PRINCIPLES OF MARKETING CHAP1

• Marketing


  The process of getting the right product to the right customers at the right time in the right place and at the right price for the purpose of making a profit
• Market research


  • Collecting information and data about customers to identify their needs, problems, solutions, purchasing behaviour, and consumption
  • Analysing competitors to understand their products, positioning, pricing, and promotion
  • Assessing the external environment (political, economic, sociocultural, technological, legal, ecological) to identify constraints, opportunities, and threats
• Market segmentation


  Grouping individuals or organisations into specific categories based on shared characteristics and similar interests (geographic, demographic, psychographic, behavioral)
• Market targeting


  The process of choosing the specific group of customers or clients where the business would want to focus on and direct their resources to serve
• Market positioning


  The consumer's perception of a brand or product in relation to competing brands or products
• Marketing mix (4Ps)


  • Product
  • Price
  • Promotion
  • Place
• Product


  What the business can create and deliver to the market in exchange for sales (tangible goods, intangible services, necessities, essentials, luxuries, basic, premium)
• Price


  How much the business would want the customers or clients to pay in order to acquire the goods or services
• Place


  How the products are distributed and made available for people to acquire them (physical retail, virtual online, mobile platforms, vending machines)
• Promotion


  How businesses go about delivering their marketing messages to their target audience (creating awareness, getting people to try products, providing information, keeping loyal customers, increasing use of a product, identifying potential customers, teaching clients about potential services)
• Marketing is not just sales, promotion and advertisement
• Marketing can be applied beyond the business context to influence others to do what you want them to do (e.g. getting money from parents, finding a job, getting into a relationship, political campaigns, NGO causes)