Marketing is the homework that managers undertake to assess needs, measure their extent and intensity, and determine whether a profitable opportunity exists. Marketing continues throughout the product’s life, trying to find new customers and keep current customers by improving product appeal and performance, learning from product sales results, and managing repeat performance. Thus selling and advertising are only part of a larger marketing mix-a set of marketing tools that work together to affect the marketplace.
If the marketer does a good Job of understanding consumer needs; develops products that revive superior value; and prices, distributes, and promotes them effectively, these products will sell very easily. 2. Marketing has been criticized because it “makes people buy things they don’t really need. ” Refuse or support this accusation. Every day we are bombarded with television commercials, direct-mail offers, sales calls, and Internet pitches. However, selling and advertising their products are only the tip of marketing.
It really depends on people whether they buy their product or not. It is the customer’s fault if they buy a product that they don’t really need and they Just want to have one. 3. Discuss the two important questions a marketing manager must answer when designing a winning marketing strategy. How should a manager approach finding answers to these questions? To design a winning marketing strategy, the marketing manager must answer temporarily questions: What customers will we serve (what’s our target market)? ND How can we serve these customers best (what’s our value proposition)? The company must first decide whom it will serve. It does this by dividing the market into segments of customers (market segmentation) and selecting which segments it will go after (target marketing). Some people think of marketing management as finding as many customers as possible and increasing demand. But marketing managers know that they cannot serve all customers in every way. By trying to serve all customers, they may not serve any customers well.
Instead, the company wants to select only customers that it can serve well and profitably. Ultimately, marketing managers must decide which customers they want to target and decide on level, timing, and nature of their demand. Simply put, marketing management is customer management and demand management. The company must also decide how it will serve targeted customers-?how it will preferential and position itself in the marketplace. A brand’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
Such value propositions differentiate one brand from another. They answer the customer’s question: “Why should I buy your brand rather than a competitor’s? ” Companies must design strong value propositions that give them the greatest advantage in their target markets. 4. What are the five different marketing management orientations? Which orientation do you believe Apple follows when marketing products such as phone and pad? The Production Concept The production concept holds that consumers will favor products that are available and highly affordable.
Therefore, management should focus on improving production and distribution efficiency. This concept is one of the oldest orientations that guides sellers. Product Concept The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features. Under this concept, marketing strategy focuses on making continuous product improvements. 0 Selling Concept Many companies follow the selling concept, which holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and proliferation.
The selling concept is typically practices with unsought goods-? those that buyers do not normally think of buying, such as insurance or blood donations. These industries must be good at tracking down prospects and selling them on a product’s benefits 0 Marketing Concept The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Under the marketing concept, customer Ochs and value are the paths to sales and profits.
Instead of a product-centered “make and sell” philosophy, the marketing concept is a customer-centered “sense and respond” philosophy. The Job is not to find the right customers for your product but to find the right products for your customers. 0 Societal Marketing Concept The societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long- run welfare. Is a firm that satisfies the immediate needs and wants of target markets always doing what’s best for its consumers in the long run?