Marketing

Aug.30 2013

BUS 500F

Chapter 1

LO1. Define marketing and identify the diverse factors influencing marketing activities.

Marketing is an organizational function and procedures. Marketing is to create, communicate and deliver value to customers in order to manage customer relationship thus allow the organization and its stakeholders benefit from it.

Marketing focus on two goals: First is to assess consumer needs, second is to satisfy them. The marketing department is important factor as well as the five environmental forces such as social, economic, technological, competitive and regulatory.

LO2. Explain how marketing discovers and satisfies consumer needs.

Marketing is aiming at meeting consumers’ two objectives. There is a difference between consumer needs and consumer wants. First, it is not easy to discover the needs and wants of prospective consumers. Maybe the customers themselves may not even know and be able to describe their needs or wants. The needs are always the basic necessities, such like food and clothing. The wants is a need that is shaped by customer’s knowledge, culture, and personality. An effective marketing can clearly find a person’s wants and try to influence what a custom buy.

Then, it comes to satisfy the needs of targeted customers. Because one organization obviously can’t satisfy all needs of custom, as a result, the organization concentrate its efforts on certain needs of a specific group. And a target market appears. The marketing satisfy consumer needs by designing a marketing program having the combination of product, price, promotion and place. For instance, the new estate of Vanke in the campus city is targeted to those who are young and potential. Those small apartments really attracted many young buyers. At the same time, the organization also able to update their products easily depending on the customs’ taste change.

LO3. Distinguish between marketing mix factors and environmental forces.

The marketing...