Date Submitted: March 24, 2011
Professor Frank Roa, Markma
From the most common definition of Marketing, we can understand it in terms of determining, then, satisfying the wants and needs of the consumers. But many observers say Marketing goes beyond this- by creating wants and needs that may not yet be existing, then working satisfying them. If you agree with the second assertion, can you name 5 products or services that have as being new to the market, flashing back 15 years ago? ____________
It is once said that necessity is the mother of all invention. Necessity is defined as “an imperative requirement or need for something”. Thus, inventions, including products and services, are invented or produced as they are borne out of that certain imperative need. Related to marketing, the imperative need is a perceived opportunity to make a profit knowing that a potential product will satisfy a certain unmet need of a customer.
To claim that marketing creates wants and needs, and then satisfying them, is too big a claim, let alone unwise and an unsound business practice. A product that has no demand or need will not sell. For marketing to create a demand for that product is quite uphill, costly and risky.
In any business case, a product is created to satisfy a need. To produce or create a product, a sales projection is always presented. The sales projection is a reflection of a calculated demand or need. A businessman should not invest in a product where the presenter will impart that there is no need or want for this product yet, but, we will spend to create one and then we will produce to satisfy that need. The risk is just too great…it might not sell.
To some extent, a business case is presented but the demand projection is not grounded in the customer. We see this in the case of the Globe G Cash. It is an electronic wallet where in a person can store his cash and use the cellphone to purchase products in stores,...