Chapter 1

Thesetofactual andpotentialbuyers ofaproduct

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Unformatted text preview: it Offered for Sale That is Essentially Activity or Benefit Offered for Sale That is Essentially Intangible and Does Not Result in the Ownership of Anything Intangible and Does Not Result in the Ownership of Anything 1-12 What is a Market? • The set of actual and potential buyers of a product • These people share a need or want that can be satisfied through exchange relationships. 1-13 Elements of a Modern Marketing System 1-14 Marketing Management Questions to ask: 1. What customers will we serve? What is our target market? 1. How can we best serve these customers? What is our value proposition? 1-15 Segmentation and Targeting #1 #2 Market Segmentation: Divide the market into segments of customers Targeting: Select the segment to cultivate 1-16 Value Proposition • The set of benefits or values a company promises to deliver to consumers to satisfy their needs It cleans and freshens like sunshine! 1-17 The Marketing Mix Product Price Customer Needs Promotion Place Place (Distribution) (Distribution) 1-18 The New Digital Age The recent technology boom has had a major impact on the ways marketers connect with and bring value to their customers. Ex. Groupon 1-19 New Marketing Landscape Rapid Globalization Not­for­Profit Marketing Ethics & Social Responsibility The Digital Age 1-20...
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