Understanding Marketing Management
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