ESSAY QUESTIONS POM.docx - I CHAP 1 WHAT IS MARKETING 1 Briefly compare and contrast the concepts of needs wants and demands giving an example of each

ESSAY QUESTIONS POM.docx - I CHAP 1 WHAT IS MARKETING 1...

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I) CHAP 1 WHAT IS MARKETING ?1)Briefly compare and contrast the concepts of needs, wants, and demands, giving an example of each. Discuss how these concepts relate to marketing practices.Answer: Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety; a basic social need for belonging and affection; and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate; instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food but wants a Big Mac and a soft drink. An American withten dollars needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' wants and demands. They then attempt to fulfill customers' wants and demands through their market offerings.2)In a short essay, explain how and why marketers go beyond selling a product or service to create brand experiences.Answer: Sellers are most effective when they focus more on the benefits and experiences produced by their products and services than on the specific products and services themselves. Smart marketers focus on creating a brand experience, incorporating several products and services for their customers. By doing so, marketers hope to increase customer satisfaction, creating a body of customers who will repeatedly purchase their market offerings and recommend those offerings to friends.3)Compare the selling and marketing concepts, listing the key components of each philosophy.Answer: The selling concept reflects an inside-out philosophy, while the marketing concepttakes an outside-in perspective. The selling concept is typically practiced when an organization is marketing products or services that buyers do not normally think of purchasing, such as insurance or blood donation. Aggressive selling focuses on creating sales transactions rather than on building long-term relationships with customers, with the aim of selling what the company makes rather than making what the customer wants. The marketing concept, on the other hand, is based upon identifying the needs and wants of target markets and then satisfying those needs and wants better than competitors do. In contrast to the selling concept, marketing focuses on the customer, not the product, as the path to profits.4)Briefly explain the societal marketing concept. Give an example of an organization that has effectively used the societal marketing concept. Answer: According to this concept, firms will succeed if they take underlying consumer needs and society's well being into account over the long term. A pure marketing concept 1
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can damage consumers' long-run welfare by focusing exclusively on satisfying consumers' short-run wants. Over a long period of time, this too-narrow focus can be damaging to the company. In setting their marketing strategies, marketers today need to balance company profits, consumer wants, and2
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society's interests. Johnson & Johnson is an example of a company that has successfully
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  • Fall '18
  • toan ngo

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