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Marketing today
Cosimo CannataI.T.C.G. “Leonardo Da Vinci”
Piazza Armerina, a.s. 2009-2010
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Lesson objectives
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The objectives of Marketing
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Definitions of marketing (1)
• Is the anticipation, management, and satisfaction of demand through the exchange process
• Complex planning process which identifies the needs and wants of potential consumers
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Definitions of marketing (2)
• Anticipation of Demand requires a firm to do consumer research in anticipation of market’s potential and consumers’ desires.
• Management of Demand includes:
• Stimulation: motivates consumers to want firm’s offerings
• Facilitation: makes it easy to buy offerings
• Regulation: involves balancing inventory to consumer demand
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The Marketing concept
Promote the product
The customer
Research the market
Place the product
Price the product
Produce the product
Plan and develop
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Another diagram of the marketing concept
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Kinds of Markets
Commodity markets (primary sector, raw
materials) Industrial markets
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What is Market Segmentation?
• Market segmentation involves aggregating prospective buyers into groups that have two key characteristics.
• have common needs and
• respond similarly to a marketing action.
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Where does segmentation fit in?
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Components of market segments
• Target market (socio-economic groups)
• Age (how old are consumers?)
• Sex (are consumers male or females?)
• Geographic location (where do consumers live?)
• Household size and composition (how many people?)
• Ethnic group (some products can be good or not for specific communities and not for all)
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8 Marketing Functions• Environmental Analysis and Marketing Research
• Broadening the Scope of Marketing
• Consumer Analysis
• Product Planning
• Distribution Planning and logistics
• Price Planning and Determining (price levels and ranges)
• Promotion and Communicating with customers,
• Marketing Management (planning, implementing)
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Competitive forces in markets
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Components of competition in markets