bus 330 week 5 final
Principles of Marketing
Levi Hightree
BUS 330: Principles of Marketing
Instructor: Thomas Matula
January 18, 2015
Marketing defined is as the method by which companies generate value for consumers and build on that value by building strong relationships with the customers. Marketing involves more than just selling and advertising, but it also entails understanding consumer needs and developing products and services to satisfy those needs while earning the trust of the consumer with honestly reporting the quality of a product. It consists of those efforts which effect transfers in the ownership of goods and care for their physical distribution. Marketing grew out of the division of labor manifested through large scale production and the localization of industry. The marketing process involves the following steps: understanding consumers; creating customer values; building strong consumer relationships; creating marketing strategy; and capturing the value from consumers (White, 2012). Through this paper the process of marketing will be broken down and delved into. The first step in the marketing process understands the market place and consumer needs (White, 2012). During this step the marketer needs to understand the consumers’ needs, wants, and demands and then offer products, services, and experiences to satisfy those needs, wants and demands (White, 2012). A customers wants are shaped by intellectual and individual personality. When supported by buying, wants become demands. To fulfill customers’ wants and needs, marketers offer a grouping of products, information, services, or experiences (White, 2012). A market is shaped at each point where a specific article of trade is determined and occurs each time people make a decision to satisfy needs and wants through trade. Once a marketer gets a grip on customers’ needs and wants they must design a marketing strategy. This is done by deciding on target markets and building gainful
Levi Hightree
BUS 330: Principles of Marketing
Instructor: Thomas Matula
January 18, 2015
Marketing defined is as the method by which companies generate value for consumers and build on that value by building strong relationships with the customers. Marketing involves more than just selling and advertising, but it also entails understanding consumer needs and developing products and services to satisfy those needs while earning the trust of the consumer with honestly reporting the quality of a product. It consists of those efforts which effect transfers in the ownership of goods and care for their physical distribution. Marketing grew out of the division of labor manifested through large scale production and the localization of industry. The marketing process involves the following steps: understanding consumers; creating customer values; building strong consumer relationships; creating marketing strategy; and capturing the value from consumers (White, 2012). Through this paper the process of marketing will be broken down and delved into. The first step in the marketing process understands the market place and consumer needs (White, 2012). During this step the marketer needs to understand the consumers’ needs, wants, and demands and then offer products, services, and experiences to satisfy those needs, wants and demands (White, 2012). A customers wants are shaped by intellectual and individual personality. When supported by buying, wants become demands. To fulfill customers’ wants and needs, marketers offer a grouping of products, information, services, or experiences (White, 2012). A market is shaped at each point where a specific article of trade is determined and occurs each time people make a decision to satisfy needs and wants through trade. Once a marketer gets a grip on customers’ needs and wants they must design a marketing strategy. This is done by deciding on target markets and building gainful
References: Blackwell, J. (2009). Principles Of Marketing. Retrieved from Principles Of Marketing: http://www.evancarmichael.com/Sales/1069/Principles-of-Marketing.html Center For Business Administration. (2007). The Marketing Concept. Retrieved from The Markting Concept: http://www.netmba.com/marketing/concept/ Encyclopedia Of Business And Finance. (2009). Ethics In Marketing. Retrieved from eNotes: http://www.enotes.com/business-finance-encyclopedia/ethics-marketing Know This Marketing. (2009). The Role Of Marketing. Retrieved from Know This Dot Com: http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/role-of-marketing/ White, S. (2012). Principles of marketing. (1st ed.). San Diego, CA: Bridgepoint Education, Inc.