Concept of education

Classified in Economy

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TOPIC 1: THE MARKETING FUNCTION

Identify need, link want, encourage demand.

Products: Any tradable offering that satisfies a need: tangible, service, ideas, experiences.

Markets: All potential buyers who share a need or desire and who are capable and have the ability to exchange

Consumer insight: a non-obvious understanding about your customers that has the potential to change their behavior for mutual benefit.

Marketing: identify and understanding and meeting customer and social needs.Creating, communicating, delivering and exchanging.

1.0= product orientation, traditional methods, unidirectional communication.

2.0= consumer orientation, dynamic, bidirectional, needs satisfaction.

3.0= values and society, multidirectional, interactive consumer, better world.

4.0= social values, eco social, omnidirectional.

3C´s: corporation, competitors and customers.

Types of marketing:

Business, political, public sector, NGO, individual and social

Desmarketing: reduce the demand (tabaco).

Antimarketing: use reverse psychological techniques (women, men).

Current markets and current products: market penetration strategy.

Current markets and new products: product development strategy.

New markets and current products: market development strategy.

New markets and new products: diversification strategy.

Marketing today: product, marketing, experience and trust orientation,

MARKETING MIX:

Product: the need; Price: its cost to consumer; Place: where it is sold

Promotion: its marketing and let it know

PESTEL:

Political: gov, fiscal policy; Economical: unemployment, inflation

Social: family style, age, wages; Technological: I+d+i

Environmental: global warming, sustainable, renewable, ecological; Legal: laws

Marketing functions: planning, implementation, control, market research, logistics.

Strategy: a plan of action designed to achieve a l-t goal

Sustained competitive advantage: ways to produce a good of equal value at a lower price, lower cost or more desirable fashion.

TOPIC 2: THE MARKET

Market: people + money + a wish to spend

Direct competitors: same sector and product.

Indirect competitors: same sector different product.

Substitute competitors: different category.

Consumer behavior: is the study of the process in which individual or groups choose to buy o ruse goods to satisfy their needs

Consumer buying process: problem recognition, information gathering, evaluating alternatives, purchase, post purchase behavior.

Consumer journey: awareness, consideration, purchase, retention, advocacy.

Factors:

Economical: income, standard living; Personal: age, occupation, lifestyle

Psychological: motivation, perception;

Cultural/social: social class, social groups, famous and leaders

STP PROCESS:

Segmentation: identify and describe market segments.

Behavioral: brand attitude; Geographic: region, weather;

Demographic: education, age, gender; Psychographic: personality lifestyle

Useful segments: measurable, differentiable, sustainable, accessible, actionable.

Emerging segments: YUPPIEs, BOBOs, NYLONs, LATs, DINKYs, LOHAS

Targeting: evaluate segments and decide which one to go:

Full market coverage: (all markets, bad product mix cost)

Segment concentration: (certain markets, competitor invading)

Specialization policy: (1 product or market, reputation diversification but supplanted)

Positioning: design a product to meet segment needs and develop a marketing mix creating competitive advantage. Company chooses 1 or 2 key areas to concentrate and outshine.

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