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Marketing Notes
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Lecture notes of 2 pages for the course Business at (Marketing Notes)
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Marketing Notes!!1. Introduction to Marketing:
- Marketing is the process of creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at large.
- It involves understanding customer needs and wants, identifying target markets, developing
products or services, setting prices, promoting offerings, and distributing them effectively.
2. Marketing Mix (4Ps):
- Product: Refers to the goods or services offered to meet customer needs. It involves product
design, features, branding, packaging, and quality.
- Price: The amount customers are willing to pay for a product or service. Pricing strategies
include cost-based pricing, value-based pricing, and competition-based pricing.
- Place: The distribution channels used to make products or services available to customers. It
includes decisions related to logistics, channels of distribution, retailing, and e-commerce.
- Promotion: Activities that communicate the value of products or services to target customers.
It includes advertising, sales promotions, public relations, personal selling, and digital marketing.
3. Market Segmentation and Targeting:
- Market Segmentation: Dividing a market into distinct groups of buyers with different needs,
characteristics, or behaviors.
- Targeting: Selecting one or more market segments to focus on based on their attractiveness
and fit with the company's capabilities and objectives.
- Positioning: Creating a distinct image and identity for a product or brand in the minds of
target customers relative to competitors.
4. Consumer Behavior:
- Factors Influencing Consumer Behavior: Cultural, social, personal, and psychological factors.
- Consumer Decision-Making Process: Problem recognition, information search, evaluation of
alternatives, purchase decision, and post-purchase evaluation.
- Types of Buying Behavior: Routine response behavior, limited decision-making, extensive
decision-making, impulse buying.
5. Marketing Research:
- Purpose of Marketing Research: To gather, analyze, and interpret information about a
market, product, or consumer behavior to support decision-making.
- Research Process: Define research objectives, design research plan, collect data, analyze
data, and report findings.
- Methods of Data Collection: Surveys, interviews, focus groups, observation, experiments,
secondary data analysis.
6. Product Development and Innovation:
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