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Basic Marketing Principles

            Revision Session for Marketing MKG1001.
             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 yourself in the marketplace.
              the links between each of the 4 P's.

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