Basic_Marketing_Principles

Basic Marketing Principles Revision Session for Marketing MKG1001 1. Marketing' Chapter 1 When you market you match your business and your product or service to your customer’s needs and wants  What is the difference between Selling & Marketing'  What is the difference between customer focused and selling focused'  What is your USP'  How do you identify the needs of your customers' 2. Market Research Chapter 3 Know about and understand:  low cost market research  your competitor – both direct & indirect  that competition is good  how to use research to quantify the market size  the importance of knowing everything about your customer  the difference between Secondary and Primary Data  Market Information systems  6 step research process – Identify Problem, Conduct Situation analysis, Informal Evaluation – Secondary Research, Formal investigation – Primary Research, Analyze Data, Conduct Follow Up Research  the difference between Qualitative and Quantitative Research  that market research is the beginning of fostering client relationships 3. Market Segmentation & Positioning Chapter 4 Know and understand:  market segmentation  the importance of your target market  segmentation categories – Geographic, Demographic, Psychographics, Behavior, Product Benefits, Product Usage  that segmentation process must be – measurable & obtainable, with the market large enough and accessible  the 10 Value Segments of Customer  positioning  #61623, market, marketing, product, understand, know, research, importance, cost, internet, brand, strategies, segmentation, price, distribution, development, competition, between, based, vs, value, types, p’s, promotion, process, positioning, mix, low, different, difference, demand, customer, channel, analysis