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Refrence

In: Business and Management

Submitted By shilpajohnson
Words 2347
Pages 10
1. Core marketing concepts

1. Needs, wants, and demands

2. Target markets, positioning, segmentation 3. Offerings and brands 4. Value and satisfaction 5. Marketing channels 6. Supply chain 7. Competition 8. Marketing environment 9. Marketing planning

1. Needs, wants, and demands :- We can distinguish five types of needs:
1. Stated needs (The customer wants an inexpensive car.)
2. Real needs (The customer wants a car whose operating cost, not initial price, is low.)
3. Unstated needs (The customer expects good service from the dealer.)
4. Delight needs (The customer would like the dealer to include an onboard GPS navigation system.) 5. Secret needs (The customer wants friends to see him or her as a savvy consumer.)

2. Target markets, positioning, segmentation :- Not everyone likes the same cereal, restaurant, college, or movie. Therefore, marketers start by dividing the market into segments. They identify and profile distinct groups of buyers who might prefer or require varying product and service mixes by examining demographic, psychographic, and behavioral differences among buyers.
After identifying market segments, the marketer decides which present the greatest opportunities— which are its target markets. For each, the firm develops a market offering that it positions in the minds of the target buyers as delivering some central benefit(s).

3. Offerings and brands :- Companies address customer needs by putting forth a value proposition, a set of benefits that satisfy those needs. The intangible value proposition is made physical by an offering, which can be a combination of products, services, information, and

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