Introduction to Market

In: Business and Management

Submitted By sazzadsaad
Words 2152
Pages 9
CHAPTER OBJECTIVES

1. Define what marketing is and discuss its core concepts.
2. Explain the relationships between customer value, satisfaction, and quality.
3. Define marketing management and understand how marketers manage demand and build profitable customer relationships.
4. Compare the five marketing management philosophies.
5. Analyze the major challenges facing marketers headings into the next century.

CHAPTER OVERVIEW

Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor in business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment. Marketing and its core concepts, the exchange relationship, a brief description of marketing management, the five major philosophies of marketing thought and practice, marketing challenges in the new millennium, marketing’s relationship to the information technology boom and the Internet, and the new marketing landscape are the topics presented in this introductory chapter.

CHAPTER OUTLINE

1. Introduction a. Today’s successful companies at all levels have one thing in common. b. All successful companies are strongly customer focused and heavily committed to marketing. c. To be successful an organization motivates…...

Similar Documents

Company Introduction. Market Segmentation and Product Positioning

...this segment. Discuss the target market and provide a rationale for this target market. The target segment or market segment to exploit for our products include both men and women from upper segments of the society or high net-worth individuals that can afford our premium technology products. The target customers, apart from being financially sound, will also depict characteristics such as interest in owning latest technology products, flair for artistic or premium, sophisticated or one of its kind limited edition products, etc. As the product is not only technologically advanced but also expensive in terms of price and sophisticated or unique in terms of design and appeal, it is aimed at those select individuals in the society that can afford to buy such luxury products. Hence, it is most profitable for a company to target only high end or high net worth individuals for this product. The middle income consumers will not be able to afford this product and thus, do not require special attention. The company would focus on rich entrepreneurs or business people, CEO's or top management of corporations and passionate technology or art lovers who love to invest or indulge in such luxury purchases. 3. Perform a SWOT analysis (strengths, weakness, opportunities, and threats) for the company. Strengths: 1) Technologically superior products with very strong design and luxury appeal. 2) Unique offering with little or no competition in the market. 3) Strong manufacturing and......

Words: 935 - Pages: 4

Company Introduction, Market Segmentation, and Product Positioning

...Company Introduction, Market Segmentation, and Product Positioning MKT500 April 24, 2012 Executive Summary DTPME is a Christian owned and operated health care service company that serves in North Carolina and expanding into the Europe market. We will be serving an exclusive geographic segment of the multi-billion dollar health care industry, and will create value for our clients by offering quality, reliable health care products supported with top notch service and a 100% satisfaction guarantee. DTPME customer base will be individuals and families, which may need additional monitoring in case of an emergency who may be coping with an acute or chronic illness, recovering from surgery or an injury, or assistance with basic everyday living needs. DTPME was formed as an incorporated organization with three owners. DTPME’s current location, with 500 employees in a 150,000 square foot building, is located in Raleigh, NC. DTPME partnered with German institute Fraunhofer to develop this new medical alert pendant and bracelet that has a built-in sensor with a camera. DTPME has kept abreast of the current and future technologies in healthcare equipment and will offer the latest medical alert device to customers. Current market research indicates that within the next year, technology will grow significantly in terms of the devices that will connect the healthcare providers to patients. DTPME will also be positioned as a distributor of this......

Words: 3132 - Pages: 13

Introduction to Market Research

...MARKET RESEARCH ASSIGNMENT I TOPIC: MARKET RESEARCH – Need, Tools and Examples ABINAYA NARESH ANANTHAKRISHNAN ANANTHAPADMANABHAN P ARUN PRASANNA A.P ASWIN KUMAR U.K WHAT IS MARKET RESEARCH Market research is any organized effort to gather information about markets or customers. It is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Market research provides important information to identify and analyze the market need, market size and competition. Firms conduct research on a continual basis to maintain a competitive edge and keep up with market trends. Regardless of whether the business is starting or expanding, market research is vital to understanding the target market and increasing sales. NEED FOR MARKET RESEARCH The need for market research arises from the need of information for businesses – information about customer needs, competition, market demand, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment, characterised by frequent: Changes in technology – enabling newer products and new production processes (e.g. switching of screens to OLEDs) Changes in consumer tastes –the demand for some products declines, whilst others......

