Marketing

- intermediary between the customer and business

- the goal is to understand customer to develop a product or service that can
satisfy their needs and wants
- Process of marketing
. Gathering information (info about customers wants and needs)
. Production of Product (based on Info gathered)
. Communicating the product (Brand)
- Aims to:
1) attract new customers by highlighting the potential value a good or service
offers a consumer
2) retain customers by continually meeting and surpassing the customer’s
satisfaction with the product ( word of mouth marketing.)

Fundamental Principle of Marketing

- humans instinctively seek to satisfy their intrinsic needs.
. Physical Need (food, shelter, and security)
. Social Need (desire for companionship)
. Individual Need (self-expression and desire for knowledge)

market segmentation
- determine the extent of the variation
- dividing a population into groups according to a set of shared characteristics
thru market research
. Market research is the planned, systematic collection and analysis of data
used by managers to make a decision
- provides information on a customer’s preferences, buying habits,
attitudes, likes, needs, the potential size and purchasing power of the segment.

Example
-Drug firm, Pfizer
. Pfizer responded by segmenting physicians according to how they like to be
communicated to

*Segmenting the market allows the marketer to identify which group or groups they
believe are the most attractive
*marketing strategies, what we call the four Ps (product, place, price, and
promotion)
*the strategies chosen for the 4 Ps is known as the marketing mix