Category: Principles

Basics & Concepts

The basic ideas and concepts that businesses use in their marketing management remain unchanged. Each business uses that concept which creates a suitable strategy for its core mission and vision.

Consumer Buying Behavior

The actions of consumers when purchasing products helps market researchers and organizations shape their market strategy. By observing trends in consumer buying behavior, organizations can tailor their products and overall brand to achieve their mission.

Market Positioning

Organizations aim to position themselves in a specific area of consumers’ minds. They are always trying to change the consumers’ perception of themselves in comparison to their competitors. In simple terms, this is known as establishing a brand image.

Market Segmentation

To better understand data collected from market research, study populations of consumers are often divided into groups (segments) based on different factors such as demographics, geography, psychology, and behavior. Marketing professionals make the assumption that to target different segments they must be using different strategies.

Market Targeting

Organizations often choose to focus on a target audience, i.e., a portion of the available market. Marketing strategies are directed towards the target audience, tailoring to their wants and behaviors.

Placing Products

The place that consumers seek out and consume a product is an important aspect of marketing. Different places affect the consumers' perception of the product.

Pricing

Marketers must be able to analyze the price (to the consumer) that a product has, especially in comparison to competitors. Other factors are also taken into consideration such as the established price points and the target consumer's sensitivity to price fluctuations.

Products

All the different characteristics and details of a product/service are taken into consideration when marketing strategies are discussed. This can include physical properties like shape and size, as well as abstract characteristics such as production cost, method of use, etc.

Promotion

There are numerous methods to promote products, and the way a product is promoted can influence the consumers. Marketers need to consider promotion carefully, as the effect of some promotions could be counterproductive.

Retailing & Wholesaling

Retail is defined as any activity used to sell products and services to the end-user, i.e. consumers that personally use the product. Wholesale regards sale to organizations or individuals that intend to resell the product. Market research of these subjects shows different consumer behavior.

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