MKTG2501 Lecture Notes - Lecture 1: Social Fact, Media Culture, Social Marketing
10 Aug 2018
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Document Summary
The study of the processes involved when individuals select, purchase or use products, services or experiences to satisfy needs and desires. Marketing exchange a transaction in which 2 or more parties give and receive something of value. Consumer a person who identifies a need or desire, makes a purchase, and then disposes of the product. It is important for marketers to be able to identify products that reflect consumer needs. Market segmentation identifies groups of consumers who are similar to one another in one or more ways and then creates marketing strategies to the specific group. Demographics statistics that measure observable aspects of a population. Mass marketing some companies trying to reach many segments. Differentiated marketing some companies trying to reach selected segments. Database marketing tracking consumers" buying habits very closely and then creating products and messages personalised precisely to people"s wants and needs based on the information. Interdependence the product is part of the daily routine.
