SCP Flashcards
what is a segment
a group of consumer (people)
why would we segment a market
there might be different needs
what is marketing about
fulfilling needs and wants
why did segmentation come into existence
every buyer is different, its easier to produce your products for a group instead of for the individual.
if you don’t segment, your competitor will do it for you
What is the nature of marketing
The very nature of marketing is often misinterpreted. Some think that marketing is a modern form of selling, or that it is simply another word for advertising. Selling and advertising are indeed important marketing functions, but marketing involves much more. It includes a great number of other activities that enhance an organisation’s ability to satisfy the needs and wants of its customers effectively, thereby strengthening its position within the market. These other activities include market research and product development. Market research is conducted to identify the desires of (potential) customers, for example, or to size up the competition. Product development is the process of developing and launching attractive products based on an accurate insight into the market.
What is the difference between selling and marketing
The difference between marketing and selling is the difference between a society in which consumers can choose from products and services designed to meet their specific needs and wants, and a society in which people have very little if any choice.
what is the main purpose of marketing oriented companies
The main purpose of marketing-oriented companies is to anticipate and satisfy the needs and wants of the customer. Rather than focusing first and foremost on the product, managers of these companies constantly seek to identify with their customers. They have become accustomed to thinking from the point of view of the consumer.
Selling vs Marketing in short
In short, selling is ‘trying to get rid of what you have on the shelves’, while marketing is ‘making sure that what you have on the shelves is what the customer wants’.
what is the objective of marketing
Essentially the objective of marketing is to make selling — in the sense of putting pressure on others — unnecessary
what is the purpose of marketing
The purpose of marketing is to get to know and understand the customer so well that the product is precisely what the customer wants. Then the product will sell itself. In fact, the need to be familiar with the desires of customers and to establish an ongoing relationship with them is part of our definition of marketing.
what makes up the marketing mix
So marketing requires not only an appropriate product, but also the right type of distribution, the right price and the right kind of promotion. Together these factors make up the so-called marketing mix
what is the process of marketing
Marketing is the process of developing, pricing, promoting and distributing products, services or ideas that are tailored to the market; it includes all other activities that create value and systematically lead to increased sales or another desired response, establish a good reputation and ongoing relationships with customers, so that all stakeholders achieve their objectives
a different name for marketing mix
the 4 p’s
what is product strategy concerned with
product strategy is concerned with, among other things, the development of new products and services, the refinement of existing products, and the decision to take products off the market when they no longer satisfy a need.
what is the price
Price: the amount of money exchanged for a product or service.