Core Marketing Concepts

1. Needs, Wants, and Demands

Needs are the basic human requirements (air, food, water, etc). When the needs are
directed to specific objects that could satisfy the humans needs it becomes wants.
Meanwhile, wants for specific products supported by an ability to pay are demands.
Five types of needs:
a. Stated needs
b. Real needs
c. Unstated needs
d. Delight needs
e. Secret needs

2. Target Markets, Positioning, and Segmentation

Segmentation means the marketers grouping the buyers by examining demographic,
psychographic, and behavioral differences among buyers. The marketers decide which
segment presents greatest opportunities called target markets. The marketers develop
market offering that it positions in the minds of the target buyers.

3. Offerings and Brands

The benefits that satisfy the costumers needs are made physical by an offering. The
offering from a known source is a brand.
4. Marketing Channels
There are three kinds of marketing channels, communication channels, distribution
channels, and service channels. Communication channels means how the marketers
interact with the target buyers about their product. Distribution channels help the
marketers to display, sell, or deliver the physical products or services to the buyers. The
marketers carry out transactions with potential buyer through service channels.
5. Paid, Owned, and Earned Media
Paid media allow marketers to show their ad or brand for a fee (TV, magazine, etc).The
communication channels that the marketers actually own are owned media (blog,
Facebook page, etc). Earned media are streams in which consumers, the press, or other
outsiders voluntarily communicate something about the brand via word of mouth, viral
marketing methods.

6. Impressions and Engagement

Impression occur when a consumers view a communication are useful for tracking the
scope of a communications reach that can also be compared across all communication
types. Meanwhile, engagement is the extent of a customers attention and active
involvement with a communication.
7. Value and Satisfaction
Value is the central marketing concepts. The combination of quality, service, and price
called customer value triad. Satisfaction reflects a persons judgment of a products
perceived performance in relationship to expectations.
8.

Supply Chain
A channel stretching from raw materials to components to finished products carried to
final buyers.

9. Competition
Competition includes all the actual and potential rival offerings and substitutes a buyer
might consider.
10. Marketing Environment
The marketing environment consists of the task environment and the broad environment.
The task environment includes the actors engaged in producing, distributing, and
promoting the offering. The broad environment consists of demographic environment,
economic environment, social-cultural environment, natural environment, technological
environment, and political-legal environment.