Topics: Marketing, Economics, Customer Pages: 2 (561 words) Published: April 16, 2013
Question 1
a)A want is a good or service desired by a consumer that is not required to sustain life. This is as opposed to a need, which is a good or service required to sustain life. Most of the goods and services desired by modern-day consumers are classified as wants, as the only needs of most consumers are food, water, clothing and shelter. 

Demand is the quantity of a good or service that a consumer is willing and able to buy at a range of prices. If a consumer is willing and able to purchase a need/want, they are considered to have demand for that need/want. A need is something that is necessary i.e. food, water 

A want is something that you desire but is not necessary i.e. a fast car, fancy clothes. A demand is a request for a need or want to be fulfilled i.e. a baby demands food so the parent gives it to them.

b)The Marketing Orientation and the Marketing Concept
An organization with a market orientation focuses its efforts on 1)  continuously collecting information about customers' needs and  competitors' capabilities, 2) sharing this information across  departments, and 3) using the information to create customer value. 

The market orientation simply defines an organization that understands the  importance of customer needs, makes an effort to provide products of  high value to its customers, and markets its products and services in a  coordinated holistic program across all departments. In what we call  the "Marketing Concept," the company embraces a philosophy that the  "Customer is King."

The 5 marketing management orientations are production concept is Management philosophy that buyers prefer goods and services which are cheap and widely available. Product concept is a philosophy that a good product creates its own market, and does not require heavy marketing expenditure. Sales concept is A marketing idea that is based only on the selling of goods or services, rather than on whether or not they are actually needed. Operating under...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • microenvironment Essay
  • Defination Microenvironment Essay
  • Kelloggs Microenvironment Essay
  • Marketing Macro and Microenvironments Essay
  • Microenvironment: Osaka Prefecture and Panasonic Research Paper
  • Microenvironment of Proton Malaysia Essays
  • “the Marketing Environment Comprises a Microenvironment and a Macroenvironment. What Happens in These Environments Is Largely Uncontrollable...
  • Explaining the role of 'suppliers' in an organization's microenvironment. Discuss the impact the supplier environment might have on the...

Become a StudyMode Member

Sign Up - It's Free