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What does the term of “marketing” mean? Many people think of marketing as selling and promotion. In fact selling is only the tip of the marketing iceberg.
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing activities can be organized into seven functions:
Product/service management is designing, developing, maintaining, and improving products and services that meet consumer needs.
Distribution involves determining the best ways for customers to locate, obtain, and use the products and services of the organization.
Selling is communicating directly with potential customers to determine and satisfy their needs.
Marketing-information management is obtaining, managing and using market information to improve business decision-making and the performance of marketing activities. It includes marketing research and the development of data basis with information about products, customers, and competitors.
Financing is budgeting for marketing activities.
Pricing is setting and communicating the value of products and services.
Promotion is communicating information about products and services to potential customers. Advertising and other promotional tools are used to encourage consumers to buy.
Marketing planning is aimed at satisfying customer needs better than competitors do, resulting in sales and profits. A company’s plan that identifies how it will use marketing to achieve its goals is called marketing strategy. Developing a marketing strategy is a two-step process.
The first step is to identify a target market. Since no organization can satisfy all consumer needs, it must concentrate its efforts on certain needs of a specific group of potential customers. This is the target market. One of the advantages of target marketing is the possibility of becoming the leader in a specific market segment. Market segmentation involves aggregating prospective buyers into groups that 1) have common needs and 2) will respond similarly to a marketing action. As a consumer you are exposed to marketing activities all of the time. You take part in many of those activities. You see or hear advertisements. You see the brand names of products on packages and on the clothes that you and your friends wear. You interact with salespeople in stores, etc. A great deal of marketing is not even aimed at final consumers. Businesses also market products and services to other businesses which then use them in their own business processes or sell them to final consumers. This is the so called business-to-business market (B2B).
The second step in developing a marketing strategy is to create a marketing mix. A marketing mix or 4 ps is the blending of four marketing elements. They are as follows:
Product: a good, a service, or an idea to satisfy the consumer’s needs;
Price: what is exchanged for a product;
Promotion: a means of communication between the seller and buyer;
Place: a means of getting the product into the consumer’s hands.
To increase the chances of developing a product or service that meets customer needs and can be sold at a profit, companies carry out a marketing research. Marketing research estimates the demand for specific products and services, describes the characteristics of probable customers, and measures potential sales.Marketing research studies people as buyers and sellers, examining their habits, attitudes, preferences, dislikes, and purchasing power and almost every aspect of the seller-buyer relationship. It also investigates distribution systems, pricing, promotion, product design, packaging, brand names, etc.
The steps in marketing research are the following:
1. Define the marketing problem.
2. Study the situation.
3. Develop a data collection.
4. Gather and analyze information.
5. Propose a solution.
All marketing research studies involve gathering and analyzing information. A great deal of information about consumers and competitors is available to businesses without doing new studies. Analyzing existing information gathered for another purpose but used to solve a current problem is known as desk research or secondary research. Studies carried out to gather new information (primary data) specifically directed at a current problem are field research or current research. The most common types of marketing research are surveys, focus groups, observations,and experiments. Surveys gather information from people using a carefully planned set of questions. A focus group a (is a small group of consumers taking part in a group discussion of their experiences with a product or service. Observations collect information by recording the actions of consumers rather than asking them questions. An experiment presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results.
To implement a marketing program successfully, hundreds of detailed decisions are often required, such as writing an advertising copy or selecting the amount for temporary price reductions. These decisions, called marketing tactics, are detailed day-to-day operational decisions that must be taken right away.
Within the field of economics, two types of marketing are defined: micromarketing and macromarketing. The former describes the activities of individual firms, beginning with originating and producing products and ending when the products reach the final user, the customer. Macromarketing, by contrast, describes how the whole system of production and distribution works in a society. Marketing is not confined to profit-making companies that manufacture products. Doctors, lawyers, hospitals, colleges, museums, and other service enterprises also engage in marketing.
Vocabulary Focus
Ex. 1.
A. Study the meaning of the following words:
1) appraise (v) – fix a price for sth, say what sth is worth;
2) appreciate (v) – judge rightly the value of sth; put a high value of sth;
3) calculate (v) – find out by working with numbers;
4) estimate (v) – form a judgement about, calculate;
5) evaluate (v) – find out, decide, the amount or value of sth.
