Business

  • marketing - the activity, set or institutions and processes for creating, communicating, delivering, and exchanging offerings with values for customers, clients, partners, and society at large

  • target audience

1) groceries

2) gas

3) clothing

4) college

5) rent

  • demographic segmentation

What is Marketing?

  • coming up with a product and:

    • defining its features and benefits

    • setting its price

    • identifying its target market

    • making potential customers aware of it

    • getting people to buy it

Overall Marketing Concept

  • find out what customers need

  • develop products to meet those needs

  • engage the whole company in efforts to satisfy customers

  • achieve company goals (make a profit)

Marketing research

  • analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions

    • used to identify products consumers have used in the past and what they want in the future

    • research uncovers business trends, the ecological impact of decisions, global trend, and more

  • secondary data - information that has already been compiled by others and published in journals and books that are made available online

    • incurs no expense and is usually easily accessible

    • doesn’t always provide all needed information for marketers

  • primary data - data that you gather yourself

The Marketing Research Process

  • defining the problem or opportunity and determining the present solution

  • collecting research data

  • analyzing the data

  • choosing the best solution and implementing it

  • number one generic product is prescriptions

Segmenting the Target Market

  • geographic segmentation - dividing the market by cities, counties, states, or regions - even climate and population density

  • demographic segmentation - dividing the market by age, marital status, gender, ethnic background, income, occupation, and education level

  • behavioral segmentation - dividing the market based on attitude, user status or usage rate

  • psychographic segmentation - dividing the market using group’s values, attitudes, and interests

  • clustering segmentation - combining segmenting criteria