Fundamental of Marketing - 1087 Words

Josh Hazel Fundamentals of Marketing 05/07/2005 Unit 1 Individual Assignment Attention Managers: The market is the set of actual and potential buyers of a product. Building customer value and satisfaction is the key to product success. Marketing is about understanding customers needs and developing a product that provides value and promotes effectively. Marketing, in addition, is also about wants and demands. Wants are shaped by culture and personality. Demands are wants that are backed by purchasing power. As a marketer responsibility is formed to provide a combination of products, services, information, or experience to satisfy these needs, wants, and demands. Customers form expectations about the value of products and†¦show more content†¦(Starling, 2002.) Using the current demographics we can see that there is a large share of consumers that we have not touched yet. By focusing on creation of a product, and directing the marketing advances toward these consumers (youth) the corporation can gain a share of the purchasing power, as well as influence on the parents of these individuals. For example, Chinese parents spend an estimated 40% of their income on their children. (Armstrong, Kottler, 2005. Page 74) Conglom s marketing should use current market trends in order to market new products. Trends such as; dieting, low-calorie, no sugar, all-natural products, low-carbohydrate, (Roberts 2004) and vitamin and mineral rich products appeal to the generation-x and baby boomers. (Starling, 2002) The appeal on this new healthy drink will ensure to maintain and grow adult customers. (Ascend Media, LLC. Euro-monitor PLC 2005) Support for youth oriented marketing to prove Congloms drinks are exiting, and popular athletes, singers, and actors enjoy these drinks. Other trends such as new flavors and product designs will attract youth. (Mastroberte 2005, Euromonitor PLC.) The marketing departments ability to study surveys such as; what colors make people thirstier, what role-models people imitate most, and such studies will aid in creating these designs andShow MoreRelatedThe Fundamental Basis Of Marketing936 Words   |  4 PagesThe fundamental basis of marketing is to communicate clearly the value of a company’s product and/or service offering to a specific target market (Boone Kurtz, 2014). Companies use extensive market analysis and research to determine and define which individuals best embody the end users of their products and/or services. 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This report splits into Section A, based on information provided by the ‘ING Direct USA – Rebel With A Cause’ Case Study by IMD International, and Section B which critically assesses the ING-D websiteRead Moreâ€Å"Knowledge of the Process That Organisational Buyers Follow in Making Purchasing Decisions Is Fundamental to Responsive Business Marketing Strategy.†1702 Words   |  7 Pagesâ€Å"Knowledge of the process that organisational buyers follow in making purchasing decisions is fundamental to responsive business marketing strategy.† INTRODUCTION In today’s globalised and forever changing world of business, different organisations around the world are finding it very difficult not only to compete but also to be managed efficiently and effectively by management. The world of business is very volatile and forever unpredictable and this is caused by changing and difficult forcesRead MoreEssay on MBA detail course outline1314 Words   |  6 PagesResearch Methods †¢ Research Methods †¢ Research Methods †¢ Organization Theory †¢ Organization Theory †¢ Financial Accounting †¢ Financial Accounting †¢ Project Management Fundamentals 2nd Quarter †¢ Project Management Fundamentals †¢ Project Management Fundamentals †¢ Project Management Fundamentals 4th Quarter †¢ Organizational Behavior – I †¢ Organizational Behavior – I †¢ Organizational Behavior – I †¢ Organizational Behavior – I †¢ Leadership †¢ Leadership Read MoreResponsibilities of a Marketing Manager686 Words   |  3 PagesMarketing is one of the central functions of a firm; the others typically being Research and Development (RD), Manufacturing or Operations, Finance, IT and Human Resources (HR). Whereas the other functions concentrate on internal matters, marketings focus is solely on the customer. Marketing is the most critical of all activities for without a customer there is no revenue, leaving little for the other functions to do. As such, the fate of the organization rests in the abilities of its marketing