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MGTA02H3 (143)
Lecture 7

Lecture 7 - Marketing

4 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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Description
MGTA04February 27th 2012Lecture 7MarketingBusinesses exist to make a profit but no customers equals no profits ie Need marketingMarketingPlanning and executing the development pricing promotion and distribution of ideas goods and services that satisfy both buyers and sellersThe Marketing ConceptDont sell what you have product focus sell what customers customers focusBusiness is directed toward serving existing and potential customers while making a profitTarget MarketsNo business has unlimited timeNo business has unlimited resourcesNo business can sell to everybodyMarketing begins with determining Who is the target marketTarget MarketThe specific group of people the business targets as the most likely intended customersPeople with similar needs and wantsMarket Segmentationmarketers divide world into smaller and smaller groups of similar peoplepeople whose needs wants attitudes to product likely to be similarcalledMarket SegmentationWays markets can be segmentedDemography external traitsPsychography internal traitsGeography where people live
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