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SECTION 1.2 REVIEW
Fundamentals of Marketing
Lesson 1.3
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2. 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

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

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

5. 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

6. 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

7. 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

8. 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