Key Concepts in Marketing and Sales Strategies

Customer Need

A necessity required for survival or solving a problem.

Customer Want

A desire shaped by personal preference or culture.

Importance of Meeting Needs and Wants

Businesses must meet needs to ensure usefulness and leverage wants to attract buyers.

Target Market

A specific group of customers a business aims to sell to.

Identifying Target Market

Identified through: Demographics (age, gender, income), Psychographics (lifestyle, values), and Behavioral data (shopping habits, brand loyalty).

Product Positioning

How a business markets a product to appeal to its target audience.

Example of Product Positioning

Mercedes-Benz positions its cars as luxury and high-status vehicles for wealthy professionals.

Brand

The identity of a company, including logo, messaging, and customer perception.

Importance of Branding

Builds trust, differentiates from competitors, and creates emotional connections.

Example of Branding

Apple's minimalist, high-tech branding.

Value Proposition

A clear statement of the unique benefits a product offers.

Example of Value Proposition

Tesla - 'Sustainable energy, cutting-edge technology, and zero emissions—driving the future, today.'

Sales Process Steps

Prospecting, Approach, Needs Assessment, Presentation, Handling Objections, Closing the Sale, Follow-up.

Importance of Sales Process

Ensures relationship building, problem-solving, and long-term success.

Common Customer Objections

Price: 'It's too expensive.' Need: 'I don't think I need this.' Trust: 'I'm not sure if this will work for me.' Timing: 'I need to think about it.'

Feel-Felt-Found Method

'I understand how you feel. Other customers have felt the same way, but they found our product helped them save money in the long run.'

Closing the Sale

Finalizing the transaction and getting the customer's commitment.

Example of Closing the Sale

Assumptive Close - 'Would you like this in red or blue?'

Customer Relationship Management (CRM)

Software that tracks customer interactions to maintain strong relationships.

Example of CRM

A clothing brand emails a discount on a customer's favorite jeans when a new collection drops.

Types of Promotions

Discounts & Coupons, Loyalty Programs.

Impact of Discounts & Coupons

Create urgency and encourage immediate purchases.

Example of Discounts & Coupons

'Limited-time offer—20% off all products!'

Impact of Loyalty Programs

Reward repeat customers and encourage brand loyalty.

Example of Loyalty Programs

Starbucks Rewards offers free drinks after a set number of purchases.