Chapter 3

3.1 Understand marketing concept.

NEEDS, WANTS, AND DEMANDS 

•  Needs are the basic human requirements. People need air, food, water, clothing and shelter to survive. 
•  Wants are shaped by our society. 
• Object or intangibles that are desired and not essential for living. 
• Wants are driven by culture and individual personality.
•  E.g: Mutusamy need food, but he want chapaty, tosei & curry. 
•  Demands are wants (desire) for specific products backed by an ability and willingness to pay.

3.1.1 Explain the marketing functions. 

• In order for the marketing bridge to work correctly. 
• Providing consumers with opportunities to purchase the products and services they need.
• The marketing process must accomplish nine important functions.

3.1.2 List the technologies that support the marketing function. 

• Technology: Application to business of knowledge based on scientific discoveries, inventions, and innovations.
• Interactive marketing: refers to buyer-seller communications in which the customer controls the amount and type of information received from a marketer.
• Technological advances are revolutionizing marketing – WSJ articles 
• Blogs 
• Mobile sites 
• Podcasts 
• Social media 
• Video 
• Other interactive multimedia platforms

3.1.3 Explain the marketing mix: 

Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market.

a) Product 

It is hard to design a place strategy, decide on a promotion campaign, or set a price without knowing the product to be marketed. The product includes not only the physical unit but also its package, warranty, after-sale service, brand name, company image, value, and many other factors. 
Products can be tangible goods such as computers, ideas like those offered by a consultant, or services such as medical care.


b) Price 

Price is the amount of money or goods for which a thing is bought or sold. A customer’s motivation to purchase a product comes firstly from a need and a want. The second motivation comes from a perception of the value of a product in satisfying that need/want.


c) Promotion 

Promotion includes advertising, public relations, sales promotion, & personal selling.  Promotion’s role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, & reminding them of the benefits of an organization or a product. A good promotion strategy can increase sales but do not guarantee success.


d) Place

Place, or distribution strategies are concerned with making products available when & where customers want them. Distribution is all about getting your product/service to the right people at the right time with special consideration for profit and effectiveness.

PDF Notes for this Chapter:

3.1 - INTRODUCTION TO MARKETINGFile

3.2 - MARKETING ENVIRONMENT

3.3 INTERNET MARKETING

3.4 DISTRIBUTION CHANNELSFile

• Fil3.4 DISTRIBUTION CHANNELS
• File

Presentation for Chapter 3, while gathering information through the use of the TECC Lab's Wi-Fi and Computers.

File
Quiz 3: Socrative
https://b.socrative.com/login/student/