B. Choose the right word in italics:
1. Astronomers can calculate/ estimate when there will be eclipses of the sun and moon.
2. I really appreciate/ estimate your efforts.
3. He was evaluated /appraised as unfit for military service.
4. The clerk appraises/calculates property for taxation.
5. I estimate/evaluate his income at $300.
6. You can’t appreciate / evaluate English poetry unless you understand its rhythm.
Ex. 2. Complete the table by inserting the missing forms if possible.
| Noun | Verb | Adjective/Participle |
| promotion | ||
| distribute | ||
| product | ||
| preferable | ||
| purchase | ||
| development/developer | ||
| research | ||
| communication | ||
| market |
Ex. 3. Match the Russian words and word combinations with their English equivalents.
| A | B |
| 1) маркетинговое исследование/анализ 2) комплекс маркетинга/маркетинг-микс 3) рыночная сегментация 4) управление товарным производством 5) ценообразование 6) целевой рынок 7) управление маркетинговыми исследованиями 8) маркетинговая/рыночная стратегия 9) кабинетное /вторичное исследование 10) опрос/анкетирование 11) фокус – группа 12) первичное исследование | a) product/service management b) survey c) target market d) marketing-information management e) focus group f) pricing g) marketing strategy h) marketing research i) market segmentation j) marketing mix k) primary research l) secondary research |
Ex. 4. Express in one word, use the words for reference:
– someone whose job is to persuade customers to buy a certain product or service;
– the breakdown of a market into separate and identifiable elements;
– budgeting for marketing activities;
– setting and communicating the value of products and services;
– the ultimate user of a product;
– activities or techniques intended to create consumer demand for a product or service;
– gathering information from people using a carefully planned set of questions;
– collecting information by recording the actions of consumers rather than asking them questions;
– the art of making people do what you want them to do;
– the provision of goods or services to meet customer or consumer needs.
Words for reference: consumer, financing, marketing, salesperson, segmentation, promotion, persuasion, pricing, observations, surveys.
Ex. 5. Match the words in column A with their synonyms in column B:
| A | B |
| 1) identify (v) | a) commodity (n) |
| 2) item (n) | b) producer (n) |
| 3) product (n) | c) buyer/client (n) |
| 4) manufacturer (n) | d) estimate (v) |
| 5) customer (n) | e) article (n) |
| 6) interact (v) | f) implement (v) |
| 7) potential (a) | g) information (n) |
| 8) data (n) | h) perspective (a) |
| 9) carry out (v) | i) communicate (v) |
Ex. 6. Fill in the gaps using the words given below. Some words are to be used twice:
1. Marketing is concerned with getting the right … to the right … at the right ….
2. Marketing is about meeting customer … at a ….
3. Marketing makes it easier for … to do business with you.
Words for reference: customers; needs; place; price; product; profit.
Ex. 7. Insert the necessary prepositions:
1. Financing is budgeting … marketing activities.
2. Marketing planning is aimed … satisfying customer needs.
3. A business must concentrate its efforts … certain needs of a specific group of potential customers.
4. The customers never respond similarly … a marketing action.
5. As a consumer you are exposed … marketing activities all of the time.
6. They managed to sell the products … a profit last year.
7. The demand … the products of their company is always very high. Their goods sell like hot cakes.
8. A great deal … information … consumers is available … our business even without doing any studies. … contrast, we know very little about our competitors.
Comprehension
Ex. 1. Match a type of data collected on the left with a research method on the right.
| 1) primary data | a) field research |
| 2) secondary data | b) desk research |
Ex. 2. Match two halves of the sentences.
| 1) A company which is market-oriented | a) finding out what consumers want and need, and what makes them buy |
| 2) Market research is the process of | b) no-one has yet collected |
| 3) Primary data is information which | c) tries to find out what consumers want before developing a product |
| 4) Secondary data is information which | d) is already available, both inside and outside the organization. |
| 5) Carrying out a survey involves | e) test marketing |
| 6) New products can be tested on consumer panels. This process is called | f) asking questions of respondents, either by filling a questionnaire or by interview |
Ex. 3. Complete the sentences using information from the text:
1. Marketing is the process of….
2. Marketing activities can be organized into seven functions….
3. Developing a marketing strategy is a two-step process. The first step is….
4. The second step in developing a marketing strategy is….
5. Marketing strategy is….
6. Market segmentation involves….
7. A marketing mix is the blending of the following marketing elements:….
8. A marketing research is carried out to….
9. The steps in marketing research are the following:….
10. The most common types of marketing research are….
Ex. 4. Find information in the text to answer the following questions.
