Marketing Fundamentals

📋 Course Outline

1. Marketing and Market Roles
2. Market Types and Segmentation
3. Market Research Methods
4. Product and Pricing Decisions
5. Place Promotion and Ecommerce
6. Marketing Strategy and Legal Controls

📖 1. Marketing and Market Roles

🔑 Key Concepts & Definitions

• Marketing: involves identifying and satisfying customer needs, maintaining customer loyalty, building customer relationships, and anticipating changes in customer needs

📝 Essential Points

• Businesses respond to changing spending patterns and increased competition by adapting their marketing decisions to changing customer needs and market conditions.

📐 Formula — Market share is calculated as the proportion of total market sales accounted for by a business: $\text{Market share} = \frac{\text{business sales}}{\text{total market sales}} \times 100$.

💡 Memory Hook

Identify needs → satisfy needs → retain loyalty → build relationships → anticipate change

📖 2. Market Types and Segmentation

📌 A mass market targets a large and broadly defined group of customers, whereas a niche market targets a small and specialised segment.

• Markets can be segmented according to:
  • age
  • income
  • location
  • gender
  • lifestyle