering, which can be a combination of products, services, information, and experiences.
Brand is an offering from a known source. A brand carries many associations in the minds of people. These associations make up the brand image.
VALUE
The offering will be successful if it delivers value & satisfaction. The buyer chooses between different offerings on the basis of which is perceived to deliver the most value.
Value is primarily a combination of Quality, Service & Price (QSP), called the Customer Value Triad.
Value increases with quality & service and decreases with price.
Value can be defined as a ratio between what the customer gets and what he gives – the customer gets benefits for a cost.
Relationship Marketing & Marketing Network
Relationship Marketing has the aim of building mutually satisfying long-term relations with key parties – customers, suppliers, distributors, in order to earn and retain their business. Marketers achieve this by promising & delivering high-quality products & services at fair prices over time.
Marketing Network consists of the company and its supporting stakeholders (customers, employees, suppliers, distributors, retailers, ad agencies, etc.) with whom it has built mutually profitable business relationships.
Increasingly,
Market Segments & Target Markets
Market Segments exist in the market and has to be identified by examining Demographic, Pychographic, and Behavioral differences among buyers.
Segments which present the greatest opportunity is termed Target Markets.
For each chosen target market, company develops a market offering. The offering is positioned in the minds of target buyers as delivering some central benefit(s).
Product, Offering & Brand
Product companies address needs by putting forth a value proposition, a set of benefits they offer to customers to satisfy their needs.
Offering the intangible value proposition is made physical by an offering, which can be a combination of products, services, information, and experiences.
Brand is an offering from a known source. A brand carries many associations in the minds of people. These associations make up the brand image.
VALUE
The offering will be successful if it delivers value & satisfaction. The buyer chooses between different offerings on the basis of which is perceived to deliver the most value.
Value is primarily a combination of Quality, Service & Price (QSP), called the Customer Value Triad.
Value increases with quality & service and decreases with price.
Value can be defined as a ratio between what the customer gets and what he gives – the customer gets benefits for a cost.
Relationship Marketing & Marketing Network
Relationship Marketing has the aim of building mutually satisfying long-term relations with key parties – customers, suppliers, distributors, in order to earn and retain their business. Marketers achieve this by promising & delivering high-quality products & services at fair prices over time.
Marketing Network consists of the company and its supporting stakeholders (customers, employees, suppliers, distributors, retailers, ad agencies, etc.) with whom it has built mutually profitable business relationships.
Increasingly,