Basic Marketing Principles

Basic Marketing Principles

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

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