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The Language of Marketing

1. Target Market

  • The Target Market is the specific group of consumers that a business focuses its marketing efforts on.
  • Example: Targeting youth, women, teenagers, or professionals in a certain field like doctors or engineers.

2. Mass Market

  • A Mass Market is a broad, undifferentiated market that targets all consumers rather than specific segments.
  • Example: Products like milk or bread, which are meant for general consumption without catering to a particular segment.

3. Marketing Mix

  • Definition: A set of factors controlled by a company to influence consumers’ purchasing decisions. It’s foundational to developing marketing strategies.
  • Origin: Coined by Professor Neil Borden in 1964, and later expanded to include the 4Ps by Professor Jerome McCarthy in 1960.
  • 4Ps of Marketing:
  • Product: What you’re selling.
  • Price: How much the product costs.
  • Place: Distribution channels used to sell the product.
  • Promotion: Marketing communication strategies used to reach the target market.

4. Additional P's in Marketing

  • Over time, the 4Ps have been expanded, especially with the rise of digital and service industries.

5Ps

  • 5th P: Often includes Packaging, People, Positioning, or Performance.
  • Example: In digital marketing, “Performance Marketing” is a focus area that tracks measurable outcomes.

6Ps

  • 6th P: Can include Political Power, Public Opinion, or Production.

7Ps

  • Service Industry Focus: Extends beyond the 4Ps to include People, Process, and Physical Evidence.
  • Example: A haircut is a service, where aspects like the barber's skill (People), the hygiene of the salon (Process), and client testimonials (Physical Evidence) are essential for quality.

5. Business Market vs. Consumer Market

  • Business Market: Focuses on B2B transactions, where products are sold for business purposes, not for direct consumption.
  • Example: A soap manufacturer buying coconut oil from a producer for soap production.
  • Consumer Market: B2C transactions where products are sold for end-consumer use.
  • Example: Retailers selling soap directly to individuals.

6. Customer vs. Consumer

  • Customer: The individual or organization that purchases a product.
  • Consumer: The end-user of the product, which may or may not be the customer.
  • Example: A parent buying toothpaste for their children is the customer, while the children are the consumers.

7. Customer Relationship Management (CRM)

  • Definition: Techniques for managing a company’s relationship with current and potential customers, fostering loyalty, and maintaining long-term engagement.
  • Goal: To build lasting relationships with customers, beyond merely selling products or services.

8. Social Marketing

  • Definition: Marketing that promotes social causes and contributes to societal well-being.
  • Example: Campaigns focusing on public health, environmental protection, or social justice.

9. Digital Marketing

  • Definition: Marketing that uses digital channels to deliver value and reach consumers in ways traditional marketing cannot.
  • Example: Utilizing social media platforms like Facebook, Twitter, Instagram, and YouTube to reach a broad audience.

10. Digital Marketing Platforms

  • Social Media: Channels like Facebook and Instagram provide tools for connecting with consumers and enhancing brand reach.
  • Other Digital Channels: Include search engine marketing, content marketing, and email marketing.
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