MARKETING MOD 1: Marketing and its Traditional Approaches

Marketing

is a form of communicating or promoting the VALUE of a product, service or brand to the consumers.

American Marketing Association

“The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organization goals.”

Needs

is something that a  person must have in order to live  and survive.

Wants

is something that a  person desires to have.

Demands

also human wants  that are supported by buying power.

Exchange

Marketing occurs when the buyer  and seller trade something of equal  value. Both the buyer and the seller  have gained something that  satisfied their unmet needs.

Market

is composed of people  with both desire and ability to buy a  product or service.

Goods

comprise the  volume of most countries’ production and marketing effort.

Services

as economies progress, a  growing proportion of their  activities are concentrated  on the production of

Experiences

Through organizing a number of  services and goods, one can  generate, stage, and market  experiences.

Events

Marketers endorse time-based

Persons

celebrity marketing has turn into  a main and popular business.

Places

consist of  economic development specialists,  real estate agents, commercial  banks, local business associations,  and advertising and public relations  agencies.

Properties

are intangible rights of  ownerships of either real  property.

Organization

aggressively labor  to create a strong, positive image  in the mind of their publics.

Information

The production, packaging, and  distribution of ________ is one  of society’s chief industries.

Idea

Each market offering has a fundamental ______ at its core.

Traditional Marketing Concept

is a marketing  strategy a company uses to determine if it can  produce a viable product consumers want or need,  whether the company can produce enough products  to fill the need, and the marketing method by which  the need can be filled.

Production Concept

focuses on the internal  potentials of the  company and not  based on the desires  and needs of the  market.

Sales Concepts

refers  to the idea that people  will buy more goods  and services through  personal selling and  advertising done  aggressively to push  them in the market.

Marketing Concept

a  philosophy which  states that  organization must try  hard to find out and  satisfy the needs and  wants of consumers  while at the same time  accomplishing the  organizational goals.

Relationship concept/marketing

an approach that centers on  maintaining and improving value-  added long-term relationships  with current customers,  distributors, dealers and  suppliers.

Societal Marketing Concept

views that organizations must  satisfy the needs of consumers  in a manner that gives for society’s benefit.

Maslows Heirarchy of Needs

1. Physiological Needs

2. Safety Needs

3. Belongingness and Love needs

4. Esteem Needs

5. Self Actualization

Physiological Needs

Food, water, warmth, rest

Safety needs

Security, Safety

Belongingness and love Needs

Intimate relationships, friends

Esteem needs

Prestige feeling of accomplishment

Self Actualization

Achieving ones full potential, including creative acctivites

Core marketing Concepts

1. Needs

2. Wants

3. Demands

4. Exchange

5. Market

Scope of marketing

1. Goods

2. Services

3. Experience

4. Events

5. Persons

6. Places

7. Properties

8. Organizations

9. Information

10. Ideas