1. What is marketing? How does a marketing concept differ from a selling concept?
2. What are seven marketing functions? Comment on them.
3. What is market segmentation?
4. What is marketing strategy? Why is it called a two-step process?
5. How can you define marketing research? What are its steps?
6. What are the most common types of marketing research
Text 2
Marketing Mix
Read the text and focus on the main elements of marketing mix.
A marketing mix is the blending of four marketing elements which are usually called the 4 Ps. They are product, price, promotion and place.
Product is everything a business offers to satisfy a customer’s needs. A product is made up of several components. It starts with the basic product, which is the simplest form of a product and is usually available from several companies.
Additions and improvements to the basic product are known as product features or options. When buying a car customers, for example, can choose options such as colour, engine size, etc.
A brand name provides a unique identification for a company’s products. Companies try to develop a memorable brand name with an appealing image. Packaging is part of many products. Packaging provides protection and security for the product before it is used.
A way to build customer confidence in a company’s product is by offering a guarantee or warranty. If the product breaks or does not meet customer expectations, the company will repair, replace, or provide a refund.
Price is the next component of marketing mix. Many factors go into a decision about a fair price. There are some factors that influence the price paid for a product. They are the following:
Supply and Demand
If demand for a product is high, prices will increase. Products with low levels of demand will have comparatively low prices.
Uniqueness
When a product has few close competitors because it is unique, the price will be higher than products that are very similar to others.
Age
When products are first introduced to the market, prices will be quite high. As products age, the price gradually decreases.
Season
Many products are used at a particular time of the year. Winter apparel, air conditioners, and holiday decorations have high levels of sales for a short time and then almost no sales for the rest of the year. Prices will be highest just before and at the beginning of the season. Prices will be lower during other times of the year.
Complexity
Highly complex and technical products have higher prices than simple products. Products with many features and options will also command higher prices.
Convenience
People pay for convenience. If a product is easily available and the seller provides a high level of customer service, prices will go up. Customers expect to pay low prices if they shop at a large warehouse store that is not as conveniently located and offers little service.
Place or distribution is the locations and methods used to make a product or service available to the target market. The route a product follows and the businesses involved in moving a product from the producer to the final consumer are known as a channel of distribution. The businesses that take part in a channel of distribution are know as channel members. Channels are either direct or indirect. In a direct channel of distribution, products move from the producer straight to the consumer with no other organizations participating. An indirect channel of distribution includes one or more other businesses between the producer and consumer. Retailers are a well-known and important part of distribution channels for consumer products.
Sales promotion is activities and techniques intended to create consumer demand for a product or service.
Ex. 1. Answer the questions:
1. What is marketing mix?
2. What are the components of a product?
3. How can you define the role of a brand name?
4. What is the way to build customer confidence in a company’s product?
5. What are the factors that influence the price paid for a product? Comment on them.
6. What is distribution? What businesses refer to channel members?
7. What is the difference between direct and indirect channels of distribution?
Ex. 2. List some of your favourite brands. Then answer these questions:
1. Are they international or national brands?
2. What image and qualities does each one have? Are they reliable, durable, luxurious, fashionable, inexpensive and well-made?
3. Why do people buy brands?
4. Are there any people who dislike brands?
5. How loyal are you to the brands you have chosen? For example, when you buy jeans, do you always buy Levi’s?
Ex. 3. Summarize the text above.
Text 3
The Four Major Promotional Tools
A. Insert the following words in the text below:
advertising, aimed, awareness, channel, loyalty, maturity, medium, tactics, target and trial.
B. Do the tasks that follow the text.
The basic idea behind the ‘marketing concept’ – that you make what you can sell rather than sell what you make – does not mean that your product will sell all by itself. Even a good, attractively priced product that clearly satisfies a need has to be made known to its (1) …… customers. During the introduction and growth stages of the standard product life cycle, the producer (or importer, and so on) has to develop product or brand (2) ……, i. e. inform potential customers (and distributors, dealers and retailers) about the product’s existence, its features, its advantages, and so on.
According to the well-known ‘Four Ps’ formulation of the marketing mix (product, place, promotion and price), this is clearly a matter of promotion. Since budgets are always limited, marketers usually have to decide which tools – advertising, public relations, sales promotion, or personal selling – to use, and in what proportion.
The types of promotion are divided into personalized promotion and mass promotion. Personalized promotion communicates directly with each customer using information tailored to that person. Mass promotion communicates with many people at the same time with a common message.
