PoM - Unit 1

Definition of Marketing according to Kotler & Armstrong?

Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Definition of Marketing according to AMA?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

Segmentation?

who could we serve?

Market segmentation consists of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.

Targeting?

Which segments should we focus on?

Targeting involves evaluating each market segment's attractiveness and selecting one or more segments to enter.

Positioning?

How do we want to be perceived by the chosen segments?

Positioning in marketing is the strategic process of shaping how your target audience perceives your brand or product relative to competitors.