Ten day MBA Chapter 1 (1)

It talks about Marketing, which is the most important topic from my point of view. Marketing is a special blend of art and science. There is a gread deal to be learned under this Chapter. I learned 7 steps.

First, consumer analysis. No consumer, no business, no profit. consumer are god in business. I need to know what consumers needs, where the customers are, who are they? and why they needs my products. Uncover the potential market, identify the specific customers and target them are the beginning. Buyers many times are different from users. Determing the buyer as well as user provides the essential intitial insights to create a marketing plan. Then what is the buying process? I always doubt about marketing research, and I don't know how to do the market research. buying process is critical. awareness (I might need something), information serach (consumer reports), evaluate alternatives(is it best for me), purchase(big sale), evalute (did I make mistake). Research report turned out to be the more important than others, before we start the research, we need to know: what specific question do I need to answered? and how am I going to use the information? those are tow essential quesitions to start up. Once we found out it is doable, we need to degment the market, including Geographic, demographic(age, sex, income, marital status, family life cycle, education, ocupation, religion and race....) psychographic(life style and perosnality) and behavioral (usage, purhcase occasion, brand loyalty...) Learned to use the criteria to evaluate possible marketing segaments, measurability, accessibilty, substantiality, profitability, compatibility, effectiveness, defendability...