Marketing Basics 101


Marketing: The management process through which goods and services move from concept to the customer. It includes the coordination of 4 elements called the 4 P’s of marketing:
1) identification, selection and development of a product
2) determination of its price
3) selection of a distribution channel to reach the customer’s place
4) development and implementation of a promotional strategy

Market Segment: An identifiable group of individuals, families, businesses, or organisations, sharing one or more characteristics or needs in an otherwise homogeneous market. Market segments generally respond in a predictable manner to a marketing or promotion offer.

Marketing Strategy: An organisation’s strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus in the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan.

Marketing Plan: Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification of specific customer needs and how the firm intends to fulfil them while generating an acceptable level of return. It generally includes analysis of the current market situation and detailed action programs, budgets, strategies and projected financial statements.

Market Profile: Set of characteristics that identify a target group of population or a market segment. Used in formulating marketing plans, it includes demographic, income, lifestyle, psychographic and socio-economic information.

Market Analysis: A type of analysis whereby the movement in price in one particular market can be evaluated based on evaluating another market.

Psychographics: Analysis of consumer lifestyles to create a detailed...