Public relation (often abbreviated to PR) is concerned with maintaining, improving or protecting the image of a company or product. The most important element of PR is publicity which (as opposed to advertising) is any mention of a company’s products that is not paid for, in any (3) …… read, viewed or heard by a company’s customers or potential customers, aimed at assisting sales. Many companies attempt to place stories or information in news media to attract attention to a product or service. Publicity can have a huge impact on public awareness that could not be achieved by advertising, or at least not without an enormous cost. A lot of research has shown that people are more likely to read and believe publicity than advertising.
Sales promotions such as free samples, coupons, price reductions, competitions, and so on, are temporary (4) …… designed to stimulate either earlier or stronger sales of a product. Free samples, for example, (combined with extensive advertising), may generate the initial (5) …… of a new product. But the majority of products available at any given time are of course in the (6) ……stage of the life cycle. This may last many years, until the product begins to be replaced by new ones and enters the decline stage. During this time, marketers can try out a number of promotional strategies and tactics. Reduced-price packs in supermarkets, for example, can be used to attract price-conscious brand-switchers, and also to counter a promotion by a competitor. Stores also often reduce prices of specific items as loss leaders which bring customers into the shop where they will also buy other goods.
Sales promotions can also be (7)…… at distributors, dealers and retailers, to encourage them to stock new items or larger quantities, or to encourage off-season buying, or the stocking of items related to an existing product. They might equally be designed to strengthen brand (8) …… among retailers, or to gain entry to new markets. Sales promotions can also be aimed at the sales force, encouraging them to increase their activities in selling a particular product.
Personal selling is the most expensive promotional tool, and is generally only used sparingly, e. g. as a complement to (9) …… As well as prospecting for customers, spreading information about a company’s products and services selling these products and services, and assisting customers with possible technical problems, salespeople have another important function. Since they are often the only person from a company that customers see, they are an extremely important (10) …… of information. It has been calculated that the majority of new product ideas come from customers via sales representatives.
Ex. 1. There is a logical connection among three of the four words in each of the following groups. Which is the odd one out, and why?
1) advertising – competitors – publicity – sales promotion;
2) advertising agency – advertising campaign – media plan – word-of-mouth advertising;
3) advertising manager – brand-switcher – marketing manager – sales rep;
4) brand awareness – brand loyalty – brand name – brand preference.
Ex. 2. Complete the following sentences to summarize the text above.
1. When a new product is launched, the producer has to....
2. Promotion is one of the four…; sales promotions are one of four different....
3. The advantages of publicity include....
4. The four stages of the standard product life cycle (excluding the pre-launch development stage) are....
5. Reasons to offer temporary price reductions include....
6. Sales promotions need not only be aimed at customers….
7. Apart from selling a company’s products, sales representatives....
Ex. 3. What kind of sales promotions are you receptive to?
– coupons giving a price reduction?
– free samples?
– discounts for buying a large quantity?
– price reductions in shops?
– packets offering 20% extra?
Ex. 4. Speak on public relations, sales promotion, and personal selling.
WRITING
Press release
Analyse the information explaining what a press release is and how to write it.
Write a press release about this year’s competition for the ICA website.
The aim of a press release is to draw a forthcoming event to the attention of the people who choose what is reported in the media. For commercial events like product launches, public relations agencies are often used to ensure good coverage in the relevant sections of the media.
Note that it’s important to provide a contact name and address for further information.
For: Business editors, national press; motoring press
Release date: 26 October
Subject: Revolutionary new car to be unveiled at Motor Show
After weeks of rumour and speculation, ITS will unveil their revolutionary new concept car at the Tokyo Motor Show on 3 November. The vehicle requires very small amounts of petrol and instead uses a combination of solar energy and hydrogen to power it. Massive public interest is expected in this vehicle of the future.
For more information, contact:
Sarah Wells, High Profile Communications
sarag@hpc-centre.com
TRANSLATION
A. Translate from English into Russian.
New products are often the outcome of research and development projects. When the development stage is complete, the project is ready to be launched. This stage is usually backed up by a marketing campaign to make consumers aware of it. In the growth phase of the product life cycle, sales and profits rise, as the product reaches maturity. At this stage, sales of the product reach a peak and profits are at their maximum. Many companies try to extend this phase of the product life cycle and use extension strategies such as finding new uses or new markets for the product, or changing its appearance. When the market becomes saturated with competing products, sales start to decline. At this stage the company needs to have a new product ready to begin a new product life cycle. Thus, development, launch, growth, maturity, saturation, and decline are the main stages of a product life cycle.
