Marketing - Marketing The marketing function involves...

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- Marketing The marketing function involves planning and implementing all the activities that result in the transfer of goods and services to the customer. After developing a strategy marketers must focus on the marketing mix, which we refer to as the four P’s: product, price, place, and promotion All aspects of the marketing function are heavily affected by the environment. Significant environmental forces include the law, politics, the social and cultural environment, and the economic environment From a strategic perspective, marketers must research customer needs, uncover a product that meets those needs, segment the market, and position the product An understanding of the customer buying process informs the marketing function in critical ways, as does an appreciation of the differences between consumer and industrial buying Functions of Marketing Buying Marketers must understand buyers needs and desires to determine what products to make available Selling Marketers view selling as a persuasive activity that is accomplished through promotion Strategic Concerns: Target Markets and Segmentation - A market is a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services and ideas - A target market is a more specific group of consumers on whose needs and wants a company focuses its marketing efforts - A total market approach is an approach whereby a firm tries to appeal to everyone assumes that all buyers have similar needs
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- Market segmentation is a strategy whereby a firm divides total market into groups of people who have relatively similar product needs - Market segment is a collection of individuals, groups or organizations who share one or more characteristics and thus have relatively similar product needs and desires - Concentration approach is a market segmentation approach whereby a company develops one marketing strategy for a single market segment - A multisegment approach is a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each - In order for a firm to successfully use a concentration or multisegment approach to market segmentation, several requirements must be met Consumers needs for the product must be heterogeneous The segments must be identifiable and divisible The total market must be divided in a way that allows estimated sales potential, cost and profit of the segments to be compared At least one segment must have enough profit potential to justify developing and maintain a special marketing strategy The firm must be able to reach the chosen market segment with a particular market strategy
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Marketing - Marketing The marketing function involves...

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