Marketer's Portal
Industry/Company/Market Data and Reports
International Advertising Association
THE CORE CONCEPTS OF
MARKETING |
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Marketing involves managing markets to bring about exchanges and to develop relationships for the purpose of identifying and satisfying needs and wants. The marketing system is characterized by an industry’s firms sending their respective products, services, and messages to customers through marketing intermediaries to end users. Environmental forces strongly influence the marketing system. To help us understand marketing it is important to know the core concepts of marketing. |
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I. |
Needs, Wants, Demands |
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A.
Individual needs are the most basic concept underlying marketing. A
need is a state of felt |
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1. People have many complex needs. |
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B.
Another core concept is individual wants. A want is the form a
need takes as shaped by culture |
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C. Demands are wants backed by buying power. |
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1. Since people have almost unlimited want but limited resources,
they want to choose |
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D.
Outstanding marketing companies go to great lengths to learn about and
understand their |
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E. The insightful company strives to stay close to the customer. |
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II. |
Products and Services |
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A.
A product is anything than can be offered to a market for
attention, acquisition, use, |
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1. The concept of a product is not limited to physical objects and
can include persons, places, |
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III. |
Value and Satisfaction |
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A.
Customer value is the difference between the benefits that the
customer gains from owning |
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IV. |
Exchanges and Relationships |
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A.
Marketing happens when people decide to satisfy needs and wants through
exchange. |
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V. |
Markets |
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A.
Exchange through relationships involves the concept of a market. A
market is the complete set |
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