Collaborative Wiki

27/08/2025
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Course: Marketing Advanced Topics

Professor: América Durán
Homework 1

Student: AGUIRRE ORTEGA FRYDA SHARON

29/08/2025
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Instructions
Collaborate in the construction of this wiki, defining the following concepts:

1. Marketing concept.
2. Marketing process.
3. Marketing mix.
4. Marketing segmentation

1. MARKETING CONCEPT
Today, marketing is not about the old idea of just making a sale talk and sell but
about the new idea of satisfying the customer’s needs.

Definition
It is the process by which companies create value for customers and build strong
relationships with them, getting value from customers in return.

The concept of marketing says that achieving the goals of an organization depends
on identifying the needs and wants of target markets and delivering the desired
satisfaction more effectively and efficiently than competitors. (Kotler & Armstrong,
2012).

However, the definition that has the most agreement is the one given by the
American Marketing Association (AMA), which in its latest update in October 2007
says that 'marketing is the activity, set of institutions, and processes for creating,
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communicating, delivering, and exchanging products that have value for consumers,
customers, shareholders, and, in general, for the whole society. (Kotler & Armstrong,
2008)

2. MARKETING PROCESS
In the first step, marketers must understand the needs and wants of customers and
the market in which they operate. Now, let's look at five main concepts related to
the customer and the market:
(1) needs, wants, and demands
(2) market offerings (products, services, and experiences)
(3) value and satisfaction
(4) exchanges and relationships
(5) markets (Kotler & Armstrong, 2012).

Process What to do Goal

1. Understand - Find out what customers want and need. Know what customers
the market and - Study competitors and trends. need to make good
customer needs - Check social, cultural, and technology information. products or services.
2. Make a - Divide the market into groups (segment). Focus on the right
customer- - Choose the target group. customers and show why
focused - Say why your product is special (value they should choose your
marketing proposition). brand.
strategy
- Make the product or service. Give real value to
3. Make a
- Set a fair price. customers using the
marketing plan
- Choose how to sell it (distribution). marketing mix (4Ps).
that gives value
- Promote it (ads, social media).
4. Build good - Give good service after sale. Keep customers happy so
relationships - Listen to problems and fix them. they buy again and tell
and satisfy - Use loyalty programs (discounts, rewards). others.
customers
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- Measure sales and loyalty. Turn happy customers

5. Get value from
- Increase customer lifetime value. into profit and business
customers
- Build long-term relationships. growth.

(Kotler & Armstrong, 2012).

3. MARKETING MIX
Once the positioning strategy is decided, the company is ready to detail its marketing mix,
or the combination of controllable variables to get the desired response from the target
market. It includes everything the company can do to influence the demand for its product,
grouped into four variables called the 'four Ps of marketing':
 Product: The combination of goods and services that the company offers to the
target market.
 Price: The amount of money the consumer must pay to get the product.
 Place: What the company does to make the product available to its target market.
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 Promotion: Activities that communicate the product’s benefits and convince buyers
to purchase it.

(Kotler & Armstrong, 2008)

o Product: It is a good, service, idea, information, place, person, experience, or

organization — in short, anything offered for sale in exchange. It includes design,
packaging, brand, label, and other tangible and intangible features, together with any
additional service related to the product.

o Price: It is the value or the amount of money that the consumer must exchange to get
the product.

o Place (Distribution): It is the availability of the product so the customer can find it at
the right time and place. It includes the service provided by distribution channels and
logistics in managing orders, transportation, storage, and inventory handling.

o Integrated Marketing Communication: These are the different activities a company

must carry out to inform a target audience about the product, motivate them to buy
and repurchase it. It can be done through advertising in media, direct marketing, sales
promotions, public relations, and personal selling.

(Mesa Holguín, 2012)

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4. MARKETING SEGMENTATION
Marketing segment is a specific part of the market formed by grouping consumers with
similar characteristics, needs, and behaviors. Identifying it allows companies to design
more effective and targeted strategies, optimizing resources and increasing the chances of
success for their products or services.

In other words, not all consumers are the same; some look for quality, others for low price,
others for technological innovations, or personalized service. Segmentation helps a
company understand its customers better, offer more suitable solutions, and create more
persuasive marketing messages.

Importance of marketing segments

 Product and service adaptation: By knowing the tastes and needs of each
segment, companies can adjust their products or services to satisfy them more
accurately.
 Efficiency in communication: It allows sending specific messages to each group of
consumers, avoiding spending resources on advertising that is not relevant.
 Differentiation and competitive advantage: Knowing segments helps identify
underserved market niches and offer exclusive products.
 Better decision-making: With clear information about each segment, the company
can decide more precisely where to invest, which products to launch, or which
improvements to implement.
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Most common types of segmentation

o Geographic segmentation: The market is divided according to physical location:

country, region, city, or climate.
o Demographic segmentation: Based on measurable characteristics like age, gender,
income level, occupation, or education level.
o Psychographic segmentation: Considers lifestyle, personality, values, and interests
of consumers.
o Behavioral segmentation: Analyzes buying behaviors, loyalty, usage frequency, and
benefits sought.

(Lamb, 2003)
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(Unspecified authors, 2000)

REFERENCES

 Kotler, P., & Armstrong, G. (2012). Fundamentals of marketing (8th ed.). Pearson
Education. [Link]
7POEd51fVAEUHlVop3yqEWj5f/view?pli=1
 Kotler, P., & Armstrong, G. (2008). Fundamentals of marketing (8th ed.). Pearson
Education. Retrieved from
[Link]
 Kotler, P., & Armstrong, G. (2008). Fundamentals of marketing (8th ed.). Pearson
Education. Retrieved from
[Link]
 Mesa Holguín, M. (2012). Fundamentals of marketing (1st ed.). Ecoe Ediciones.
Retrieved from
[Link]
 Lamb, C. W. (2003). The basis of market segmentation: A critical review of
literature. CORE. Recuperado de
[Link]
 Unspecified authors. (2000). Fundamentos de marketing (6th ed.). McGraw-Hill
Interamericana. Recuperado de
[Link]
view=theater