Understanding marketing management-concepts

Understanding Marketing

Management

What are some

Fundamental of

Marketing Concepts?

3

… the basic human requirements

NEEDs become WANTs when they

are directed to specific objects that

might satisfy the need.

…wants for specific products

backed by an ability to pay.

Segmentation

Marketers start by dividing the

market into segments and identify

the profile of distinct groups of

buyers who might prefer or require

varying product and service mixes

by examining demographic,

psychographic, and behavioural

differences among buyers.

STP Targeting &

Positioning

Offerings & Brands

A brand is an offering

from a known source.

Like McDonald's carries

many associations in

people's minds that make up

the brand image: hamburgers,

children, fun, fast food,

convenience & golden arches

Value & Satisfaction

The offering will be

successful if

it delivers value and

satisfaction to

the target buyer.

Fundamentals of Marketing Concepts

1. Needs, Wants & Demands

2. STP

3. Offerings & Brands

4. Value & Satisfaction