Ad: Basic Marketing Concepts

Marketing concept

The philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs better than the competition. The firms should find a way to be more effective than its competitors in creating, delivering, and communicating customer value to its target customers.

Lead

A potential customer who has expressed interest in a company's products or services.

Lead generation

The process of attracting and converting prospects into leads. This typically involves marketing efforts that engage potential customers to express their interest in a company's offerings.

Distribution

The process of delivering products from the manufacturer to the final consumer. It involves logistics, warehousing, and the selection of channels to ensure products reach their target market.

Financing

The method by which a business obtains funds to support its operations, investments, or growth. This can include loans, investments, or equity funding.

Market research

The systematic process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and industry trends.

Pricing

The strategy of setting a price for a product or service based on costs, competition, and perceived value. It plays a crucial role in determining profitability and market positioning.

Product and service management

The process of developing, maintaining, and discontinuing products and services to meet customer needs and maximize profitability.

Selling

Happens only after you’ve determined the wants and need of your customer base and are able to respond with the right products at the right price point and time frame.

Marketing mix

Refers to the combination of tactics and strategies used to promote a product, typically including the four Ps: product, price, place, and promotion.

Product

An item or service offered to meet customer needs and demands.

Price

The amount of money required for a product or service, influencing buyer behavior and profitability.

Place

Refers to the methods and locations used to distribute a product to customers, ensuring it is available where and when it is needed.

Promotion

The marketing communication strategies used to inform, persuade, and remind customers about a product or service.

Idea generation

Product/service development - Step 1: The process of brainstorming and developing new concepts or solutions in marketing, often involving creativity and innovation to identify potential products or services.

Screening the idea

Product/service development - Step 2: The process of evaluating and filtering generated ideas to determine their feasibility and potential for market success.

Testing the concept

Product/service development - Step 3: Knowing where the marketing messages will work best.

Business analytics

Product/service development - Step 4: A business case needs to be put together to asses whether the new product/ service will be profitable

Product development

Product/service development - Step 5: The technical and marketing developmental stage where a prototype will be created and tested with target consumers.

Test marketing

Product/service development - Step 6: The process of introducing a product in following the proposed marketing plan. Elements of the marketing plan will be refined based on feedback.

Commercialization

Product/service development - Step 7: The final decisions need to be made to move the product to its launch into the market.

Launch

Product/ service development - Step 8: A detailed plan should include decisions surrounding when and where to launch to target your primary consumer group.