Words: 1676 - Pages: 7

Introduction to Capital Markets

...INTRODUCTION TO CAPITAL MARKETS What is investment banking? Investment banks act as intermediaries in capital markets, helping the matching of sellers and buyers of various securities and advising institutional investors, government and companies on their investment strategies, on their financing needs (helping them to raise money) and their acquisitions. Two main areas: (1) Securities or capital markets divisions: trading in the equity, fixed income ,FX and commodities markets and advising and intermediating for institutional investors in those markets. (2) Corporate Finance and public finance (often referred to as investment banking) advising corporations and governments on their financing needs, including the underwriting of securities, on their merger and acquisition activities, or on their restructuring. Securities and capital markets divisions Clients are usually * Institutional investors, corporates or public entities, not private clients; * Mutual funds asset managers; * Pension Fund asset managers; * The insurance companies; * Private Banks; * Hedge Funds; * The treasury departments of large banks or large companies. Capital markets divisions * Equity division: equity research, equity sales, equity trading on cash, flow derivatives and structured products * FIRC or FICC (Fixed Income, currencies and derivatives): * Fixed income cash products, interest and credit......

Words: 3043 - Pages: 13

Company Introduction, Market Segmentation, and Product Positioning

...My company Change Your Life Fitness is a non-typical gym. Our goal at Change Your Life Fitness is to put fun back into fitness. Change Your Life Fitness has been formed to meet a specific need in an ever increasing competitive market. How is Change Your Life Fitness different? We offer a plethora of services, but you only pay a small fee for the services that you want to take advantage of. Our fitness center has no sign up fee(s) and only a ten dollar a month membership fee, which can be cancelled at any time. We offer nutritional assistance for the people that want to lose weight, we offer professional trainers for people that wish to increase muscle mass, we offer yogi for people that want to learn proper stretching and relaxation techniques, we offer different types of Jazzercise as well as Zumba. We offer child care services for single and working parents. Regardless of your fitness level you can find something at Change Your Life Fitness that will appeal to you. Our mission statement at Change Your Life Fitness is- “Change Your Life Fitness- We will help you achieve results that will change your life”. I want to make our fitness center someplace that has something for everyone. Fitness is such an important part in all of our lives, and I want Change Your Life Fitness to be part of that. I am aware that a mere ten dollar a month fee is not enough to get rich with. I plan on selling nutritional supplements, sports drinks, snacks as well as calorie correct prepared......

Words: 1796 - Pages: 8

Mkt 500: Company Introduction, Market Segmentation, and Product Positioning

...MKT 500 Company Introduction, Market Segmentation, and Product Positioning Student Dr. Kelly Bruning Marketing 500026VA016-1126-001 July 22, 2012 Company Introduction, Market Segmentation, and Product Positioning Dating is something that most people have done or will do at any given point in their life. For some people, meeting and asking someone out for coffee, dinner, drink, or even a movie is as easy as breathing. On the other hand, for others it is just not that simple. Then to add to that scenario, you have people that have been with their mates for years, then suddenly find themselves single as a result of divorce, or because the spouse died unexpectedly. Now, just imagine someone in this situation who frankly hasn’t had a date in years, except with their significant other. They may not be prepared for the challenges of dating, or able to get out and meet people in the traditional manner in which most people are accustomed to dating. In addition, times have changed, and now with advance technology, a person can meet potential suitors online without ever having to leave the house. It is for this reason that online dating has become very popular. People can now search out the type of person who attributes fits more closely with their own ("What causes popularity of online dating?"). With the trend of online dating, there are a number of dating sites where there are millions of people who are utilizing the sites. To subscribe to these various sites, a person......

