Marketing today Cosimo Cannata I.T.C.G. “Leonardo Da Vinci” Piazza Armerina, a.s

Lesson objectives

The objectives of Marketing

Definitions of marketing (1) Is the anticipation, management, and satisfaction of demand through the exchange process Complex planning process which identifies the needs and wants of potential consumers

Definitions of marketing (2) Anticipation of Demand requires a firm to do consumer research in anticipation of market’s potential and consumers’ desires. Management of Demand includes: Stimulation: motivates consumers to want firm’s offerings Facilitation: makes it easy to buy offerings Regulation: involves balancing inventory to consumer demand

The Marketing concept Promote the product The customer Research the market Place the product Price the product Produce the product Plan and develop

Another diagram of the marketing concept

Kinds of Markets Commodity markets (primary sector, raw materials) Industrial markets

What is Market Segmentation? Market segmentation involves aggregating prospective buyers into groups that have two key characteristics. have common needs and respond similarly to a marketing action.

Where does segmentation fit in?

Components of market segments Target market (socio-economic groups) Age (how old are consumers?) Sex (are consumers male or females?) Geographic location (where do consumers live?) Household size and composition (how many people?) Ethnic group (some products can be good or not for specific communities and not for all)

8 Marketing Functions Environmental Analysis and Marketing Research Broadening the Scope of Marketing Consumer Analysis Product Planning Distribution Planning and logistics Price Planning and Determining (price levels and ranges) Promotion and Communicating with customers, Marketing Management (planning, implementing )

Competitive forces in markets

Components of competition in markets