Marketing!!

Marketing!!

1. The process or identifying, anticipating and satisfying customer requirements profitably.

   • Things to market
     • Marketing of Products (Tangible)
     • Marketing of services (Intangible)
   • Orientations
     • Product orientation, that focuses on the QUALITIES of the product
     • Market orientation, that focuses on what the MARKET wants

2. Types of Marketing

   • Commercial
     • Social
       • Social Media
         • Marketing aimed at influencing the customer in a positive way and create social well-being.
         • Niche
           • When a business targets a product to a specific segment of a market.
           • Mass
             • When a business offers almost the same products in many places and markets them the same way.
       • Marketing aimed at influencing the customer in a positive way and create social well-being.
     • Determining consumer needs and marketing the product according to it in order to make a profit

3. Important Terms!!

   • Market Size
     • Market Growth
       • Market Share
         • Market Leader
           • The firm with the greatest market share in its market. (Company A is the market leader)
           • Market Segment
             • A part of a market
             • Market Segmentation
               • Categorizing of customers into groups with shared characteristics.
         • % of a firm’s share of the total market. (Company A has 60% of the market)
       • % change in the size of the market over a period of time. (The cement market increased by 6%)
     • The total sales of all the firms in a market. (The cement market is of about 335.6 billion dollars)
   • Target Market
     • The specific group to which the firm aims the products.
     • Targeting
       • Selecting a group to aim the products.
       • Consumer Profile
         • A way of describing a consumer so they can be grouped for marketing purposes.
         • Perception Map
           • A visual representation as to how the competitors position their brands in the eyes of the consumer.
           • Unique selling point
             • A feature of the product that makes the product stand out from its competition.

4. Starting Marketing

   • Marketing Mix
     • 4 decisions that must be taken if a company is going to achieve its objective. Price, Place, Product and Promotion.
   • Marketing Planning
     • A document that details all of the company’s marketing activities. (Objective, budget, market, research, strategies and tools)

5. Research

   • Market
     • The process of analyzing and reporting data related to a particular market.
   • Primary
     • Secondary
       • The collection of second-hand information from the market. Academic journals, Media articles, Government publication, Market analysis.
     • The collection of first-hand information from the market. Surveys, Interviews, Focus Groups, Observation.
   • Qualitative
     • Quantitative
       • Data that can not be counted, such as beliefs, opinions and attitudes
     • Numerical data that can be measured

6. Sampling Methods

   • Quota
     • Random
       • Stratified
         • Cluster
           • Systematic
             • Snowballing
               • Multi Stage
                 • Involves selecting a sample from another sample For example: choosing a random country, then a random city, then a random street
               • Starting the process of sampling with one individual or group and then using these contacts to develop more.
             • It’s reducing the time taken to locate a random sample by choosing every tenth or twentieth name on a list.
           • It involves separating the population into “clusters”, usually in different geographical areas and interviewing one cluster.
         • It involves segmenting the population into segments that share specific characteristics (like age groups) and choosing the person who would be the most representative to interview
       • Picking people at random
     • It involves segmenting the population into segments that share specific characteristics (like age groups) and choosing someone to interview without knowing a lot about them
   • Sample
     • Sampling
       • The process of selecting a sample.
     • A small group of people selected to represent the population or target market under research.

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