Developed by the Boston Group in the United States, the “Boson matrix” is a way of analyzing product life cycles. The Boston matrix shows how the product portfolio of a company can be described in terms of its contribution to present or future profitability. It does this by charting when the company’s products have entered various life cycle stages, described as: “problem child”, or “question mark” (introduction), “rising star” (growth), “cash cow” (maturity) and “dog” (decline).
B. Translate from Russian into English.
Исследователи рынка определяют потенциальных потребителей товара, т. е. лиц, которые, как они полагают, будут покупать его. Маркетинговое исследование проводится с целью определения наиболее подходящего сочетания элементов маркетинговой программы. После тщательного исследования каждого из четырех составляющих маркетинговой программы вырабатывается стратегия маркетинговой деятельности. Если специалистом по маркетингу проведена хорошая работа по определению потребностей покупателя, разработке привлекательного продукта, установлению конкурентоспособной цены, нахождению удобных каналов распределения и продвижения товара, то такой продукт будет распродаваться успешно. Маркетинг является ключевым фактором в успехе бизнеса в условиях жесткой конкуренции.
LISTENING
Why Brands Matter
1) Sandra greaves is a consultant at Wolff-Olins, a leading international brand consultancy based in London. In the first part of the interview she talks about why we need brands. Listen and complete these extracts.
1. Brands are all about….
2. You know what a brand is…. what it…, what it’s going to….
3. You actually trust it to … again.
4. One thing about brands is they add a lot of … and … AND …, as well as giving you the power to … things.
2) Listen to the second part of the interview and tick the points below which Sandra makes.
1. People are very loyal to successful brands.
2. Even successful brands are seen as just a product or a service.
3. Apple was popular because it wasn’t a big corporation.
4. Apple customers felt that the Mac was an easy product to use.
3) Listen to the example Sandra given of how Wolff-Olins helped a company with its branding and answer these questions.
1. What was the company?
2. What is its business sector?
3. What advice did they receive?
SPEAKING
A.
Useful language: Opinions.
| Asking for opinions How do you feel about…? What do you think? What’s you opinion? What’s your view? | Agreeing That’s true. I agree. Absolutely/Exactly. I think so too. | Making suggestions I think we should…. How about…? Why don’t we…? Maybe/Perhaps we could…. |
| Giving opinions I think …/I don’t think…. In my opinion…. | Disagreeing I see/know what you mean, but…. I’m afraid I can’t agree. Maybe, but…. |
Ex.1. Four marketing executives at a cosmetics company, Marvel Plc, are talking about licensing their ‘Luc Fontaine’ product range to an Asian manufacturer. Listen to the conversation and answer the questions.
1. Why do the marketing executives at Marvel Plc want to license their ‘Luc Fontaine’ product range?
2. What advantages does Susan Li offer to Marvel?
3. According to Barbara, what is the disadvantage of offering a licence to Susan Li?
4. What suggestion does Barbara make to her colleagues?
Ex. 2. Listen again and complete the extracts.
| Marcia | Alain, how ……1 about this? Is she the right person for us? |
| Alain | Definitely. In my opinion, she’s ideal. |
| Marcia | Right. Valerie, what ……2 ? |
| Valerie | I ……3 because she’s very good at marketing. I’ve met her several times. |
| Marcia | Barbara, you’re shaking your head. ……4? |
| Barbara | I’m ……5 agree. I don’t think she’s suitable at all. |
| Marcia | So what do you suggest then? |
| Barbara | ……6 find someone else. I do have someone in mind. |
| Barbara | In my opinion, his company has a lot to offer. ……7 meet him and see if he’s interested? |
Ex. 3. Which of the phrases in Exercise B are:
| 1) asking for opinions? 2) giving opinions? | 3) agreeing or disagreeing? 4) making suggestions? |
Ex. 4. Role play this situation.
Johnson, a large department store in Chicago, USA, is losing money. Its main product areas are food, clothing and household furniture. Seventy percent of its revenue comes from clothing, twenty-two percent from food and eight percent from furniture. Three directors of the company meet to discuss the company’s problems and how to solve them.
