The way people and businesses get what they need or want by making and trading products
Marketing
Things we must have to live, like food and water.
Needs
How we choose to satisfy our needs, like wanting pizza instead of rice.
Wants
Wants + money = demand. If people want something and can pay for it.
Demands
People who want to buy, have money, and are willing to spend it.
Markets
Markets
Products
Products
Customer Value
How happy you are with what you bought.
Customer Satisfaction
How well a product does what it’s supposed to do.
Quality
Giving something to get something.
Exchange
A deal where both sides give and get something, like paying money for a toy.
Transaction
Friendship between a business and a customer to keep them buying.
Relationship
2 types of Marketing Environment
- Internal Environment
- External Environment
2 kinds of External Environment
- Micro Environment (Close to the business)
- Macro Environment (Big outside forces)
The company itself
Suppliers – give materials
Marketing Channels – deliver products
Customers – buy products
Competitors – other businesses selling similar stuff
Publics – media, government, community, etc.
Micro Environment
Demographic – people data (age, gender, etc.)
Economic – money and economy
Natural – environment
Technological – new inventions
Political – laws and government
Socio-cultural – beliefs and traditions
Macro Environment
Market Segmentation Strategies (4 Main Types)
- Geographic
- Demographic
- Psychographic
- Behavioral
➤ Where people live (city, country, etc.)
Geographic
Who people are (age, gender, income, etc.)
Demographic
How people think and what they like (lifestyle, personality)
Psychographic
What people do – how they use or buy products
Behavioral
The 4 P’s of Marketing
- Product
- Price
- Place
- Promotion
➤ The thing being sold to meet needs and wants.
Product
Types of Products 4
- Convenience Products
- Shopping Products
- Specialty Products
- Unsought Products
