Marketing function 1. Exchange - Buying - Selling 2. Physical Distribution - Transportation - Storing 3.Facilitation - Standardization and grading - Risk Taking - Financing - Marketing information and research
The process of marketing a product Identify potential target market Analyze needs of target market Research potential sales, profit, demand, buying power Create a product to satisfy needs Distribute product to target market Price product to reach target market Promote product to reach target market Provide after - sales service Collect feedback
An organization develops a marketing strategy by 1. Selecting a target market 2. Designing a marketing mix
1. Selecting a target market Market –A group of potential customers with the authority, ability, and willingness to purchase a particular goods or service that satisfies their collective demand
2 Major markets Consumer market –Individuals who buy products for their personal use. Industrial market –Businesse s, governmen t agencies, and other institutions that buy products to use either in their operations or in marketing other products.
2. Market Segmentation Identifying Target Markets Step 1: Identifying the Characteristics and Needs of the Market. Step:2 Analyzing the Potential of the market
Identifying the Characteristics and Needs of the Market. Data on family income, race, sex, and age Behavior pattern (e.g. amount of a specific product consumed, benefits wanted, brand loyalty) Psychological traits (e.g. personality characteristics, hobbies, lifestyle) Geographic location,climate,terrain
Analyzing the Potential of the market 1. Sales potential 2. Demand potential 3. Buying power 4. Profit potential
Marketing Mix Target Market Product Price Place Promotion The effective meshing of product, price, promotion, and distribution strategies to achieve success
Products and Product Strategy Product –The basic physical of fering and accompanying set of image and service features that seek to satisfy needs.