...Does marketing create or satisfy needs? Take a position, marketing shapes or merely reflects needs and wants of consumer? When we talk about marketing, there are lot things that we should know first. Marketing is activities of creating value that desired by the potential buyers and receiving value from the potential buyers for the value that they have received. When marketers want to create something that has value to the potential buyers, marketers must know first, what do the potential buyers need or want. As a marketer, it does not make any sense if we sell something that does not have value, or if the marketers want people to purchase something that they do not need of even want. Marketers can not force anyone to do something. They can only ask them to buy their product or service. Some people might not care about what they are asking for. So, in the business of selling product or service, we know word “marketing”. Marketing is an art of identifying and meeting the people’s needs and wants. It is all about communication between two parties that profitable for the both sides by exchanging value. Marketing is not that easy to do. As we know, we can not mess with the “free will” of the people around us or people that we see as the potential buyers. It is up to them if they are willing to buy the marketers’ products or service. In this case, the marketers have to do their marketing activities. Their job is to tell people that their product or service is suit with the people’s...
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...difference between needs, wants and demands and the various factors that influence human consumption. Monandniso Tursunova ID: 20111449 MKT 3140: Intermediate to Marketing Dr. Kim Chung 20.02. 2012 Outline 1. Introduction a) The concept of needs wants and demands. b) The factors influencing the consumption behavior 2. Body a) Maslow’s Hierarchy of needs b) The difference between the demands and wants 3. Conclusion a) Marketing reflects the needs and wants of customer b) Marketing shapes the needs and wants of customer c) My point of view about the marketing position A Penny Saved Is A Penny Earned. Different people have different preferences, opinions and tastes. Everyone is unique by its nature and characteristics. And to understand all these diversity marketing industry should put a lot of efforts. In order to satisfy their demands needs and wants they should face them directly. They have to make appropriate and even unusual approach to catch the attention of audience. First of all let’s look to the concept of needs, wants and demands. What are they?? And why marketers do worry about them a lot?? As we already mentioned needs, wants and demands are basic factors of marketing principles. Even though they are three simple words, they hold complex meaning behind them along with a huge differentiation factor. Generally a product can be defined on the basis of whether it satisfies a customer need, wants or demands....
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...~WELCOME~ Sunderland Business School University of Sunderland MBA MARKETING MANAGEMENT Module Code: PGBM 15 ~Module Introduction ~ ~Concepts of Marketing Management~ Presented by: Frankie Lim Frankie Lim L1 Module Introduction & Concepts of Marketing Management L1-1 Lecture Outline (PGBM 15) • Welcome & Getting to know each other • • Learning Outcomes Teaching & Learning Methods • • • • Assessment Methods Content Synopsis Concepts of Marketing Management Questions & Clarifications L1 Module Introduction & Concepts of Marketing Management L1-2 Frankie Lim LEARNING OUTCOMES • Upon successful completion of this module, students will have demonstrated • Knowledge • K1. That they can interpret and evaluate the merits of particular marketing concepts when applied to selected business situations. • K2. That they can evaluate the potential impact of factors in the external environment on the marketing activities of organisations • K3. That they can understand the major decisions that organisations confront in satisfying market-place needs. • K4. That they can analyse the significance of marketing planning in organisations. • Skills • S1. How to conduct research using relevant marketing journals and business documentation Frankie Lim L1 Module Introduction & Concepts of Marketing Management L1-3 TEACHING AND LEARNING METHODS • Directed reading will provide students with an insight into the relevant theories and concepts underpinning...
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...Marketing 1 Marketing – an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders • Creating value o Production-Oriented Era – manufacturers were more concerned with product innovation, not with satisfying the needs of individual consumers and retail stores were considered places to hold the merchandise until a consumer wanted it o Sale-Oriented Era – overproduction led to heavy doses of personal selling and advertising o Market-Oriented Era – manufacturers began to focus on consumer wants and needs before they designed, made, or attempted to sell their products and services o Value-Based Marketing Era – give customers greater value than competitors, beyond just meeting the needs and wants of consumers • Value – reflects the relationship of benefits to cost or what you get for what you give • Value Co-creation – method of providing additional value to customers by allowing them the opportunity to act as collaborators in creating the product or service • About satisfying customer needs and wants o Marketplace needs to be segmented or divided into groups so that the organization can target specific groups • Entails an exchange o Exchange – the trade of things of value between the buyer and the seller so that each is better off as a result o Sellers provide products or services then communicate and facilitate...
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...Marketing Management Preparing the literature: * Summarize the paper and discuss its core findings * Explain and define the core concepts (study variables) * Describe the contribution of the study (take away message) * Explain the reasoning/processes underlying the core predictions / hypotheses Analyse the research strategy * How did the authors attempt to answer their research questions? * What are the advantages/disadvantages of these strategies? * Put the respective research into a broader context? * Connect the study to practice – what is the applied value? * What are the conditions under which the study’s results are valid? * How can you transfer the results to other situations/applications? For the exam: Make a summary for every paper and learn this summary * 1 page per article * Answer the points mentioned on the last slide * Try to explain the paper to a third party in easy words * Check the tables: you should be able to find and interpret the core findings You don’t need to be able to: * Remember or describe the concrete statistical analysis methods (But you have to understand the core findings!) * Remember every single detail from the research design (But you should memorize the rough research approach!) * Remember every single construct in the conceptual model of a theoretical paper (But you should memorize some of them to be able to make examples and you should...
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...GERMAN UNIVERSITY IN CAIRO - MARKETING DEPARTMENT Antecedents To Consumerism The Role Of Marketing By Nabila Youssri El-Assar 22-3384 To Dr. Noha El-Bassiouny On 10/12/2012 1 Literature Review Outline 1. Introduction 2. Consumerism in perspective 2.1. Definitions 2.1.1. First stream of thought: Benign Definitions 2.1.1.1. 2.1.1.2. 2.1.1.3. First definition: Manipulative Techniques Second definition: Customer is King Third definition: Globalization 2.1.2. Second stream of thought: Destructive Definition 2.1.2.1. Evolution Of The Consumer Culture 2.2. Implications Of The Benign Consumerism Definitions On Marketing Strategy 3. The Consumer Culture And The Consumption Society 3.1. Distinguishing Definition 3.2. Conditions For A Consumption Society 3.3. Unhealthy Pillars/Consequences Of The Consumption Society 3.3.1. Materialism 3.3.2. Compensatory consumption: The "Shopaholic" Phenomenon 3.3.3. I Shop Therefore I Am 3.3.4. Living Beyond Your Means 4. Antecedents To The Unhealthy Consumption Pillars 4.1. Intrinsic/Personal Influences 4.1.1. Personality Characteristics: 4.1.1.1. 4.1.1.2. 4.1.1.3. Self-Monitoring Personality Trait Innovativeness, Fashion Orientation And Opinion Leadership Ethical orientation 4.1.2. Psychological characteristics 4.1.2.1. 4.1.2.2. 4.1.2.3. 4.1.2.4. Co-morbidity and the Joint cycle of compulsive consumption Obsessive thoughts and Risk Taking Propensity Low self esteem Dealing with Negative Emotions and life challenges 4.2. Societal...
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...Chapter 1: CONSUMERS RULE CHAPTER OBJECTIVES When students finish this chapter they should understand that: • Consumers use products to help them define their identities in different settings. • Consumer behavior is a process. • Marketers need to understand the wants and needs of different consumer segments. • The Web is changing consumer behavior. • Consumer behavior is related to other issues in our lives. • Consumer activities can be harmful to individuals and to society. • A wide range of specialists study consumer behavior. • There are two major perspectives on understanding and studying consumer behavior. CHAPTER SUMMARY After reading this chapter, students should understand that: Consumers use products to help them define their identities in different settings. A consumer may purchase, use, and dispose of a product, but different people may perform these functions. In addition, we can think of consumers as role players who need different products to help them play their various parts. Consumer behavior is a process. Consumer behavior is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires. Marketers need to understand the wants and needs of different consumer segments. Market segmentation is an important aspect of consumer behavior. Consumers can be segmented according to many dimensions, including product usage...
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...Harvard ManageMentor | Marketing Essentials | Printable Version Page 1 of 70 Click here for a definition of marketing; ways to analyze market opportunities, plan a marketing program, launch new products or services, and put your marketing program into action; and the nature of direct marketing and relationship marketing. Click here to discover the steps for conducting market research. Click here for tips on building a marketing orientation in your group or firm, selecting the right marketing-communications mix, creating effective advertising, designing powerful sales promotions, launching a potent online marketing effort, and evaluating your group's or firm's sales representatives. Click here for forms and worksheets that help you calculate the lifetime value of a customer, perform a SWOT or breakeven analysis, fill out a product profile, and create a marketing plan. Click here to see how far you've come in learning about marketing and ways to improve it in your work group or firm. If you'd like to dig more deeply into this topic, click here for an annotated list of helpful resources. Summary This topic helps you http://www.harvardmanagementor.com/demo/demo/market/print.htm 05/25/2003 Harvard ManageMentor | Marketing Essentials | Printable Version l l l l Page 2 of 70 grasp the basic elements of a marketing strategy and plan create a marketing orientation in your group or firm understand and navigate the steps in the marketing process plan effective...
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...Harvard ManageMentor | Marketing Essentials | Printable Version Page 1 of 70 Click here for a definition of marketing; ways to analyze market opportunities, plan a marketing program, launch new products or services, and put your marketing program into action; and the nature of direct marketing and relationship marketing. Click here to discover the steps for conducting market research. Click here for tips on building a marketing orientation in your group or firm, selecting the right marketing-communications mix, creating effective advertising, designing powerful sales promotions, launching a potent online marketing effort, and evaluating your group's or firm's sales representatives. Click here for forms and worksheets that help you calculate the lifetime value of a customer, perform a SWOT or breakeven analysis, fill out a product profile, and create a marketing plan. Click here to see how far you've come in learning about marketing and ways to improve it in your work group or firm. If you'd like to dig more deeply into this topic, click here for an annotated list of helpful resources. Summary This topic helps you http://www.harvardmanagementor.com/demo/demo/market/print.htm 05/25/2003 Harvard ManageMentor | Marketing Essentials | Printable Version l l l l Page 2 of 70 grasp the basic elements of a marketing strategy and plan create a marketing orientation in your group or firm understand and navigate the steps in the marketing process plan effective...
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...Chapter 1 Good marketing is no accident, but a result of careful planning and execution using state-of-the-art tools and techniques. It becomes both an art and a science as marketers strive to find creative new solutions to challenges in a complex marketing environment. In this book, the authors describe how top marketers balance discipline and imagination to address these new marketing realities. In the first chapter, they set the stage by reviewing important marketing concepts, tools, frameworks, and issues. The questions identified in the slide will be our focus. Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.” The American Marketing Association offers the following formal definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. Thus we see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Figure 1.2 shows the relationship between the industry and the market. Sellers and buyers are connected by four flows. Sellers send goods...
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...Note on Marketing Strategy Long ago, Peter Drucker wrote that any business enterprise has only two basic functions: marketing and innovation.1 All else, he implied, was detail. The central role of marketing in the enterprise stems from the fact that marketing is the process via which a firm creates value for its chosen customers. Value is created by meeting customer needs. Thus, a firm needs to define itself not by the product it sells, but by the customer benefit provided. Having created the value for its customers, the firm is then entitled to capture a portion of it through pricing. To remain a viable concern, the firm must sustain this process of creating and capturing value over time. Within this framework, the plan by which value is created on a sustained basis is the firm’s Marketing Strategy. Marketing Strategy involves two major activities: (i) selecting a target market and determining the desired positioning of product in target customers’ minds and (ii) specifying the plan for the marketing activities to achieve the desired positioning. Figure A presents a schematic describing a general process of marketing strategy development. As shown, five major areas of analysis underlie marketing decision making. We begin with analysis of the 5 C’s— customers, company, competitors, collaborators, and context. We ask: Customer Needs Company Skills Competition Collaborators Context What needs do we seek to satisfy? What special competence do we possess to meet those needs? Who competes...
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...Note on Marketing Strategy Long ago, Peter Drucker wrote that any business enterprise has only two basic functions: marketing and innovation.1 All else, he implied, was detail. The central role of marketing in the enterprise stems from the fact that marketing is the process via which a firm creates value for its chosen customers. Value is created by meeting customer needs. Thus, a firm needs to define itself not by the product it sells, but by the customer benefit provided. Having created the value for its customers, the firm is then entitled to capture a portion of it through pricing. To remain a viable concern, the firm must sustain this process of creating and capturing value over time. Within this framework, the plan by which value is created on a sustained basis is the firm’s Marketing Strategy. Marketing Strategy involves two major activities: (i) selecting a target market and determining the desired positioning of product in target customers’ minds and (ii) specifying the plan for the marketing activities to achieve the desired positioning. Figure A presents a schematic describing a general process of marketing strategy development. As shown, five major areas of analysis underlie marketing decision making. We begin with analysis of the 5 C’s— customers, company, competitors, collaborators, and context. We ask: Customer Needs Company Skills Competition Collaborators Context What needs do we seek to satisfy? What special competence do we possess to meet those needs? Who competes...
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...Significance and Diversity of Consumer Behavior: * Definition of Consumer Behavior: Consumer Behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. It blends elements from psychology, sociology, social anthropology, marketing and economics. It attempts to understand the decision-making processes of buyers, both individually and in groups such as how emotions affect buying behavior. It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, sports, reference groups, and society in general. Customer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Research has shown that consumer behavior is difficult to predict, even for experts in the field. Marketing is an influential asset for customer behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalization, customization and one-to-one marketing. Social functions can be categorized...
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...Bata achieved such a position in the customers‟ mind that whenever they heard the name of Bata, a footwear with high quality comes into their mind. Bata has been serving its customers with wide assortments of products for about five decades and doing it successfully. It is very difficult to identify the customers‟ class of Bata Shoe Company. Bata touches almost every social class possible. Bata meets the footwear demands of the higher class and lower class simultaneously. However to stay closer to the customers, Bata shoe company undertakes an assessment of the customers at a regular interval. Bata desires to fulfill the ever changing customer‟s needs, and to do so the outcome of the customer assessment plays a significant role. Here the similar study undertaken with a permission of Bata Shoe Company to get the feedback from regular customers. The questionnaire is taken from Bata shoe company Bangladesh ltd to conduct the survey among the regular customers. This study is the analysis of customer satisfaction of Bata Shoe Company which will help to analyze the customers‟ level of satisfaction with Bata products and stores. This study will try to compare Bata with other competitors in footwear industry. It will help to get the knowledge of customers‟ overall shopping experience at Bata shoe stores. 1.1 Background of the Study Bata Shoe Company is the market leader in the footwear industry since its operation in Bangladesh. The name Bata achieved such a position in the customers‟ mind...
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...PAPER 3.5: MARKETING MANAGEMENT – M.B.A. III Sem UNIT 1 Modern Marketing Concept: Social Marketing concept – Approaches to the study of marketing – Marketing segmentation – Meaning – Bases for segmentation, benefits – Systems approach – Features of industrial, consumer and services marketing. UNIT 2 Marketing Environment: External factor – Demographic factors – Internal factors – Marketing mix – Four P’s marketing. Consumer Behaviour: Meaning and importance – Consumer buying process – Determinants and theories of consumer behaviour – Psychological, sociological determinants – Theories and their relevance to marketing. Marketing Research: Meaning – Objectives – Procedure. UNIT 3 Product Mix Management: Product planning and development – Meaning and process – Test marketing – Product failures – Product life cycles – Meaning and Stages – Strategies – Meaning PLC. Product-Market Integration: Strategies – Product positioning – Diversification – Product line simplification –Planned obsolescence – Branding Policies and Strategies – Packing. UNIT 4 Price Mix Management: Pricing and pricing policies – Objectives – Procedures – Methods of price fixing – Administered and regulated prices – Pricing and product life cycle – Government control of pricing. UNIT 5 Physical Distribution Mix: Distribution channel policy – Choice of channel – Channel management – Conflict and cooperation in channels – Middlemen functions. UNIT...
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