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Marketing by Mind Map: Marketing

1. satisfy needs and wants of the society

1.1. is a process, which indentifies, anticipates and satisfies customer needs

2. Marketing Research

2.1. information necessary to run a business is obtained

2.2. it helps to take decisions about the type of product, price policy, channel of distribution and sales promotion

3. Product Life Cycle

3.1. every product passes throughfour stages

3.1.1. Sub Idea 1

3.1.2. Sub Idea 2

3.2. Introduction, Growth, Maturity and Decline

3.3. sooner or later all products die and if the enterpreneur wants to sustain it, must replace the declining products with new ones

4. Marketing Mix

4.1. systematic and balanced combination of the four inputs

4.2. Product, Price, Place and Promotion

4.3. must be consistent for any product

5. Market Segmentation

5.1. a market cosists of individual customers who differ in terms of their needs, preferences and buying capacity

5.2. it becomes necessary to divide the total market into different segments or homogeneous customer groups like : Geogrphic Segmentation, Demographic Segmentation, Psychological variables and Behavioural Segmentation.

6. Goals

6.1. deliver the desired satisfactions more effectivlely than competitors

6.2. is not the maximamization of sales

6.3. profits through the satisfaction of customers