A:Are you interested in marketing management?
B:Not very much. I hope little by little it gets better.
A:We will.
B:May be you can help me. What is marketing?
A:Marketing is the performance of business activities directed at satisfying needs and wants through the exchange process.
B:Why do you think many firms today have adopted and marketing concept?
A:Using this concept, they identify consumer needs and wants and then produce goods that satisfy them. The foundations of the concept are consumer orientation and goal orientation.
B:What do consumer orientation and goal orientation mean?
A:Consumer orientation means the marketing manager identify the groups of people most likely to buy their companies’ products. To do this, they either assemble data about potential customers or analyze the existing market. Then they determine how their companies can meet the needs of such groups. Goal orientation must be part of the marketing concept. That is, firms must set their own goals, both financial and non-financial, as well as please consumers.
B:Then what does 4Ps mean?
A:They are known as product, place, pricing, and promotion.
B:Thanks for teaching me so much!
A:My pleasure.
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A:Do you know five ways of segmenting a market?
B:Yes. There are five basic forms of market segmentation: demographic, geographic, psycho-graphic, benefit, and volume. Their characteristics follow: (1) Demographic segmentation is segmentation by age, gender, income, or race. (2) Geographic segmentation is segmentation by region-urban versus rural. (3) Psycho-graphic segmentation is segmentation by life-style, personality, values, or attitudes. (4) Benefit segmentation is segmentation according to product characteristics. (5) Volume segmentation is segmentation by using light versus heavy.
A:And would you like to explain two types of data used in marketing research?
B:Yes. Two types of data are used in marketing research: primary and secondary. Primary data are data collected directly from the original source for the purpose of solving a problem under investigation. Secondary data are previously collected for a project other than the current one, and they can come from a number of source. Some form of survey research is usually used for primary data gathering. In this type of behaviors. Survey research uses five kinds of personal interviews: door-to-door, mall-intercept, telephone, focus-group, and mail. Secondary data can save companies time and money. However, since they were gathered o meet a previous needs, they may not fully meet the current needs.
A:Thank you so much!
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A: Professor Smith, we have known many interesting things about market management in the class. What are we going to learn today?
B:The label. An integral part of any package is its label. Labeling strategy generally takes one of two forms: persuasive and informational. Persuasive labels focus on promotional themes or logos. Consumer oriented information is of secondary importance. Among the promotional claims on persuasive labels are “new”,”improved”,and “super”. Information labels are designed to give consumers information that will help them make good selections. Sear attaches a “label of confidence” tag to its floor-covering products. The tag gives such information as wear-ability, clean ability, care and construction standards, and color.
A:And what are the differences between consumer goods and industrial goods?
B:Consumer goods are goods and services that are bought and used by the ultimate buyer. They can be classified as convenience goods, shopping goods, or specialty goods, depending on how much effort consumers are willing to exert to get them. Industrial goods are goods bought by organizations for use in making other goods or in rendering services. These goods are classified as capital goods or expense items and are sub-classified as installations, accessories, raw materials, component parts and materials, industrial supplies, and industrial services.
A:What else do we focus on?
B:New-product development is a long and costly process. Only about one idea in seven finally reaches the marketplace as a new product. Furthermore, only two out of three products that make the national scene are successful. After a product reaches the marketplace, it enters the product life cycle-a series o stages in sales and profits over a period of time. the cycle typically has four stages: introduction, growth ,maturity, and decline. As the product moves through the stages, the marketing manager must keep revising the marketing mix.
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