What is marketing.docx

40 views2 pages
30 Mar 2012
Department
Course
Marketing with Sameer Mathur
What is marketing?
- The process of building profitable customer relationships by creating value for customers and
capturing value in return.
The marketing process
1. Understand customer needs and wants
2. Designing a customer driven marketing strategy
3. Construct a marketing program
4. Build profitable relationships
5. Capture value from customers
STP Segmentation, Targeting, Positioning
- Segmentation: identify basis for segmentation
o Dividing a market into distinct groups with distinct needs, characteristics, or behaviors
o Basis
Demographic
E.g. race, gender, occupation
Geographic
Psychographic
Behavioral
E.g. loyalty, usage rates
o Requirements for effective segmentation
Measurable
Accessible
Substantial
Differentiable
Actionable
- Targeting: measure segment attractiveness
o Set of buyers sharing common needs or characteristics that a company decides to serve
o Factors driving target market strategy:
Company resources
Degree of variability
Product life cycle
Competitor’s marketing strategies
o E.g. when selling ice cream to eskimos, you would highlight the taste rather than the
cold refreshing aspect
- Positioning: develop marketing mix for each targeting segment
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