- click twice to continue - SECTION 1.2 REVIEW Fundamentals of Marketing Lesson 1.3 - click twice to continue -

Fundamentals of Marketing Objectives Describe the concept of market Differentiate consumer and industrial markets Describe market share Define target market List the components of the marketing mix Note: Try to memorize the terms in this section, because you will use them throughout your study of marketing! Marketing Essentials Chapter 1, Section 1.3

Can you expect your product to appeal to everyone? Market Can you expect your product to appeal to everyone? Market X, refers to all the people who might buy a product who: Share similar needs and wants Have the ability to purchase a product Example: If you have an interest in hunting and want a Bonnelli Shot Gun, you are in a specific market No Therefore, you must look for people who it will appeal to (who would be interested in it) Marketing Essentials Chapter 1, Section 1.3

Types of Markets There are two different types of markets with different goals and objectives Consumer Industrial

Consumer Versus Industrial Markets Consumer market: all consumers who purchase goods and services for personal use Consumers want products and services that: Save money Make life easier Improve appearance Create status Provide personal satisfaction Marketing Essentials Chapter 1, Section 1.3

Consumer Versus Industrial Markets industrial market: businesses that buy products, often in large quantities, to use in their operations; Businesses want products and services that: Improve productivity Improve efficiency Increase sales Decrease expenses

For example, Perdue advertises its chicken and turkey products: A single product may be promoted to both the consumer and industrial markets. For example, Perdue advertises its chicken and turkey products: On television and in newspapers, they are marketing to consumers In the publication/magazine Supermarket News, they are marketing to other businesses - those professionals in the supermarket industry Note: Businesses will have two separate and distinct marketing plans to reach each market Marketing Essentials Chapter 1, Section 1.3

Assignment Opinion: What company sells the largest number of cell phone sales in the cell phone market? Go to our the class Webpage and Read the Market Share Article Read and complete the notes for this section