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JOMC 475 Marketing Concepts

JOMC 475 Marketing Concepts - Marketing...

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JOMC 475—Marketing Concepts  14:46 Marketing:  Communication and Persuasion Discover wants/needs of consumers  Marketing Strategy:  Segmenting audience (who will you serve and how)  4 Ps Product [marketing offering: market ourselves, services, ideas i.e. social, people]  Place (distribution) Price Promotional Key  A Simple Model of the Marketing Process Understand the marketplace and customers needs/wants Design a customer-driven marketing strategy Construct a marketing program that delivers superior value Build profitable relationships and create customer delight Asndf  Maslow’s Hierarchy of Needs  Satisfy lower end first then move up the triangle  Deprivation: hunger or unloved  Difference between want and need Needs are essential and integral Wants are shaped by culture and personality  May be hungry but an ad determines what you’re hungry for Wants become demand  Demand estimates: how many people want a product
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Market Research helps determine wants and demands
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