Marketing Concept Summary

Summary Definition of selling merchandising is non manipulating consumers to get them to buy overlaps they do non want and it is not fitting selling and advertising. grocery storeing is a sort out of activities designed to expedite legal proceeding by creating, distri al 1ing, pricing, and promoting goods, services, and fancys. Marketing facilitates the exchange, the act of giving up one amour in return for something else. The central focus of market placeing is to pay brings. Example) mint is willing to exchange their something of value-money or credit-for soft drinks, football tickets, or overbold shoes beca usance you consider those product much than valuable or more important than holding on to your cash or credit potential. Functions of Marketing Marketing includes many varied and interrelated activities buying, selling transporting, storing, grading, financing, market research, and jeopardize taking. (Example) Fresh oranges are only available for a few mont hs annually, but consumers demand juice throughout the entire year.Seller must arrange for parky storage of orange juice concentrate so that they can exert a steady supply all of the time. Creating Value with Marketing Marketing creates value, which is an important element of managing long-term customer relationships and go acrossing the marketing concept. Value is a customers subjective assessment of benefits relative to costs in determining the worthy of a product. (Customer Value = Customer Benefits Customer Costs) as well as you can read this summary Protecting Freedom of Expression on the CampusThe Marketing conceptThe marketing concept is the idea that an organization should try to satisfy customers needs through coordinated activities that likewise allow it to achieve its goals. If a company does not implement the marketing concept by providing products that consumers need and want while achieving its own objectives, it will not survive. (Example) McDonalds faces increa se pressure to provide more healthful fast-food choices. To keep pace with the customers needs, it has eliminated supersized hot up and soft drinks and put nutritional instruction on its food packaging. It excessively switched to trans-fat-free cooking oils.Although customer satisf fulfill is the goal of the marketing concept, a descent must also achieve its own objectives, such as boosting productivity, cut down costs, or achieving a percentage of a specific market. If it does not, it will not survive. (Example) Dell sold computer for $50 and give customers a life history guarantee, which would be great for customers but not so great for Dell. To implement the marketing concept, a firm must fuck off good information about what consumers want, adopt a consumer orientation, and coordinate its efforts through the entire organization. evolution a Marketing StrategyA marketing strategy is a aim of action for creating a marketing mix (product, price, distribution, promotion) for a specific target market (a specific separate of consumers on whose needs and wants a company focuses its marketing efforts). Some firms use a total-market snuggleing, designating everyone as the target market. Most firms start the total market into segments of people who deal relatively similar product needs. A company using a concentration approach develops one marketing stratagem for a single market segment, whereas a multi-segment approach aims marketing efforts at wo or more segments, developing a antithetic marketing stratagem for each. (Example of a total-market approach) Salt, sugar, and many agricultural products (Example of market segmentation) Woman, Hispanic, and minority population Key Points and Terms Marketing A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. Exchange The act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas) ValueA customers subjective assessment of benefits relative to costs in determining the worth of a product. (Customer Value = Customer Benefits Customer Costs) Marketing Concept The idea that an organization should try to satisfy customers needs through coordinated activities that also allow it to achieve its own goals. Marketing Orientation An approach requiring organizations to gain information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers.Marketing Strategy A plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers. Market A group of people who have a need, purchasing power, and the desire and authority to flatten money on goods, services, and ideas. Target Market A specific group of consumes on whose needs and wants a company focuses its marketing efforts. Total-Market Approach An approach whereby a form tries t o appeal to everyone and assumes that all buyers have similar needs. Market SegmentationA strategy whereby a firm divides the total market into groups of people who have relatively similar product needs. Market Segment A battle array of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires. Concentration Approach A market segmentation approach whereby a company develops one marketing strategy for a single market segment. Multi-segment Approach A market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each.