Have it your way (marketing)

How do marketers determine how much to charge for their products?

- the customers' perception of value - business' objectives - challenge is identifying an exchange price that buyers and sellers both see as giving them the best value.

Why does marketing result in a variety of goods and services?

Because businesses in our society must compete to attract customers, they offer a variety of goods or services in many styles, models, colors, and sizes. This is done to attract as many customers as possible. Products are also created with the customers' needs and wants in mind because of the marketing concept.

How does marketing make our lives better?

Marketing makes our lives better by providing us with new and improved products at lower prices. Due to marketing, we have one of the highest standards of living in the world.

What does company commitment to the marketing concept mean?

Company commitment to the marketing concept means that everyone in the firm is involved in meeting the needs of customers—and is doing it better.

Why is customer orientation a significant element of the marketing concept?

Customer orientation is a significant element of the marketing concept because it puts the focus on what customers want. It means that businesses strive to do things the customer's way. A firm that first surveys people to find out what they are looking for and then produces those products is practicing the marketing concept idea of customer orientation.

What would happen if marketing didn't exist?

If marketing didn't exist, places and people would be disconnected from each other. Our nation would have difficulty linking producers with customers. As a result, businesses would suffer and possibly close. Customers would be forced to fend for themselves. They would have to figure out on their own where to get what they need. Also, they would have to contact businesses personally to learn about products. Few product improvements would be made, and few new products would be developed. The standard of living would be considerably lower. Individual lives would also be affected because without marketing, products that we use every day, such as clothing, food, and entertainment media, would not be available.

Identify four ways in which marketers communicate with customers.

Marketers communicate with customers through advertising, personal selling, publicity, and sales promotion.

What information do marketers need to find out about customers?

Marketers need to find out who their customers are and what their customers need in order to create and market highly desired products. To identify products that would satisfy their customers, marketers conduct in-depth, detailed research.

Explain why marketing is like matchmaking.

Marketing matches up producers with consumers who want to buy their products by finding out what customers are looking for, sharing this information with producers, and helping producers to connect with their customers in the right way, at the right time, at the right place.

Why is planning such an important part of marketing?

Planning how to carry out the marketing process is extremely important. Detailed marketing plans guide marketers' different activities. Thorough planning helps marketers to coordinate all of the different pieces of marketing.

Give an example of a business that practices the marketing concept.

The marketing concept is a philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals. Any example that shows this practice is satisfactory, such as a fast-food restaurant that allows the customer to customize his/her order, rather than offering standard, pre-made menu items.e

Why is putting products where they need to be important to marketers?

Putting products where they need to be is important because if customers don't have access to the products that they want to buy, there is no point to the other marketing activities. Putting the product in the customer's hands is foremost in the marketer's mind.

How does marketing encourage trade between nations?

Resources needed to produce their products are extremely valuable to marketers. If our nation lacks a needed resource, we can usually trade with another country to get the resource. Since different countries contain different resources, marketing draws countries into the process of exchanging—to everyone's advantage.

What are the categories of products that can be marketed? Give an example for at least three of the categories.

The categories are goods (durable and nondurable), services, organizations, experiences/events, places, ideas, information, and people. Student examples will vary. Their responses should contain examples for at least three of the categories of products that can be marketed.

How does the societal marketing concept differ from the marketing concept?

The societal marketing concept expands on the marketing concept, taking it from the individual level to the societal level. It involves creating and marketing products that not only benefit customers, but also contribute to the betterment of society in some way.

What activities are involved in offering the products customers want?

To offer the products customers want, marketers share what they've learned about customers with others in the company. People in development or operations design and/or create the product, and people in finance determine whether it's a wise financial decision to offer the product. If so, marketers take the new product for a test drive to find out whether what has been created meets customers' needs. In this way, marketers ensure that the company offers the products that customers want. In addition, some companies buy goods from manufacturers to resell to customers. Marketers at these stores need to make sure that their stores have the latest colors, styles, models, etc., in the right amounts to satisfy customer demand.

How are company goals related to the marketing concept?

While putting the customer first is the focus of the marketing concept, businesses should not give up their goals in doing so. A firm can remain true to its purpose by keeping its goals in mind (whatever they happen to be) while incorporating the marketing concept.