THE ENTREPRENEUR AND HIS MARKETS Flashcards
is a social and managerial process by which individuals get what they need and
want through creating and exchanging products and value”
“Marketing
is the management process that identifies, anticipates and supplies customer
requirements efficiently and profitably”
Marketing
is the all-embracing function that links the business with customer needs and wants
in order to get the right product to the right place at the right time”
Marketing
is the performance of business activities that direct the flow of goods and services
from producer to consumer or user”
“Marketing
Customer Needs and Wants
WHAT MARKETING INVOLVES?
Customers and Consumers
WHAT MARKETING INVOLVES?
Exchange
WHAT MARKETING INVOLVES?
Demand(s)
WHAT MARKETING INVOLVES?
✓ The production concept
✓ The product concept
✓ The selling concept
✓ The societal marketing concept
Marketing concept:
✓ Unique
✓ High quality
✓ Low-priced
✓ Satisfies other customers’ needs!
THE PRODUCT STRATEGY
✓ Understand the customer’s perception of quality
✓ Work on the mindset towards a quality orientation
✓ Use raw material with good quality
Achieve Product Quality?
✓ Plan and develop the right product(s) or service(s) required by the customer at the right price.
✓ Determine the range of products / services (product width and depth).
✓ Be mindful of the product quality.
✓ Think of packaging and labeling your products.
✓ Think of product maintenance (where necessary).
✓ Compare your product with the competitors’.
The Key Product Decisions
Customers
Market size
Competition
Checklist for Market Analysis
- Product
- Price
- Place/distribution
- Promotion
For services, we need to add the three Ps below to the four above: - Process
- People
- Physical evidence
THE MARKETING MIX
Positioning
Market Segmentation
Target Market
Product Strategy
Pricing Strategy
Distribution Strategy
Promotion
DESIGNING A MARKETING STRATEGY
