CORE MARKETING CONCEPTS
Needs: the basic human requirements such as for air, food, water, clothing, and shelter.
- Stated Needs: The customer wants an inexpensive car.
- Real Needs: The customer wants a car whose operating cost, not initial price, is low.
- Unstated Needs: The customer expects good service from the dealer.
- Delight Needs: The customer would like the dealer to include an onboard GPS
System.
- Secret Needs: The customer wants friends to see him or her as a savvy consumer.
Wants: specific objects that might satisfy the need. Our wants are shaped by our society.
Demands: wants for specific products backed by an ability to pay.
Segmentation: Identification of distinct segments of buyers by identifying demographic,
psychographic, and behavioral differences between them.
Target markets: the segment(s) present the greatest opportunities. For each target market,
the firm develops a market offering that it positions in target buyers’ minds as delivering
some key benefit(s).
Positioning: It refers to the place that a brand occupies in the minds of the customers and
how it is distinguished from the products of the competitors and different from the concept of
brand awareness.
Value: a combination of quality, service, and price.
Value proposition: A set of benefits that satisfy those needs (Will be explained in the Godrej
Appliances Case)
Offerings: A combination of products, services, information, and experiences
Brands: An offering from a known source
Satisfaction: a person’s judgment of a product’s perceived performance in relationship to
expectations.
- The sum of the tangible and intangible benefits and costs.
- If performance falls short of expectations, the customer is disappointed.
- If it matches expectations, the customer is satisfied.
- If it exceeds them, the customer is delighted.
Competition: All the actual and potential rival offerings and substitutes a buyer might
consider.
Marketing environment: Marketers must pay close attention to the trends and
developments. Adjust their marketing strategies as needed.
- New opportunities are constantly emerging that await the right marketing savvy and
ingenuity.
Task Environment: The actors engaged in Producing, Distributing, and Promoting the
offering.
Broad Environment: Demographic Environment, Economic Environment, Social-cultural
Environment, Natural Environment, Technological Environment, And Political-legal
Environment.
