Marketing
Marketing by Tymkiv N.M. and Krytsak O.O.
UNIT 1
MARKETING
1. GENERALITIES One of the areas of management is marketing. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing makes products available where customers want them by transferring the ownership of products to buyers. The entire business organization is involved in a dual process of satisfying customer needs and achieving organizational goals. Implementation of marketing concept begins and ends with marketing information about customers first to determine what customers need, and later to evaluate how well the firm is meeting those needs. A market consists of people with their needs, the ability to buy, and the desire and ability to sell. Markets are classified as consumer and industrial markets. 2. A MARKETING MIX A business firm controls four important elements of marketing which are called a marketing mix. A firm’s marketing mix is the combination of the product, the price of the product, the means for its distribution, and the promotion of the product to reach a firm 's target market. A firm can vary its marketing mix by changing any one or more of these ingredients. Thus a firm may use one marketing mix to reach one target market and a second, somewhat different marketing mix, to reach another target market. For example, most automakers produce several different types of vehicles and aim them at different market segments based on age and income: a – the product ingredient of the marketing mix includes decisions about the product 's design, brand name, packaging, warranties, and the like; b – the pricing ingredient includes both base prices and discounts of various kinds. Pricing decisions are intended to achieve particular goals, such as to maximize profit or even to make room for new
UNIT 1
MARKETING
1. GENERALITIES One of the areas of management is marketing. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing makes products available where customers want them by transferring the ownership of products to buyers. The entire business organization is involved in a dual process of satisfying customer needs and achieving organizational goals. Implementation of marketing concept begins and ends with marketing information about customers first to determine what customers need, and later to evaluate how well the firm is meeting those needs. A market consists of people with their needs, the ability to buy, and the desire and ability to sell. Markets are classified as consumer and industrial markets. 2. A MARKETING MIX A business firm controls four important elements of marketing which are called a marketing mix. A firm’s marketing mix is the combination of the product, the price of the product, the means for its distribution, and the promotion of the product to reach a firm 's target market. A firm can vary its marketing mix by changing any one or more of these ingredients. Thus a firm may use one marketing mix to reach one target market and a second, somewhat different marketing mix, to reach another target market. For example, most automakers produce several different types of vehicles and aim them at different market segments based on age and income: a – the product ingredient of the marketing mix includes decisions about the product 's design, brand name, packaging, warranties, and the like; b – the pricing ingredient includes both base prices and discounts of various kinds. Pricing decisions are intended to achieve particular goals, such as to maximize profit or even to make room for new