marketingstrategy……keyconceptstoreviewforets.docVIP

Marketing Strategy…… KEY CONCEPTS to review for ETS exam…. Marketing Strategy: Key Concepts 1 Concepts, key terms linked to dictionaryLink to Discussion Board What is Marketing? Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services that satisfy individual and organizational goals. AMA Product is the platform for attracting customers.All organizations are in the business of attracting customers.Can the above two statements be challenged?Is marketing selling OR does it reduce the need for selling? Discussion Topic: Challenge the above statements, using your own experiences as reference. What are markets? Exchange, division of labor, positive sum relationships, barter, money reduces friction.Evolution of markets Traditional bazaars Separation of supply and consumption Mass Markets / Media Target Markets / Niche Media Electronic Markets: Meta Markets Evolution of the Marketing Concept Production ConceptDemand for goods and services Supply ... therefore consumers gladly purchased what was being produced. Producers have a captive market. Investment on increasing the efficiencies of production had the greatest impact on company profitability. Thus smart businesses focused on increasing productivity, rather than understanding the consumer. Henry Fords quote: The customer can have any color car as long as it is black is closely identified with this era! This is appropriate for developing countries, and evolved in the US with the advent of the industrial revolution. Sales ConceptDemand = Supply ... therefore producers had to convince consumers to purchase their products. Focus of business investment starts shifting towards developing a robust sales mechanism in order to communicate with consumers. The sales concept is also relevant for products consumers do not seek out ordinarily, such as life insurance and dental treatment. Marketing ConceptSupply Demand ... therefore pro