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What is Marketing?
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Functions of Marketing
The 7 functions include distribution, financing, marketing information management, pricing, product/service management, promotion, and selling.
The Marketing Mix
The marketing mix describes the factors that organisations consider when marketing a product or service, influencing customer purchase decisions.
Market Segmentation
Market segmentation refers to categorising prospective buyers into particular groups based on common needs, which respond similarly to marketing actions.
Key Pillars of Segmentation
The key pillars include geographics, demographics, psychographics, and behavioral factors.
Market Targeting
Market targeting identifies people or organisations in a product-market toward which a firm directs its positioning strategy.
Positioning
Positioning is the act of designing a company’s offering to occupy a distinctive place in the mind of the target audience.
Factors Influencing Customer Behaviour
Factors include culture, social factors (like family), personal factors (age, lifestyle), and psychological factors (motivation).
Competitive Positioning
Competitive positioning involves deciding the competitive stance an organization wishes to establish in relation to the target customer.
Marketing Trends
Key trends include digital marketing, innovative technology-driven products, mass customisation, and relationship marketing.
Market Target Positioning Effectiveness
The effectiveness of a positioning strategy is measured by how well management’s positioning objectives are achieved for the market target.
Measurable Segmentation Criteria
Segmentation must be measurable, substantial, accessible, differentiated, and actionable.
