Marketing Management Essay

2204 Words 9 Pages
Chapter 1: Marketing Management Basic Concepts
THE SCOPE OF MARKETING To prepare to be marketers, you need to understand what marketing is, how it works, what is marketed, and who does the marketing. What Is Marketing?  Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.”  The American Marketing Association offers the following formal definition: ―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 goals.”  Marketing management is the art and science of choosing target markets and getting, keeping, and
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What Is Marketed? Ten types of entities: 1. Goods: Physical goods constitute the bulk of production and marketing efforts. 2. Services: The U.S. economy today consists of a 70–30 services to goods mix. 3. Events: Time-based events such as trade shows, artistic performances, and the Olympics. 4. Experiences: By orchestrating several services and goods (Walt Disney World’s Magic Kingdom). 5. Persons: Celebrity marketing is a major business. 6. Places: Cities, states, regions, and whole nations compete actively (attract tourists, FDI, immigrants) 7. Properties: Are intangible rights of ownership (real property: real estate) or (financial property: stocks and bonds). 8. Organizations: Actively work to build a strong, favorable, and unique image in the minds. 9. Information: Can be produced and marketed as a product. (Schools, universities) 10. Ideas: Every market offering includes a basic idea. organization’s objectives. Eight demand states are possible: 1. Negative demand—consumers dislike the product and may even pay a price to avoid it. 2. Non-existent demand—consumers may be unaware or uninterested in the product. 3. Latent demand—consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand—consumers begin to buy the product less frequently or not at all. 5. Irregular demand—consumer purchases vary on a seasonal, monthly, daily, or even an hourly basis. 6. Full

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