Key Marketing Concepts

1381 Words6 Pages
CHAPTER 1 & 2 * What is marketing?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

* What is the marketing process?

* Needs, wants and demands
Needs : basic human requirements
Wants: the needs becomes wants when they are directed to a specific objects and might satisfy the need
Demands: are wants for a specific product backed up by an ability to pay

* Target markets, positioning, segmentation

Segmentation: identifying and profile distinct group of buyers who might prefer or require varying products or service mixes by examining
…show more content…
* Perception: is the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world. * Learning: induces changes in our behavior arising from experience. * Memory: all the information and experience we encounter as we go through life can end up in our memory. * Buying decision process (5 step model) : P.107, 108, 109, 110 1. Problem recognition. 2. Information search. 3. Evaluation of Alternatives. 4. Purchase decision. 5. Post purchase behavior.

P.118 * Characteristics of business markets: 1. Fewer, Larger buyers 2. Close supplier-customer relationship 3. Multiple buying influences 4. Multiple sales calls 5. Derived demand 6. Inelastic demand 7. Fluctuating demand 8. Geographically concern-trated buyers 9. Direct purchasing
P. 120 * 7 roles in the corporate purchase decision process: 1. Initiator: Users who purchased. 2. Users: who will use the product. 3. Influencer: people who influent the buying decision. 4. Deciders: who decide on product requirements. 5. Approvers: people who authorized the proposed action. 6. Buyers: people who have the authority to close the deal. 7. Gatekeepers: people with power to prevent sellers or information from reaching to the buyer.

Chapter 7 & 8
* Market segment:
Get Access