Key Marketing Concepts: Brands, Value, Channels & Strategy
Core Marketing Concepts: Offers, Value, Channels
Understanding Offers and Brands
Offers provide consumers with a package of benefits to meet their needs. A brand represents an offer from a known source.
Value and Customer Satisfaction
An offer succeeds if it promises value and satisfaction to the potential buyer. Value reflects the benefits and costs the consumer perceives from the offer. Value is a fundamental marketing concept. Satisfaction reflects a person’s comparative judgments based on the results
Read MoreMarket Segmentation and Product Positioning
Market Segmentation and Positioning
Marketing specialists are not always aware of how to contact buyers from the market or in the same way, because there are many, they are geographically scattered and therefore have different needs. That’s why companies prefer market segmentation and mass marketing to develop market products and strategies to measure success/profitability. This way, vendors target the right audience, adjust price, distribution channels, and promotion.
What is Market Segmentation?
Read MoreHuman Resources and Organizational Development
- What are the main criteria for assessing the theory that undergirds sound practice?
- Importance
- Preciseness and clarity
- Parsimony and simplicity
- Comprehensiveness
- Operationality
- Empirical validity or verifiability
- Fruitfulness
- Practicality
- Compare Futures Theory and Chaos Theory
- Chaos Theory: Purposefully acknowledges and studies phenomena that are unsystematic and do not appear to follow the rules.
- Futures Theory: Critical for sustainable performance as it prepares one to recognize and cope with an evolving
Understanding Qualitative Research and Consumer Behavior
Qualitative Research:
Qualitative research refers to data obtained in investigations that are not subject to quantitative analysis. It can be applied to learn about attitudes, feelings, and motivations. This approach emerged in the mid-seventeenth century, pioneered by researcher Giambattista Vico.
Advantages:
– Often cheaper than quantitative research.
– Appropriate for understanding deep motivations and feelings of consumers.
– Can enhance the effectiveness of quantitative research.
Limitations:
– Cannot
Key Marketing Concepts: Segmentation, Targeting & Customer Value
Understanding Demarketing
According to Kotler and Armstrong, demarketing is marketing aimed at reducing demand temporarily or permanently. Its goal is not to eliminate demand entirely, but rather to reduce or shift it.
For example: To reduce demand for space on congested tracks in Washington D.C., the city’s municipal authorities set up a web page encouraging regular users to share vehicles or use public transport.
Corporate Purchasing Insights
Kotler and Armstrong identify several types of corporate
Read MoreMarket Segmentation, Research, Products & Services
Chapter 8: Market Segmentation
Market Segmentation: Definition & Importance
Definition: Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
Importance: Helps firms tailor marketing efforts and products to meet specific customer needs, increasing efficiency and effectiveness.
Criteria for Successful Segmentation
- Substantiality: Segment must be large/profitable enough. Example: Teenagers as a large, spend-heavy segment.
- Identifiability & Measurability: