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When consumers share a strong need that cannot be satisfied by an existing product, they are engaged in latent demand. Companies selling goods and services in the global marketplace have the advantage of being able to sell the goods and services in almost the same way as they do in their domestic market.
Companies selling their goods to nonprofit organizations may charge an extra premium over their normal prices because these organizations are largely indifferent to price. A marketspace is physical, as when you shop in a store. Use of IT Wants are basic human requirements such as food or air.
Demands are wants for specific products backed by an ability to pay.
The customer-value triad consists of a combination of quality, service, and price. A distribution channel includes distributors, wholesalers, retailers, and agents that display, sell, or deliver the physical product or service s to the buyer or user. The main actors in the task environment are the components of demographics, economics, physical setting, technology, the political-legal system, and the social-cultural arena.
Regulation of industries has created greater competition and growth opportunities because the playing field has been leveled. Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries.
The overabundance of information available on the Internet has made it more difficult for consumers to compare product features and prices.
The marketing concept is one of the oldest concepts in business. The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features. The marketing concept stresses a customer-centered approach to marketing.
The selling concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies. Relationship marketing aims to build mutually satisfying long-term relationships with key parties.
Attracting a new customer may cost five times as much as doing a good enough job to retain an existing one. The marketing-mix component called promotion includes such items as product variety, design, packaging, services, and warranties. When a marketer makes decisions involving channels, assortments, locations, and transportation, the marketer is making what are called place decisions.
Advertising, sales promotion, and direct marketing are all part of what is called the offering mix. One of the key themes of integrated marketing is that there are very few marketing activities that can effectively communicate and deliver value. Internal marketing is an appropriate practice to be used in holistic marketing.
In most companies, marketing should focus on the customer and other departments should focus on the business itself. Performance marketing involves reviewing metrics assessing market share, customer loss rate, customer satisfaction, and product quality in the evaluation of the effectiveness of marketing activities.
The selling relationship concept holds that consumers will prefer products that are ethical, environmentally responsible, legal, and social in the context of marketing activities and programs.
Cause-related marketing involves donating a percentage of revenues to a specific cause based on the revenue occurring during the announced period of support. Making gifts of money, goods, or time to help nonprofit organizations, groups, or individuals is known as corporate philanthropy.
To understand what is happening inside and outside the company, the company needs a reliable marketing information system. Because of surprises and disappointments that can occur as marketing plans are implemented, the company will need feedback and control to improve itself.
Reflective Thinking Essay The student should demonstrate his or her understanding that the marketer must use data to understand customer needs and translate this understanding into properly designed products and services.
Marketing people are involved in marketing 10 types of entities. List and briefly characterize those entities. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management.
List and briefly characterize the eight demand states described in the text. The eight different demand states are 1 negative demand—consumers dislike the product and may even pay a price to avoid it, 2 nonexistent demand—consumers may be unaware or uninterested in the product, 3 latent demand—consumers may share a strong need that cannot be satisfied by an existing product, 4 declining demand—consumers begin to buy the product less frequently or not at all, 5 irregular demand—consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis, 6 full demand—consumers are adequately buying all products put into the marketplace, 7 overfull demand—more consumers would like to buy the product than can be satisfied, and 8 unwholesome demand—consumers may be attracted to products that have undesirable social consequences.
We can distinguish among five types of customer needs. List and provide an example of each of those customer needs. The five types of customer needs are note the example from the text: Distinguish between the concepts of value and satisfaction.
The offering will be successful if it delivers value and satisfaction to the target buyer. The buyer chooses between different offerings on the basis of which is perceived to deliver the most value.
Value reflects the perceived tangible and intangible benefits and costs to customers.Despite some degree of difference, pricing policy and strategy tend to overlap, and the different policies and strategies are not necessarily mutually exclusive.
The traditional pricing policy can be summarized by the formula: Harley Davidson used this with great success.
Although Harley-Davidson uses many of the same parts suppliers as. Download-Theses Mercredi 10 juin Chapter 1. Welcome To The World of Marketing. For some members of this growth changes in body shape have made the traditional fit Levi’s less figure flattering.
targeting specific pieces of it (choosing a targeting strategy), and then developing specific products and design tactics which meet the segment’s specific needs. Handbook - Ebook download as PDF File .pdf), Text File .txt) or read book online.
This book is a crash course covering most of the marketing topics taught in MBA programs, including the marketing concept, the 4 P's of marketing, marketing research, marketing strategy, and segmentation, targeting, and positioning. Mission, Vision, Goals, Strategies and Tactics.
August 21, July 31, by Debra Murphy. Develop the pricing and packaging strategy for the new information product; 4 thoughts on “ Mission, Vision, Goals, Strategies and Tactics.