Marketing is Consumer Oriented hat business does the company think it is In Company Production oriented Marketing oriented Universal studios make movies market entertainment enno make furnaces provide climate control Head ski make skis market recreation Which answer targets customers?
Marketing is Consumer Oriented • What business does the company think it is in? Company Production oriented Marketing oriented Universal Studios make movies market entertainment Lennox make furnaces provide climate control Head Ski make skis market recreation Which answer targets customers?
What is a market? A set of potential consumers with needs and the wherewithal to satify those needs Usually, companies define specific charcteristics which their products or services will satisfy thereby segmenting the market
What is a Market? • A set of potential consumers with needs and the wherewithal to satify those needs • Usually, companies define specific charcteristics which their products or services will satisfy thereby segmenting the market
Benefits to Segmenting Channel more profitable markets Designing products for that segment More specific promotional appeals Better understand the consumer
Benefits to Segmenting • Channel more profitable markets • Designing products for that segment • More specific promotional appeals • Better understand the consumer
Ways to segment Demographics region of country age seX Disposable income Expenditure patterns Sociological groups
Ways to Segment • Demographics – region of country – age – sex • Disposable Income • Expenditure Patterns • Sociological Groups
Consumer buying behavior Marketing must acknowledge the changes occuring in the consumer market Cultural change Quality of life: attitudes toward work and pl easure Role of women Home and family life Impulse buying Desire for convenience
Consumer Buying Behavior • Marketing must acknowledge the changes occuring in the consumer market – Cultural change – Quality of life: attitudes toward work and pleasure – Role of women – Home and family life – Impulse buying – Desire for convenience