VIDEO: TERMS & CONCEPTS
The following video summarizes the fundamentals of marketing terminology and practices. Many of the terms and concepts are deeply rooted in the foundations of customer service. Please pay extra attention to the key concepts of “The Four Ps” of the marketing mix; and “The Four Cs” of consumer-side relations. These topics are critical when defining types of customers and the methods we use to connect with them.
VIDEO NOTES
Just a dozen or so terms and concepts get to the very heart of business interaction with customers. If you can wrap your mind and mouth around the basic lingo, you’ll have a solid start as you begin to compile the pieces of a successful customer relations.
Be sure to watch the video clip to see these concepts illustrated.
The Four P’s of Marketing
- Product: goods and services, whether bottled water or car insurance. This ‘P’ includes a product’s design and development, as well as its branding and packaging.
- Place (or distribution): where a product or service is offered for sale, and how it gets there. This is how the product gets moved from the producer to the consumer.
- Price: at what charge the product/service is offered for sale.
- Promotion: this how you let the consumers know about your product for sale. This is done through advertising, personal selling, sales promotions, direct marketing, and publicity.
Four C’s of Consumer-Side Marketing
- Customer Value: ‘product’ benefits from the buyers point of view.
- Cost to the Customer: ‘price’ plus the customer’s costs such as travel, shipping.
- Convenience for the buyer: how easy is it to complete a transaction?
- Communication: a two-way dialogue — not just one-way ‘promotion’
Targeting & Positioning
- Positioning includes: Differentiation from Competitors: how different are you from everybody else?
- Value Proposition: what value do you have to offer?
- Product Dimensions: just what all does your product do?
- Targeting includes: Who are you positioning your product for?
- Segmentation: the key demographics you hope to reach
Key Target Market Demographics
- Gender
- Age
- Income
- Education
- Location
- Marital Status
- Culture
Branding
A brand is any name, term, sign, symbol, or design intended to differentiate the goods or services of one seller from those of another. An important aim of branding is to create a relationship with your customers, so their life feels more complete because you’re in it.
Market Share
What is your share of the available marketplace, or how big is your piece of the pie?