Basic Marketing Principles

3 Pages 714 Words

Revision Session for Marketing MKG1001

1. Marketing? Chapter 1
When you market you match your business and your product or service to your customer’s needs and wants
 What is the difference between Selling & Marketing?
 What is the difference between customer focused and selling focused?
 What is your USP?
 How do you identify the needs of your customers?

2. Market Research Chapter 3
Know about and understand:
 low cost market research
 your competitor – both direct & indirect
 that competition is good
 how to use research to quantify the market size
 the importance of knowing everything about your customer
 the difference between Secondary and Primary Data
 Market Information systems
 6 step research process – Identify Problem, Conduct Situation analysis, Informal Evaluation – Secondary Research, Formal investigation – Primary Research, Analyze Data, Conduct Follow Up Research
 the difference between Qualitative and Quantitative Research
 that market research is the beginning of fostering client relationships

3. Market Segmentation & Positioning Chapter 4
Know and understand:
 market segmentation
 the importance of your target market
 segmentation categories – Geographic, Demographic, Psychographics, Behavior, Product Benefits, Product Usage
 that segmentation process must be – measurable & obtainable, with the market large enough and accessible
 the 10 Value Segments of Customer
 positioning
 the perceptual maps of positioning – value vs. quality etc
 the positioning according to Competition, Company, customers and using the Marketing Mix

4. Marketing Mix Chapter 7
Know and understand:
 Marketing Mix
 the 4 P’s
 how to use the 4 P’s to differentiate...