Marketing Concepts
February 16th, 2024 Buss110, Shawn Corkery
Market Research
- Systematically gathering data and then analyzing it to better understand what that group of people needs.
- Marketers need to create value.
- At each stage of the lifecycle, research helps validate product ideas.
Segmentation
- Dividing a large market into smaller groups based on shared characteristics.
- Creates a target market. Understanding market segments is the first step to forming a successful marketing strategy.
- Consumer interests change, challenging advertisement creativity.
Pricing
- What a customer will exchange for the product.
- Price is the element of the marketing mix that leads to revenues.
- Take into account market conditions, competitor actions and trade margins.
Targeting
- Designing marketing activities that will reach the consumers most likely to respond.
- Molds further marketing messages to position the product.
- Add new groups and consider re-branding the product.
Positioning
- The ability to influence the consumer perception of a product or brand.
- Establish the image and identity of a product or brand. Stand out from the competition.
- The foundation for a successful brand.
Shawn Corkery
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