Marketing

• Product concept

  Consumers prefer products that offer quality, performance, or innovative features
• Production concept

  Consumers prefer products that are widely available
• Selling concept

  Consumers buy products only if the company actively promotes or 'sells' them to them
• Selling concept


  • Firms engage in high-pressure selling tactics
• Marketing concept

  Consumers buy and prefer products which focus on their needs/wants and deliver better value than competitors
• Marketing concept

  • Firms focus on consumer needs, wants, and values
• Two opposing management philosophies

  • Selling concept (focusing on what products already exist) – focus on profit
  • Marketing concept (focusing on consumer needs)
• Selling concept

  • Production
  • Existing products
  • Selling and promotion
  • Profits through sales volume
• Marketing concept

  • Target market
  • Customer needs
  • Integrated market
  • Profits through customer satisfaction
• Target market

  • Segmentation
  • Targeting
  • Positioning
• Customer needs

  • Tangible or intangible
  • Rational or emotional
  • Existing (identified and satisfied)
  • Latent (not yet satisfied)
  • Incipient (not yet known)
  • Market driven
• Integrated market


  • Digital marketing
  • Advertising
  • Sales promotion
  • Branding
  • Content marketing
  • Public relations
• How customers choose between different products and services

  • Customer value
  • Customer satisfaction
  • Customer loyalty and retention
• Customer value


  • Value – different between the perceived benefits of owning and the perceived sacrifices of acquiring
  • Benefits
  • Negatives
• Customer loyalty


  Habitual use of your products or services arising from experiential value and satisfaction but also from inertia (laziness) and lack of alternatives
• Factors affecting customer loyalty


  • Customer value and satisfaction
  • Inertia/laziness
  • Lack of alternatives