Transcript 4.1 Basic Marketing Concept

The Basic Marketing Concept
Marketing Applications
4.1
The Marketing Concept
The Marketing Concept
A philosophy that a company’s success is
ultimately dependent upon efficient
identification of consumer needs and wants
and the ability to satisfy them
Marketing Applications
4.1
The Marketing Concept
Why Is Marketing Important?
 Financial success is a direct result of an
organization’s ability to effectively market its
products and services
 A business achieves profitability when they offer
the goods and services that customers need and
want at the right price
 Marketers strive to identify and understand all
factors that influence consumer buying decisions
Marketing Applications
4.1
Needs vs. Wants
A need is something
you have to have and
that you cannot do
without
For example, we need
food. Without eating,
we cannot survive!
A want is simply
something you would
like to have
You might want a
Nintendo Wii or tickets
to an upcoming game,
but you can survive
without them
Marketing Applications
4.1
The Exchange Process
3 requirements
Must be at least two
parties involved in
process
 Some means of
communication must be
present between all
parties
 Each party must be free
to accept or decline offer
Exchange Process:
Marketing transaction
in which the buyer
provides something of
value to the seller in
return for goods and
services that meet that
buyer’s needs or wants
Marketing Applications
4.1
Benefits of Marketing
The marketing process serves many purposes and
provides numerous benefits for the consumer
 The ability to add perceived value to goods and
services
 Making the buying process easy and convenient for
consumers
 Creating and maintaining reasonable prices
 Offering a variety of goods and services
 Increasing production