Core Marketing Concepts
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Transcript of Core Marketing Concepts
To understand the marketing function
First we need to understand the following core set of concepts
Needs
Wants
Demands
We can distinguish five types of needs:
Stated needs
Real needs
Unstated needs
Delight needs
Secret needs
Marketing Channels
Distribution channels: to display, sell, or deliver the physical product or service(s) to the buyer or user.
Service channels: include warehouses, transportation companies, banks, and insurance companies
Supply Chain
longer channel
stretching from raw materials to components to finished products
Company aim is to capture a higher percentage of supply chain value
Competition
includes all the actual and potential rival offerings and substitutes a buyer might consider
It thrives on people’s willingness to share recipes and the satisfaction they feel if their recipe becomes popular with others
Target Markets
identifying market segments-by examining demographic, psychographic, and behavioural differences among buyers.
Value and Satisfaction
quality, service, and price (qsp)
person’s judgment of a product’s perceivedperformance