![]() SS+K’s work for (now President) Barack Obama certainly illustrates that idea. ![]() Sometimes the “product” can even be a person, such as a political candidate. Product A good, service, or idea that can be marketed., broadly defined, is a good, service, or idea. Let’s take a closer look at each of these four basic tools. The word mix reminds us that no single marketing activity is sufficient to accomplish the organization’s objectives the key is to blend these together to create the desired impact. We commonly refer to the elements of the marketing mix as the Four Ps Product, place, price, and promotion.: product, place, price, and promotion. These tools include the product itself, the price of the product, the promotional activities that introduce it to consumers, and the places where it is available. We call this toolbox the marketing mix The tools the organization uses to create a desired response among a set of predefined consumers., which consists of the tools the organization uses to create a desired response among a set of predefined consumers. It probably won’t surprise you to learn that a lot of advertising tries to show consumers just how a product, service, or idea will do a good job of satisfying a need as it informs, persuades, or reminds.Īdvertising is one important element in the marketer’s strategic toolbox. A product delivers a benefit Anything that, when delivered, satisfies a need. marketers first identify customers’ needs and then provide products or services that satisfy those needs. Most successful organizations today practice the marketing concept The process in which marketers first identify customers’ needs and then provide products or services that satisfy those needs. If you know that a poor child in a third world country goes without proper food and you believe she should have access to healthy meals, you also have a need. For example, if you drive a junky old car but you crave a hot ride, you have a need. ![]() is the difference between a consumer’s actual state and some ideal or desired state. A need The difference between a consumer’s actual state and some ideal or desired state. In each case marketing is about satisfying needs. Thus, marketers ideally try to satisfy everyone involved in the process, including those who make a product or promote an idea, those who advertise it, and those who purchase it or endorse it.Īnd the process is in many ways the same regardless of what the transaction is about-whether it’s a can of peas, a reggae concert, a blood drive, or a political campaign. That’s a pretty long-winded definition-but when you boil it down, it basically means that marketing is about all parties to a transaction walking away with something of value. is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.”, “Marketing Definitions,” (accessed April 17, 2008). And let’s hope the second perspective isn’t true!Īccording to the American Marketing Association, “ Marketing The processes involved in creating, communicating, delivering, and exchanging offerings that have value. It’s just marketing.” In reality, marketing relates to both advertising and selling, but it’s not the same thing as either term. Others even think of it in a very negative way, as in, “That’s not really true. Marketing: Typically when people hear the word marketing they think it means either advertising or selling. Describe the four cornerstones of marketing (e.g., the Four Ps-product, price, place, and promotion).After studying this section, students should be able to do the following:
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