MARKETING MANAGEMENT
PART 3: Core Marketing Concept o They aspire to be the "General
Motors" of their respective sector.
▪ Marketing Positioning: A business must
Topics:
choose what "position" it wants to hold in
a) Needs, Wants, and Demands
each of the market segments it chooses
b) Segmentation, Targeting, & Positioning
to enter.
c) Offerings and Brands
o When compared to rival products,
d) Marketing Channels
market positioning gives a product a
e) Marketing Mix 4Ps
clear, distinct, and desirable place
f) Modern Marketing Management 4Ps
in target consumers' minds.
o Marketers create positions for their
products that set them apart from
A. Needs, Wants, & Demands rival brands and give them the
▪ Needs: the necessities of life, such as air, biggest tactical advantage in their
food, water, clothing, and shelter. The target markets.
needs of humans for entertainment, o Before deciding how to position its
education, and recreation are also very product, the company looks for
strong. potential competitive advantages.
▪ Wants: When these needs are focused on o In order to gain a competitive edge,
particular items that could meet the a business must provide more value
need, they turn into wants. to its chosen target markets, either
▪ Demands: Demands are specific product by charging less than rivals or by
wishes supported by financial means. providing more benefits to support
higher prices.
B. Segmentation, Targeting, & Positioning o On the other hand, if the company
positions the product as providing
▪ Market Segmentation: separating a
market into distinct consumer groups greater value, it must do so.
with various needs, traits, or behaviors o Differentiating the company's
that may call for various products or marketing offer from that of the
marketing strategies. competition in order to provide
customers with more value is the
▪ Market Targeting: A business can enter
first step in effective positioning.
one or more market segments after
defining the various market segments.
o Market targeting entails assessing C. Offerings & Brands
the attractiveness of each market ▪ Companies respond to customer needs
segment and choosing one or more by presenting a value proposition, or a
to enter. list of advantages that meet those needs.
o The majority of businesses begin by ▪ A product, service, piece of information,
targeting a single segment of a new or other offering—a combination of
market, and if this is successful, these—makes the intangible value
they add more. proposition tangible.
o Large businesses eventually aim for ▪ A brand is a product that comes from a
complete market coverage. reputable source. When people think of a
brand name like McDonald's, many
1
PART 3: Core Marketing Concept o They aspire to be the "General
Motors" of their respective sector.
▪ Marketing Positioning: A business must
Topics:
choose what "position" it wants to hold in
a) Needs, Wants, and Demands
each of the market segments it chooses
b) Segmentation, Targeting, & Positioning
to enter.
c) Offerings and Brands
o When compared to rival products,
d) Marketing Channels
market positioning gives a product a
e) Marketing Mix 4Ps
clear, distinct, and desirable place
f) Modern Marketing Management 4Ps
in target consumers' minds.
o Marketers create positions for their
products that set them apart from
A. Needs, Wants, & Demands rival brands and give them the
▪ Needs: the necessities of life, such as air, biggest tactical advantage in their
food, water, clothing, and shelter. The target markets.
needs of humans for entertainment, o Before deciding how to position its
education, and recreation are also very product, the company looks for
strong. potential competitive advantages.
▪ Wants: When these needs are focused on o In order to gain a competitive edge,
particular items that could meet the a business must provide more value
need, they turn into wants. to its chosen target markets, either
▪ Demands: Demands are specific product by charging less than rivals or by
wishes supported by financial means. providing more benefits to support
higher prices.
B. Segmentation, Targeting, & Positioning o On the other hand, if the company
positions the product as providing
▪ Market Segmentation: separating a
market into distinct consumer groups greater value, it must do so.
with various needs, traits, or behaviors o Differentiating the company's
that may call for various products or marketing offer from that of the
marketing strategies. competition in order to provide
customers with more value is the
▪ Market Targeting: A business can enter
first step in effective positioning.
one or more market segments after
defining the various market segments.
o Market targeting entails assessing C. Offerings & Brands
the attractiveness of each market ▪ Companies respond to customer needs
segment and choosing one or more by presenting a value proposition, or a
to enter. list of advantages that meet those needs.
o The majority of businesses begin by ▪ A product, service, piece of information,
targeting a single segment of a new or other offering—a combination of
market, and if this is successful, these—makes the intangible value
they add more. proposition tangible.
o Large businesses eventually aim for ▪ A brand is a product that comes from a
complete market coverage. reputable source. When people think of a
brand name like McDonald's, many
1
