Unit 1.Introduction to CoreMarketing ConceptsTOYSS9
1 Unit 1. Introduction to Core Marketing Concepts
What does the term marketing mean? Manypeople think of marketing only as sellingand advertising. And no wonder-every day weare bombarded with television commercials,newspaper ads,direct-mail offers,sales calls,andInternet pitches.However,selling and advertisingare only the tip of the marketing iceberg.Although theyare important,theyareonlytwo ofmany marketing functions and are often not themost important ones.The famous managementguru Peter Drucker explains marketing this way:"Theaim of marketing is to make sellingsuperfluous
What does the term marketing mean? ◼ Many people think of marketing only as selling and advertising. And no wonder—every day we are bombarded with television commercials, newspaper ads, direct-mail offers, sales calls, and Internet pitches. However, selling and advertising are only the tip of the marketing iceberg. Although they are important, they are only two of many marketing functions and are often not the most important ones. The famous management guru Peter Drucker explains marketing this way: “The aim of marketing is to make selling superfluous
Today,marketing must be understood notin the old sense of making a sale-"tellingand selling"-but in the new sense ofsatisfying customer needs. If the marketerdoes a good job of understandingconsumer needs,develops products thatprovidesuperior value,and prices,distributes,and promotes them effectivelythese products will sell very easily
◼ Today, marketing must be understood not in the old sense of making a sale—“telling and selling”—but in the new sense of satisfying customer needs. If the marketer does a good job of understanding consumer needs, develops products that provide superior value, and prices, distributes, and promotes them effectively, these products will sell very easily
Core Marketing ConceptsNeeds, wantsanddemandsMarketsProductsand servicesExchange,Valuetransactionssatisfactionand relationshipsand quality
4 Core Marketing Concepts Needs, wants, and demands Products and services Value, satisfaction, and quality Exchange, transactions, and relationships Markets
WhatareConsumer'sNeeds,WantsandDemands?Needs- state of felt deprivation for basic itemssuchasfood and clothingand complex needssuch as for belonging.i.e.I am hungry.Wants-form that a human need takes asshaped by culture and individual personality. i.eI want a hamburger,French fries,and a soft drinkDemands-human wants backed by buyingpower.i.e. I have money to buy this meal
What are Consumer’s Needs, Wants and Demands? ◼ Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. i.e. I am hungry. ◼ Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a hamburger, French fries, and a soft drink. ◼ Demands - human wants backed by buying power. i.e. I have money to buy this meal