Questions for Lesson 1
Define marketing and the two goals of marketing. As a company president, explain why each of the two goals of marketing is important to your company. Give examples.
Marketing deals mainly with customers although it can have many definitions. This simplest definition is: Marketing is managing profitable customer relationship. (Kotler & Armstrong, 2008). Marketing has two main goals of attracting new customers and keeping current customers. In my company the goals of attracting new customers and maintaining current customers is essential to keeping the company profitable and relevant. My company Vice GOLD, which is a clothing brand, will be launching soon and our marketing has to be effective. We have good reviews from testing some of our pieces at fashion shows and limited clientele. That is great word of mouth marketing because our current customers are talking about us, and that will get future customers excited when the brand launches. Our current customers appreciate our excellent customer service and creative styles. This makes them want to stay customers because they remember how they were treated during the shopping process. And with them on our mailing list, they are the first to know of new and limited edition styles. Attracting new customers, is important because we want the company to be profitable and be well known in the fashion world. What is the difference between a need, a want, and a demand? Describe the need versus want for the following items: a car, Gatorade, Nike Shoes, basic foods, an iPod, and housing. Although they may often be confused for each other, there are differences between a need, a want, and a demand. Our needs are essential for human survival. They include, clothing, water, warmth and safety. The social needs of belonging,love, and individual needs of knowledge and self expression.(Kotler & Armstrong, 2008). Basic foods are needs because if you don’t eat you will die. Housing is another need because we...
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