Core Marketing Concepts

To understand the marketing function

First we need to understand the following core set of concepts

Needs

Wants

Demands

We can distinguish five types of needs:

Stated needs

Real needs

Unstated needs

Delight needs

Secret needs

Marketing Channels

Distribution channels: to display, sell, or deliver the physical product or service(s) to the buyer or user.

Service channels: include warehouses, transportation companies, banks, and insurance companies

Supply Chain

longer channel

stretching from raw materials to components to finished products

Company aim is to capture a higher percentage of supply chain value

Competition

includes all the actual and potential rival offerings and substitutes a buyer might consider

It thrives on people’s willingness to share recipes and the satisfaction they feel if their recipe becomes popular with others

Target Markets

identifying market segments-by examining demographic, psychographic, and behavioural differences among buyers.

Value and Satisfaction

quality, service, and price (qsp)

person’s judgment of a product’s perceivedperformance

Marketing Environment