Marketing

Marketing

1. Basic concepts of Marketing

   • "ANY INTERPERSONAL AND INTERORGANISATIONAL REALTIONHIP INVOLVING AN EXCHANGE IS MARKETING"
   • . THERE ARE THREE ELEMENTS IN MARKETING PROCESS: 1.-MARKETERS 2.-WHAT IS BEING MARKETED 3.-TARGET MARKET
   • NEEDS , WANTS AND DEMANDS (PRODUCTS, VALUE AND SATISFACTION)– EXCHANGE AND TRANSACTIONS (MARKETS AND MARKETERS)
     • NEED: A state of felt deprivation of some basic satisfaction (food, clothing, shelter, belonging, etc) WANTS: Wants are desires for specific satisfier of the deeper needs. Needs are few and wants are many. DEMANDS: Are wants backed by ability to buy and willingness to buy.

2. Consumer Markets

   • The consumer market pertains to buyers who purchase goods and services for consumption rather than resale. These particular consumer characteristics include various demographic, psychographic, behaviorialistic and geographic traits.
   • Characteristics of consumer markets based on demographics include differences in gender, age, ethnic background, income, occupation, education, household size, religion, generation, nationality and even social class.
   • Consumer market characteristics can also be psychographic in nature. Psychographic characteristics of consumers include interests, activities, opinions, values and attitudes. Obviously, many magazines are geared toward a consumer's interest.
   • Behavioralistic characteristics can also be garnered through marketing research. Behavioralistic characteristics of consumer markets include product usage rates, brand loyalty, user status or how long they have been a customer, and even benefits that consumers seek.

3. Buyer Decision Process

   • The buyer decision process represents a number of stages that the purchaser will go through before actually making the final purchase decision.
     • Stage one is the recognition of the particular problem or need and here the buyer has a need to satisfy or a problem that needs solving, and this is the beginning of the buyer decision process.
     • Stage two is where we begin to search for information about the product or service.
     • Stage three sees the evaluation of the available alternatives whereby the buyer decides upon a set of criteria by which to assess each alternative.
     • Stage four. We buy or select a product/service/supplier at stage four. Individuals or teams of buyers make the final choice of what to buy and from whom to buy it.
     • Stage five. The process continues even when the product or service is being consumed by the individual or business.