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Chapter ch.1

MCS 1000 Chapter ch.1: Chapter 1

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Marketing and Consumer Studies
MCS 1000
Sergio Meza

Chapter 1  Marketing affects all individuals, all organizations, all industries, all countries and out natural environment  Knowing about marketing should make you a better consumer, enable you to be a more informed and responsible citizen, and even help you in your career What marketing is and what it is not  Marketing is not advertising. Although it is one of the most visible aspects of marketing, it is but one small element of marketing  Marketing is not selling. Many market experts believe that effective marketing can reduce the need for selling  Marketing is not merely common sense. While good marketers are sensible, perceptive and traits alone are not sufficient for making successful market decisions.  Effective marketing requires intimate knowledge and understanding of consumers and the marketplace which foes beyond common sense Marketing: Defined Marketing: The activity for creating, communicating, delivering, and exchanging offerings that benefit the organizations, its stakeholders and society at large.  This definition stresses the importance of delivering genuine benefits in the offerings of goods, services, ideas and experiences marketed to customers  The stakeholders and all of society should benefit from marketing  To serve both buyers and sellers, marketing seeks 1. To discover the needs and wants of prospective customers 2. Satisfy them Proscriptive customers: both individuals buying for themselves or their households and organizations that buy for their own use (such as manufacturers) or for resale (such as wholesalers and retailers) Requirements for Marketing to Occur: For marketing to occur, at least 4 factors are required: 1. Two or more parties (individuals or organizations with unsatisfied needs) 2. A desire and ability on their part to be satisfied 3. A way for the parties to community 4. A thing to exchange 1. Two or more parties (individuals or organizations with unsatisfied needs) ie: you with a need for technology related information and your bookstore owner, needing someone to buy a copy of computer world 2. Desire and Ability to satisfy these needs: Both you and the bookstore owner want to satisfy these unmet needs. You have the money to buy the item and the store owner has the desire to sell since it is stocked on the shelfs 3. A way for the parties to communicate: where you buy the book and the store owner not being able to stock the magazine unless there was a market of potential buyers near by 4. Something to exchange The Breadth and Depth of Marketing What is a market?  Market: people with the desire and ability to buy a specific product  People must also have the ability to buy, have authority, time, and money  People may even buy an idea that results in a action Who Markets?  Every organization, business firms, retails, providing services, non-profit organization, politicians What is marketed?  Goods, services, ideas, and experiences are marketed  Goods are physical objects  Services are activities, deeds, or other basic intangibles, such as airline trips or financial advice  Ideas: are intangibles involving thoughts about actions or causes, such as donating to a charity  Experience: personal and memorable experience such as your vacation  Social Marketing: Marketing designed to influence the behaviour of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer (ie: anti- smoking campaigns by health Canada or your friends convincing you to eat more healthy) Who Buys and Uses what is marketed?  Both individuals and organizations buy and use goods and services that are marketed  Ultimate consumers: People- whether 80 or 8 months- who use the goods and services purchased for a household  Organizational buyers: Those manufactures: units, such as manufactures, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale Who benefits?  The here groups that benfit from effective marketing are: consumers (who buy), organizations (that sell), and society as a whole  True competition among products and services in the marketplace ensure that we as Canadian consumers can find value from the best products, the lowest prices, or exceptional service  Providing choices leads to consumer satisfaction and the quality of life that we have come to expect from our Canadian economic system  Organizations that provide need satisfying products combined with effective marketing systems have blossomed  Marketing helps us all- it enhances completion which improves the quality of products and services and lowers their prices The Diverse Factors Influencing Marketing Activities  Other people, groups and forces interact to shape the nature of marketing activities- foremost is the organization itself which determine the goals  Marketing department works closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper  Key people outside the organization help influence marketing  The marketing department is responsible for maintaining relationships and alliances with its customers and shareholders How Marketing discovers and satisfies consumer needs Discovering Consumer Needs  The first objective in marketing is discovering the needs of prospective customer  Robert M. McMath has two suggestions to marketers (1) focus on what the customer benfits (2) learn from the pasr  The solution to preventing new product failures does not seem embarssing- the first they have to find the consumers needs and wants. Secondly, they produce what they need and want and do not produce what hey do not need or want. Consumer needs and consumer wants:  A need: occurs when a person feels physiologically deprived of basic necessities, such as food, clothing and shelter  A want: is a felt need that is shaped by a person’s knowledge, culture and personality  Effective marketing in the form of creating an awareness of good products at convenient locations can shape a persons wants Satisfying Co
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