Marketing a group of activities designed to expedite transactions by creating, distributing, pricing and promoting goods, services and ideas

Target Market Strategies

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Bases for Market Segmentation

• Demographic
• Geographic
• Psychographic
• Behavioristic

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Developing the Marketing Mix

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Product

A good, service, or idea that has tangible and intangible attributes that provide satisfaction and benefits to consumers

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Price

A value placed on a product or service that is exchanged between a buyer and seller

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Distribution

Making products available to consumers in the quantities and locations desired

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Promotion

A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals and organizations to accept goods, services and ideas

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Marketing Research

• Systematic and objective process to collect information about potential customers
• Guides marketing decisions
• May include data on age, income, ethnicity, educational level, etc. of the target market and how frequently they purchase the product

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Marketing Information Systems

• A framework for accessing information about customers from sources inside and outside the organization
• Inside the organization:
• Continuous flow of information on prices, sales and expenses
• Outside the organization:
• Data are available through public and private reports, census statistics, digital media sources, etc.

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Collecting Data

Primary Data

• Marketing information that is observed, recorded or collected directly from respondents (consumers)

Secondary Data

• Information compiled inside or outside the organization for some purpose other than changing the current situation

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