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Marketing

Definition: is a transaction intended to satisfy human needs and wants and demands

Elements

Marketers

Target Market

What is being Marketed

Need: Basic Satisfaction

Want: Specific deeper needs

Demands: wants backed by the ability to buy willingly

Products: Anything that can be offered (physical objects)

Services: intangible obejcts

Exchange: obtaining a desired product by offering somethig in return

Transaction: is a trade o values (monetary or barter

Buyer Decision Process

Stage 1: Recognition of the problem or need

Stage 2: Search for information

Stage 3: Evaluation of Alternatives

Stage 4: Make your choice

Stage 5: Post Purchase evaluation

Define Market

Consumer Markets: Buyers who purchase goods and services for consumption rather than resale

Characeristics

Demographics: gender, age, ethnic background, income, occupation, education, household size, religion, generation

Phychographics: Interests, activities, opinions, values and attitudes

Behavioralistic: products, usage rates, brand loyalty, user status, benefits that the consumer needs.

Characteristics can be gathered trough Market Research

Systematic gathering, recording and analying of data problems relating to goods and services

Geographic: Market size, region, population density and climate

Early steps in the marketing process and includes an analysis of market demand for a new products

It helps for the formulation of marketing plans, policies, programmes and procedure to attain the marketing goals

To be further analized In Unit 2: Marketing Strategy