Chapter Preview
In this chapter, you will explore the foundational concepts and strategies of marketing, from defining key terms to understanding the intricacies of the marketing mix, target market identification, and effective branding. By the end of this chapter, you’ll have gained a working knowledge of marketing research, pricing strategies, and promotional tools, including social media, to build lasting customer relationships.
Learning Objectives
After reading this chapter, you should be able to
- Explain the core concepts and processes involved in marketing with a focus on consumer behaviour.
- Examine the evolution of the marketing concept and apply it to businesses in various industries.
- Explore the components of a marketing strategy, including the target market and marketing mix, and their roles in strategic marketing planning.
- Outline how marketers identify target markets for new products.
- Identify the four Ps of the marketing mix.
- Discuss three branding strategies.
- Document the role of pricing strategies and place decisions in the marketing mix.
- Demonstrate the tools used for promoting products.
- Describe how companies attempt to retain customers and build relationships.
