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Marketing Overview

QuestionAnswer
Marketing Management process of creating, communicating and delivering offerings that have value to customers
Functions of Marketing 1. Marketing Research 2. Product Development 3. Manufacturing 4. Branding 5. Advertising 6. Promotion 7. Sales & Distribution 8. Logistics 9. Merchandising 10. Customer Service
Skills demanded by Marketing Professionals 1. Sales & Sales Management 2. Advertising 3. Communication 4. Publicity 5. Public Relations 6. Exhibition & Event Management 7. Packaging & Branding 8. Corporate Identity & Image 9. Market Research 10. Encourage word of mouth
Marketing Mix Product, Pricing, Place, Promotion
Target Marketing Group of people with similar needs and shows interest in similar products
Marketing Segmentation dividing the market into categories of customer types
Influences of Consumer Behaviour Psychological, Personal, Social, Cultural
Brand Loyalty Customers regularly purchasing products from the same brand because they are satisfied with the performance of that brand
Product a value package that provides benefits and features to satisfy the needs of the customer
Categories of Product Convenience, Shopping, Speciality, Expense, Capital
Convenience goods and services Consumed regularly or purchased often and are inexpensive. Eg: Milk, bread, newspaper
Shopping goods and services Purchased less often and are more expensive. Consumers may compare brands. Eg: TV, Computer, Tyres
Speciality goods and services Rarely purchased and are very expensive. Customers want the perfect item and won't buy a substitute. Eg: Jewellery, Wedding Gowns
Expense Items Industrial goods that are used in the production process. Eg: Oil and Electricity for Machines
Capital Items long-lasting goods that are rarely purchased. Eg: Buildings, Equipments
Product Life Cycle Introduction > Growth > Maturity > Decline
Created by: narrthine
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