B. Case Study: Style is everything.
Background
The International Clothing Association (ICA) represents clothing manufacturers and retailers. Its main aim is to promote innovative new products in the clothing industry. Each year, the ICA awards prizes to companies with outstanding new ideas. Companies send a detailed product description and a marketing plan, and the four best products are selected. These companies then present their products to a panel of judges. The presentations are televised and the event is broadcast worldwide.
Task
1. Prepare your product presentation and present it to the rest of the group. Answer any questions they may have.
2. When you are not making a presentation, you are a member of the judging panel.
3. Decide who should get the top prize. (You may not vote for your own product concept.)
ICA guidelines to competitors
1. The purpose of the competition is to encourage innovation in the clothing industry.
2. Any product with innovative features may be entered.
3. Product concepts should be creative and have excellent sales potential.
4. It will be an advantage if a company’s management team presents their product effectively and show that they are a good team.
5. Judges will award extra points for companies which use unusual materials in the manufacture of their clothes. Originality and imagination will be particularly valued by the judges.
Guidelines for presenters
1. Introduce your team. Outline the structure of your presentation.
2. Describe the product design, features and consumer benefits.
3. Describe the product’s target market.
4. Mention other competing products.
5. Present your strategy for the new product.
For example:
· branding, packaging, other product features (guarantee, etc.);
· pricing strategy;
· distribution (What sales outlets will be used?);
· promotion (What advertising, product launch and sales promotion?).
6. Describe any ideas for television or radio commercials.
C. Summarize the information of the Unit to be ready to speak on Marketing. Use the following prompts as a plan.
– definitions of marketing;
– market segmentation;
– two stages of market strategy;
– target market;
– marketing mix (the four Ps);
– marketing research and its steps;
– means of carrying out a marketing research;
– the four promotional tools.
VOCABULARY
brand n – торговая марка
distribution channel – канал распределения
focus group – фокус-группа
guarantee/warranty (n) – гарантия; обязательство, поручительство
to give/offer/provide a ~ – предоставить гарантию качества
valid ~ – действующая гарантия
implement v – выполнять, осуществлять, обеспечивать выполнение
~ a contract – выполнить договор
~ a decision – проводить постановление (решение) в жизнь;
implementation n – выполнение, осуществление
market n – рынoк
~ segmentation – сегментирование рынка
target ~ – целевой рынок
marketing – маркетинг,торговля, сбыт, продажа
~strategy – рыночная стратегия
~ tactics – тактика маркетинга
~ research – маркетинговое исследование/анализ
~ mix – комплекс маркетинга/маркетинг-микс
packaging n – упаковка
personal selling – личная продажа Syn: face-to-face selling/person-to-person sales
product n – продукт
basic/core ~ основа продукта
~ feature/option/attribute – свойство товара
~ management – управление товарным производством
promotion n – содействие, раскрутка, продвижение
sales ~ – 1) стимулирование сбыта, продвижение товара, поощрение продаж
public relations – связи с общественностью
publicity n – гласность, публичность, известность
research n – исследование
primary ~ – первичное исследование
secondary ~ – кабинетное/вторичное исследование
survey n – опрос/анкетирование
uniqueness n – уникальность
GLOSSARY
· Brand is: 1) trade mark (painted or printed on boxes, tins, packets, etc.); 2) particular kind of goods with such a mark.
· Macromarketing describes how the whole system of production and distribution works in a society.
· Market research estimates the demand for specific products and services, describes the characteristics of probable customers, and measures potential sales.Marketing research studies people as buyers and sellers, examining their habits, attitudes, preferences, dislikes, and purchasing power and almost every aspect of the seller-buyer relationship. It also investigates distribution systems, pricing, promotion, product design, packaging, brand names, etc.
· Market segmentation involves aggregating prospective buyers into groups that 1) have common needs and 2) will respond similarly to a marketing action.
· Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
· Marketing Mix, usually called the 4 Ps, includes:
Product: a good, a service, or an idea to satisfy the consumer’s needs;
Price: what is exchanged for the product;
Promotion: a means of communication between the seller and buyer;
Place: a means of getting the product into the consumer’s hands.
· Marketing program is a plan that integrates the marketing mix to provide a good, or service to prospective customers.
· Marketing strategy is a means by which a marketing goal is to be achieved
· Marketing tactics are detailed day-to-day operational decisions that must be taken right away.
· Micromarketing describes the activities of individual firms, beginning with originating and producing products and ending when the products reach the final user, the customer.
· Target market is the market, which concentrates its efforts on certain needs of a specific group of potential customers.
ADVERTISING
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