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Marketing involves Needs, Wants, and Demands
Human needs are basic necessities needed by humans for survival and well-being
...
The three basic needs are food, clothing, and
shelter
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Once the basic needs are satisfied, the human wants will take over
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We all know that human wants are unlimited
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They can change over time
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Finally, the smallest circle is Demands: things we want and can actually get
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A want becomes a demand when it is supported by purchasing
power
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For instance, a customer
may want a high-end smartphone (a want), but it becomes a demand when they have the financial means to
purchase it
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By understanding these concepts, marketers can tailor their strategies effectively to meet consumer expectations
Major Classifications of Products: Consumer and Industrial Products
A product can be offered in the market for use and consumption to satisfy the need or want
...
Convenience Products
● Customer usually buys frequently with a minimum comparison and buying effort
● Newspaper, Food, Coffee, Groceries
2
...
Specialty Products
● Products with unique characteristics or brand identification
● A significant group of buyers is willing to make a purchase effort
● Medical services, Designer clothes
4
...
Material and Parts
● Raw materials and manufactured materials and parts
● Metal, Wood
6
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Supplies and Services
● Operating supplies
● Repair and maintenance
● Business services
Environmental Forces: Microenvironment and macroenvironment
The marketing environment is the actors and forces that affect the management’s ability
...
It refers to the immediate and
specific factors directly impacting an organization
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The microenvironment has a direct and regular influence on business activities and performance
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Marketing Intermediaries: Wholesalers, distributors, and retailers who facilitate the flow of products
Customers / Consumers: Individuals or organizations who purchase goods or services
Company: This includes the owners, shareholders, employees, and the board of directors
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It encompasses broader external forces that influence all
business entities operating within an economy
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The macroenvironment has an indirect and distant influence on business decisions, strategies,
and overall performance
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■ Economic: Economic conditions, inflation, exchange rates, and economic growth
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■ Technological: Technological advancements and innovations
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■ Environmental: Environmental concerns, sustainability, and climate change
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There are a few types of advertisements namely:
1
...
Persuasive - important for increased competition
3
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Increased Awareness: Advertising is a powerful tool to raise awareness about products, services, or brands
...
2
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By considering factors such as gender, age, education, income, and geographic location, companies can
effectively reach their ideal customers
...
Misleading Information: Sometimes, advertisements can be misleading or exaggerate the benefits of a
product
...
2
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If not managed carefully, these costs can strain a company’s budget
...
Effective advertisements persuade customers that
your product is high-quality, useful, or desirable, ultimately leading to increased sales