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11/17 Engagement # 10 Marketing The 4 P’s of Marketing (Marketing Plan) Exchange to Satisfy pp. 145 – 146 o Product – (goods or services to satisfy customer/ideas) o Pricing o Promotion o Physical distribution (place) Marketing is a key business function because of the direct interchange with the customer. Marketing is the best position to provide the reality about the customer needs. Definitions pp 147 o Market – people with means to purchase o Market strategy – overall plan of identifying market and deciding how to allocate 4 P’s to satisfy the customer o Market Segmentation – dividing total market into groups with similar characteristics Demographic – age, sex, income, occupation, education Geographic Psychographic – lifestyles, attitudes Undifferentiated – everyone potential buyer Customized – each customer has different needs o Target market – specific group you will try to sell to – a NICHE – small companies usually are competing in a Niche 4 Major Utilities of Demand pp 148 o Form – shape, size, features o Time – available when customer wants it o
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