Podcast Beta
Questions and Answers
buyers and sellers meet
a r r a n g e m e n t t h a t p r o v i d e s o p p o r t u n i t y o f e x c h a n g i n g goods/services for money or money’s worth;
Asset of actual and potential buyers who might transact with a seller;
TYPES OF BUYERS
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Types of Markets (5)
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consist of individuals and households that purchase hospital ity s e r v i c e s f o r l e i s u r e activities, medical needs, and gatherings.
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buy goods and services to facilitate their business representing the company or for group meetings the company or organization may conduct
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a r e m a d e u p o f government agencies that purchase goods and services for individual travellers and meetings
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purchase a product and then resell it
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a social and managerial process by which individuals and groups obtain what they need and want t h r o u g h c r e a t i n g a n d exchanging products and value with others.
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Core Marketing Concepts (5)
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a sense necessary is missing, a state of felt deprivation
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how people communicate their needs shaped by culture and individual personality
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when wants is backed by buying power. it becomes...
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Maslow’s Hierarchy of Needs
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anything that can be offered to satisfy a need or a want.
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the act of obtaining a desired object from someone by offering something in return.
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marketing’s unit of measurement and consists of a trade of values between two parties
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building strong economic relationships between with social ties by following through on promises
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a medium of trade which involves the exchange of goods and services with a set amount of money between two or more firms.
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the trade-off of services and goods between two parties as seen in barter trade and currency exchange.
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the difference between the customer benefits from owning and/or using a product and the costs of obtaining the product
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based on past buying experiences, the opinions of friends, and market information.
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p e r c e i v e d v a l u e delivered relative to a buyer’s expectations
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totality of features and characteristics of a product or service that bear on its ability to satisfy customer needs
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Refers to the set of benefits or values the company promises to deliver to consumer to satisfy their needs
The full positioning of a brand – the full mix of benefits upon which it is positioned.
“Why should I buy your brand than a competitor’s?
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Marketing Philosophies Five Concepts
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It holds that consumers will prefer products that are widely available and inexpensive
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Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution
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they assume that consumers are primarily interested in product availability and low prices.
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this orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features
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This orientation holds that consumers will favor those products that offer the most quality, performance, or innovative features.
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Managers focusing on this concept concentrate on making superior products and improving them over time.
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They assume that buyers admire well-made produc t s and c an appr a i s e qua l it y and performance.
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these managers are sometimes caught up in a love affair with their product and do not realize what the market needs.
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Management might commit the “better-mousetrap” fal lac y, b e l i e v i n g t h a t a b e t t e r mousetrap will lead people to beat a path to its door.
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It holds that consumers and businesses, if left alone, will ordinarily not buy enough of the selling company’s products
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The organization must, therefore, undertake an aggressive selling and promotion effort.
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This concept assumes that consumers typically show buying inertia or resistance and must be coaxed into buying
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It also assumes that the company has a whole battery of effective selling and promotional tools to stimulate more buying
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Most firms practice this concept when they have overcapacity
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Their aim is to sell what they make rather than make what the market wants.
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I t h o l d s t h a t t h e k e y t o a c h i e v i n g i t s organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers.
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The marketing concept rests on four pillars:
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This concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors.
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it holds that this all must be done in a way that preserves or enhances the consumer’s and the society’s well-being.
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3 main focus of Societal Marketing Concept
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“It's right here and it's affordable, so why not buy it?‘’
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''It's so special, it's worth buying.‘’
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“Ok, ok! You've convinced me. I'll buy it.‘’
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''It's just what I need and want! I'm pleased to buy it.‘’
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''It feels good to buy what I want, while making the world a better place.''
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Nature of Marketing
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The basic objective of marketing is to fulfill the needs of human beings. Identifying customer needs is the most s i g n i f i c a n t a s p e c t o f m a r k e t i n g organizations.
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Marketing is about satisfying the customer needs. It is very essential for the marketer to collect r e l e v a n t i n f o r m a t i o n a b o u t c u s t o m e r choices/preferences about the product or services. Marketer should adopt proper research techniques to find out the tastes and interests of the buyers.
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Marketing is considered as an essential element in the development of every economy. An economy which is market driven will definitely raise the standard living of the people. The responsibility is to integrate all activities involved in the marketing and reach customer at maximum speed with minimum cost.
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It is an input-output process. A whole lot of interaction between the marketer and the customer. It is a process of receiving inputs of marketing from the environment and translating them into output such as desired products/services for the fulfillment of customer needs.
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Goal-oriented Process
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Marketing is a dynamic process of exchange of goods and services between the sellers and the buyers. Not only goods and services are exchanged, but a whole lot of information about the goods and services is also exchanged between the sellers and the buyers.
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Importance of Marketing
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Benefits of Marketing to Society
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Benefits of Marketing to Individual Firms
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