The Basic Marketing Concept Marketing Applications 4 1

The Basic Marketing Concept

Marketing Applications 4. 1 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? Ø Financial success is a direct result of an organization’s ability to effectively market its products and services Ø A business achieves profitability when they offer the goods and services that customers need and want at the right price Ø 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 ØMust be at least two parties involved in process Ø Some means of communication must be present between all parties Ø 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 Ø The ability to add perceived value to goods and services Ø Making the buying process easy and convenient for consumers Ø Creating and maintaining reasonable prices Ø Offering a variety of goods and services Ø Increasing production