Marketing Concept Paper
Matilda Jane Clothing Apparel
Marketing Concept The marketing concept can be defined as the idea that an organization should strive to satisfy the needs of customers, while also trying to achieve the organization’s goals.1 The marketing concept is about matching a company 's capabilities with customer wants. This matching process takes place in what is called the marketing environment. Businesses have to take into account their competitors, as well as changes in the political, economic, social and technological environment. The before mentioned factors must be taken into account as an organization tries to match its capabilities with the needs and wants of its target customers. An organization that adopts the
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Demographic segmentation variables are among the most popular bases for 3
segmenting customer groups. The psychographic segment variables include people with similar personalities, values, and lifestyles. The last of the segmentation bases of the U.S. consumer markets would be behavioral segments. These are actions a person takes in purchasing and using products and services. Some of these segment variables include outlet type, direct, product features, usage rate, user status and awareness/intentions. Once the segmentation of the market is developed, the second step is to group products to be sold into categories. One can then develop a market-product grid and estimate the size of the markets. A market-product grid is a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. 3 Steps four and five consist of using the segmentation will help to develop the target markets, which in turn will then lead to successful marketing actions. Successful segmentation depends on
understanding consumers’ needs, how groups of consumers differ from one another, and how consumers decide among products. The market need would be for specialty girls’ childrens clothing The following would be segmentation of the clothing market to help better understand the consumer (potential buyers): Geographic Segmentation Global Region or Country: India, Ect...
The American Marketing Association defines marketing as "an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders". (2005) Simply put, marketing is the process by which businesses assess the needs and desires of consumers in order to provide products and/or services to meet those needs in the most efficient and cost effective manner. Truly effective marketers do market research in an effort to understand their target market and create marketing strategies based on the characterization of those in the target area.
Marketing concept – When the companies puts the customer first of what they do and ensures they indetify their wants and needs. For example: Making a research to see how it can improve the product.
Concepts of marketing- marketing= a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and value with others.
The overall concept of marketing is a management philosophy according to which a firm 's goals can be best achieved through identification and satisfaction of the customers stated and unstated needs and wants. Companies should identify the needs of their customer and produce products and
Additionally to the Market segmentation, many retailers and businesses use the segmentation as a marketing strategy and a factor when determining such as the location of a store, or the products that are going to be sold. Some of the strategic methods that are well known and utilized by many businesses are the Geographic, Demographic, Psychographic, and the Behavioral segmentation. I will focus more on the Geographic segmentation which creates data from the consumer's zip codes, neighborhood population and household income, and much more. Overall every retailer's focus is to have a successful business, and when doing that you must know who you are targeting and undergo research about those consumers who will be purchasing your products. This
Q1. Identify three key characteristics of the marketing concept. A. Marketing is very important and a key concpet in creating a succesful business. "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitabily". The marketing concept states that success is achieved by identifying needs and wants of the target market satisfying them better than competitors.
• Market Segmenting- is known for targeting potential customers that are the best matches for services and products. This type of tool is important to businesses because it involves finding the different needs that exist with consumers. For example, some consumers prefer a fast paced environment while others are concerned with the space.
In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).
As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment
The Marketing Concept. This is a business philosophy that challenges the above three business orientations. Its central tenets crystallized in the 1950s. It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling.
Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
For an organization to beat the competition, they need to understand what the consumer wants. Marketing concepts are based upon consideration on what the organization’s customers need and nourishing these needs better than the
Different kinds of people display different buying patterns even in a segment of age group 18 years to 25 years. This truth is well understood by those people who are responsible for market research, product development, pricing, sales and strategy. Market segmentation is the identification of portions of market that are different from one another. Every individual falls under one or other demographic segment
The Marketing Concept The marketing concept has evolved over the last years, marketing reflects to a key approach to doing business. An organisations objective is to make profit, to do this they have to consider the marketing concept, in order to satisfy customers. For an organisation to be successful should divert its attention away from particular products and towards the interest of the customers. Customers changing their needs and wants influence an organisations strategies and plans. Meeting customer’s needs is the main key in marketing.
Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.