Definitions Of Marketing
Needs, Wants & Demands Demands - Human wants that are backed by buying power. The Market Offering- products, services & experiences Exchange, Transactions & Relationships Exchange is the act of obtaining a desired object from someone by offering something in return. Markets Concept of Marketing Means managing markets to bring about exchanges and relationships for the purpose of creating value and satisfying needs and wants. {draw:frame} Marketing Management Defined as an ‘art’ and ‘science’ that determines and chooses target markets and attempts to build profitable relationships with them. Marketing is about MANAGING: [1] Customer Demand -E.g. Promotional activities to increase demand, “Demarketing” to temporarily or permanently reduce demand, “Synchro”-marketing Different approaches to the marketing function {text:list-item} Marketing Management Philosophies The production concept: Focus on production and distribution, Production and assembly line refinement, Profits through production controls The product concept: Focus on quality, performance and innovation The selling concept: Undertakes large-scale selling and promotion efforts The marketing concept: Determining needs and wants of the target markets The Societal Marketing Concept: Determining needs, wants and interests of the target markets, Effective and efficient achieving desired satisfaction, Improves consumer’s and society’s well being Not always a Consumer Orientation! Distributors’ or Resellers’ Orientation - Control of the end market important for both manufacturers and distributors. Example: Food retailing - manufacturers for many years restricted the role of distributors to the physical task of distribution. Role was one of partners. But now seeing a shift in power from suppliers to distributors ' e.g. supermarkets. Whilst suppliers would like distributors to be partners, retailers tend to see their relationship with suppliers in...
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