Marketing is defined as the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants. Marketing includes all of the activities necessary to move a product from a producer to a consumer. Ways through which a product or service get to customers who will buy and use them are called distribution channels: direct selling, wholesaling, retailing, selling through sales representatives, online or mail order selling, etc. The same company could use different channels for different market segments.
Marketing starts with market research, a learning process in which marketers get to know everything they can about needs and wants of consumers. Marketers may use secondary data, i.e. internal company data such as the company’s sales figures or external data found in pub-lished reports from government agencies, professional research firms. Data collected for the first time, i.e. primary data is more difficult and expensive to obtain. It includes both quantitative information (e.g. carrying out a survey using a questionnaire) and qualitative information (through face-to face interviews). Another important source of primary data is looking at the ac-tivity of competitors, their product range or marketing strategy.
Before selling a company should define the target market for a product. Products can be distinguished by three types: an industrial product (B2B: business-to-business), a consumer product (B2C:_____________________) and products for use in hospitals, schools, public transport, etc (B2G:__________________).
Products are targeted at specific market segments. There are four basic methods for seg-menting a market:
• Product-related: comfort, safety, luxury, etc.
• Demographic: age, gender, marital status, income, occupation, etc.
• Psychographic: attitudes, lifestyle, opinions, values, etc.
• Geographical: region, post code, etc.
Marketing experts say that there are four factors that influence the purchase decision. These four factors are known as the marketing mix or the four Ps: providing the customer with the right product at the right price, presented in the most attractive way (promotion) and available in the easiest way (place). How successful a company is at these four elements will strongly influ-ence its revenue. Some marketers talk about additional four Ps: ____________________________________________________
Companies can develop new products based on either a marketing orientated approach or a product orientated approach.
A marketing orientated approach means a company reacts to what customers want. The decisions taken are based around information about customers’ needs and wants, rather than what the business thinks is right for the customer. Most successful businesses take a market-orientated approach.
A product orientated approach means the company does not focus on customers’ needs and interests but develops products based on what it is good at making or doing.
Marketing today is not a function; it is a way of doing business.
Answer the questions:
1. What is marketing?
2. What are the channels of distribution?
3. What is the “marketing mix”?
4. What does marketing begin with?
5. What is the difference between primary and secondary data?
6. In what way can market be segmented?
7. What do marketing-oriented companies focus on their planning?
8. What is the marketing manager responsible for?
Marketing starts with market research, a learning process in which marketers get to know everything they can about needs and wants of consumers. Marketers may use secondary data, i.e. internal company data such as the company’s sales figures or external data found in pub-lished reports from government agencies, professional research firms. Data collected for the first time, i.e. primary data is more difficult and expensive to obtain. It includes both quantitative information (e.g. carrying out a survey using a questionnaire) and qualitative information (through face-to face interviews). Another important source of primary data is looking at the ac-tivity of competitors, their product range or marketing strategy.
Before selling a company should define the target market for a product. Products can be distinguished by three types: an industrial product (B2B: business-to-business), a consumer product (B2C:_____________________) and products for use in hospitals, schools, public transport, etc (B2G:__________________).
Products are targeted at specific market segments. There are four basic methods for seg-menting a market:
• Product-related: comfort, safety, luxury, etc.
• Demographic: age, gender, marital status, income, occupation, etc.
• Psychographic: attitudes, lifestyle, opinions, values, etc.
• Geographical: region, post code, etc.
Marketing experts say that there are four factors that influence the purchase decision. These four factors are known as the marketing mix or the four Ps: providing the customer with the right product at the right price, presented in the most attractive way (promotion) and available in the easiest way (place). How successful a company is at these four elements will strongly influ-ence its revenue. Some marketers talk about additional four Ps: ____________________________________________________
Companies can develop new products based on either a marketing orientated approach or a product orientated approach.
A marketing orientated approach means a company reacts to what customers want. The decisions taken are based around information about customers’ needs and wants, rather than what the business thinks is right for the customer. Most successful businesses take a market-orientated approach.
A product orientated approach means the company does not focus on customers’ needs and interests but develops products based on what it is good at making or doing.
Marketing today is not a function; it is a way of doing business.
Answer the questions:
1. What is marketing?
2. What are the channels of distribution?
3. What is the “marketing mix”?
4. What does marketing begin with?
5. What is the difference between primary and secondary data?
6. In what way can market be segmented?
7. What do marketing-oriented companies focus on their planning?
8. What is the marketing manager responsible for?
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