Core Marketing Concepts
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To understand marketing, we must first understand core concepts like needs, wants, and demands. We can distinguish between stated, real, unstated, delight, and secret needs. Marketing channels include distribution channels to sell products and service channels like warehouses. The supply chain stretches from raw materials to finished products. Competition includes all actual and potential rival offerings. Target markets are identified by examining differences among buyers. Value and satisfaction are determined by a person's judgment of a product's perceived quality, service, and price performance.
Core Marketing Concepts
- 2. To understand the marketing function First we need to understand the following core set of concepts Needs Wants Demands
- 3. We can distinguish five types of needs: Stated needs Real needs Unstated needs Delight needs Secret needs
- 4. Marketing Channels Distribution channels: to display, sell, or deliver the physical product or service(s) to the buyer or user. Service channels: include warehouses, transportation companies, banks, and insurance companies
- 5. Supply Chain longer channel stretching from raw materials to components to finished products Company aim is to capture a higher percentage of supply chain value
- 6. Competition includes all the actual and potential rival offerings and substitutes a buyer might consider
- 7. It thrives on people’s willingness to share recipes and the satisfaction they feel if their recipe becomes popular with others
- 8. Target Markets identifying market segments-by examining demographic, psychographic, and behavioural differences among buyers.
- 9. Value and Satisfaction quality, service, and price (qsp) person’s judgment of a product’s perceived performance