Strategic Business & Marketing Fundamentals
Essential Business & Personal Attributes
This section outlines key personal and professional attributes, often accompanied by their Spanish translations, crucial for success in various domains.
- Accountability (responsabilidad)
- Accuracy (exactitud)
- Achievement (logro)
- Belonging (pertenencia)
- Boldness (atrevimiento)
- Assertiveness (firmeza)
- Cheerfulness (alegría)
- Clear-mindedness (mente clara)
- Commitment (compromiso)
- Contentment (alegría)
- Correctness (exactitud)
- Courtesy (cortesía)
- Decisiveness (firmeza)
- Dependability
Market Segmentation Targeting Positioning Explained
Market Segmentation
Market Segmentation: The process of dividing the market into groups with similar purchasing patterns to better identify and satisfy needs and wants.
Market Segment
Market Segment: A group of consumers who share similar needs and wants with related consumption behaviour.
Segmentation Advantages and Limitations
Advantages of Segmentation
- Helps identify existing gaps and new opportunities in domestic as well as international markets.
- Designing products for a specific group of consumers
Advertising & Media Essentials: Concepts and Strategies
Television advertising is one of the most powerful forms of mass communication that allows businesses to promote their products or services through visual and audio messages. It has a wide reach and can influence a large audience.
Television Advertising Advantages
Wide Reach: Television reaches millions of people, making it ideal for promoting mass-consumption products.
Visual Impact: Television combines audio, video, and motion, providing a more impactful and memorable advertisement.
Targeted Audience:
Marketing Communication Essentials
The Promotional Mix: 5 Considerations
Key factors influencing the promotional mix include:
- Resources Availability and Cost of Promotional Tools: The budget available for promotional efforts.
- Market Size and Concentration: The size and density of the target market.
- Customer Information and Product Characteristics: Including product price, complexity, and stage in the product life cycle.
- Push vs. Pull Strategies: The chosen approach to move products through channels or attract customers directly.
Stages
Read MoreKey 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.