Marketing

ST.
PAUL’S UNIVERSITY
FACULTY OF BUSINESS & COMMUNICATION STUDIES
DIPLOMA IN BUSINESS ADMINISTRATION
DMA 101: INTRODUCTION TO BUSINESS
DATE : 5TH JULY 2023
Define the terms marketing, marketing concept, and marketing strategy. Outline the tasks
involved in selecting a target market.
Define the term marketing.
Marketing describes the procedures and actions used to market, advertise, and sell goods and
services to consumers. It includes the strategic development, implementation, and analysis of a
range of tools, strategies, and processes used to produce, share, and provide value to target
audiences. In order to reach organizational goals and objectives, marketing includes analyzing
client wants and preferences, defining target markets, designing and positioning products or
services, setting price strategies, launching promotional efforts, and managing customer
relationships.
Define market concept

The market concept is the idea that an economy functions best when the free market system,
where buyers and sellers voluntarily exchange goods and services at prices determined by the
forces of supply and demand, is allowed to operate freely, with minimal government
intervention. The concept holds that when the government interferes too much in the workings of
the market, it can cause imbalances and inefficiencies that distort prices and negatively affect
consumers and businesses.
Types of Marketing Concepts

The Production Concept: This idea is the most traditional one in business. According to this
theory, buyers favor readily available and reasonably priced goods. When implementing this
idea, managers focus on achieving high production efficiency, cheap prices, and widespread
distribution. They presume that accessibility and affordability of products are what consumers
are most concerned with. In poor nations, where consumers are more focused on getting the
goods than on its features, this perspective makes sense.
The Product Concept: According to this perspective, consumers will favour goods with the
highest levels of performance, quality, or novel features. Managers who adhere to this idea focus
on creating outstanding products and continuously enhancing them. They think that consumers
value well-made products and are capable of evaluating their value and effectiveness. will
attract more customers, may occur.
.
The Selling Concept : This is another common business orientation. It holds that consumers
and businesses, if left alone, will ordinarily not buy enough of the selling company’s
products. The organization must, therefore, undertake an aggressive selling and promotion
effort. This concept assumes that consumers typically sho9w buyi8ng inertia or resistance and
must be coaxed into buying. It also assumes that the company has a whole battery of effective
selling and promotional tools to stimulate more buying. Most firms practice the selling concept
when they have overcapacity. Their aim is to sell what they make rather than make what the
market wants.
The Marketing Concept: It asserts that the secret to accomplishing its organisational goals
(the aims of the selling company) is for the business to outperform rivals in producing,
delivering, and communicating customer value to its chosen target consumers. Target market,
customer needs, integrated marketing, and profitability are the four cornerstones of the marketing
concept.

Define marketing strategy

A thorough plan of action created to accomplish particular marketing objectives and goals is
referred to as a marketing strategy. It defines the strategy, methods, and actions that a company
will take to market its goods or services, connect with target markets, and acquire a competitive
edge.
Market research, target market analysis, competition analysis, and the SWOT analysis of the
organization are just a few of the variables that go into a well-defined marketing plan. It offers a
road map for matching marketing initiatives with overarching corporate goals.
Task involved in selecting a target market
The target market is the actual customer group, or audience, in which your business will attempt
to sell its products and services. Although it is impossible to capture every customer within your
target market, gearing your services toward the identified market will make sales much easier.
i. Conduct market research
Researching different markets, including customer profiles, purchasing behavior, spending
patterns, and competitors, can help identify potential target markets and ensure resources are
allocated to relevant markets.
ii. Establish a marketing budget
Clearly understanding the available budget and market size can help narrow down opportunities
for targeting.
iii. Develop a profile of the ideal customer
Identifying the characteristics of the potential customer within the target market helps to focus on
the most promising consumer segments.
iv. Assess potential channels
Identifying appropriate channels for reaching prospects is essential. Depending on the product or
service, this could include traditional marketing efforts, digital channels, social media, and more.
v. Create a marketing campaign
Developing a marketing plan tailored to the target market will ensure that the right message is
delivered to the right segment.
vi. Monitor & Evaluation progress: Measuring performance helps to actively target markets
and campaigns, and also provides insight into potential areas for growth.

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ST.

FACULTY OF BUSINESS & COMMUNICATION STUDIES

DIPLOMA IN BUSINESS ADMINISTRATION

DMA 101: INTRODUCTION TO BUSINESS

DATE : 5TH JULY 2023

Define the term marketing.

Define market concept

Types of Marketing Concepts

Define marketing strategy

Task involved in selecting a target market

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