Words: 4042 - Pages: 17

Company Introduction, Market

...Company Introduction, Market Segmentation, and Product Positioning Company Extravagant Chocolate Incorporated will offer a variety of homemade luxurious, gourmet chocolates. Chocolate is a treat that most everyone loves some depending on the type, brand, and decadents. Extravagant Chocolate will have a variety of choices to answer any chocolate lover’s desires they range from dark chocolate, milk chocolate, and even white chocolate. The company will span the globe for the best ingredients to use to make the tastiest treats. They will include nuts, fruits, truffle, creams, and even spaces. The company will also offer chocolates with various flavors such as alcohols and champagnes. Due to the importance of setting the company apart from other competitors the company will do custom designs and colors for special occasions and events. These chocolates will be available for personal consumption, as well as perfect gift to friends, co-workers, and family members. Special orders will be handled with the upmost care when allergies are of concerns to include things like gluten free, nut allergies, and dairy allergies without forgoing the desired taste. The name in itself will capture the consumers attention and have them yarning to buy Extravagant Chocolates for personal taste treats or those special occasions. Mission Statement The mission of Extravagant Chocolate Incorporated is to be the leading producer and marketer of personalized chocolate while providing the......

Words: 1713 - Pages: 7

Mkt 500 Assignment 1 Company Introduction, Market Segmentation,

...MKT 500 Assignment 1 Company Introduction, Market Segmentation, To Purchase Click Link Below: http://strtutorials.com/MKT-500-Assignment-1-Company-Introduction-Market-Segmentation-MKT5001.htm MKT 500 Assignment 1 Company Introduction, Market Segmentation, and Product Positioning In this assignment you will describe your fictitious company and provided its background. Then, you are ready to start building the marketing plan with a focus on segmenting and positioning your product and service. Write a five to seven (5-7) page paper in which you: A. Write about your company. 1. Write a detailed company background. Address the following items at a minimum for full credit: 2. Create a strategic mission statement. 3. Determine and decide upon at least one (1) foreign market for the product and service. Provide your rationale for this market. B. Write about your marketing plan. 1. Discuss the potential audiences for a marketing plan and the needs of those potential audiences. 2. Identify the marketing segment for the product and provide a rationale for this segment. 3. Discuss the target market and provide a rationale for this target market. 4. Perform a SWOT analysis (strengths, weakness, opportunities, and threats) for the company. 5. Create the market position for your product and service. Explain your rationale. 6. Support your marketing plan with at least two (2) reference sources that discuss the nature of the product. Your assignment must......

Words: 309 - Pages: 2

P1 Introduction to Market Research Unit 10

...INTROUDCTION TO MARKET RESEARCH Market research can be referred to as the process of gathering information about a market, product or services or customers. Market research is a specific area of marketing that informs businesses like Kellogg’s about the things consumers need, how best to design products to answer those needs and how to advertise those products to consumers. Market research helps Kellogg’s to plan ahead, for example looking at what products or extensions it should develop and for whom. INTRODUCTION TO THE COMPANY Kellogg Company is a producer of cereal and convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles, and vegetarian foods. The company's brands include the following Corn Flakes, Keebler, Pop-Tarts, Eggo, Cheez-It, Nutri-Grain, Rice Krispies, Bear Naked, Morningstar Farms, Famous Amos, Special K, All-Bran, Frosted Mini-Wheats, Club Crackers and Kashi. Kellogg products are manufactured in 18 countries and marketed in more than 180 countries around the world. TYPE OF RESEARCH I WOULD USE FIRST It is more cost-effective for Kellogg’s to conduct secondary research before they start conducting primary research because it allows them to build an understanding of the market and identify any major barriers before committing to expensive research, it also allows them to develop some assumptions, which means Kellogg’s can use the primary research to test its assumptions. SECONDARY......

Words: 972 - Pages: 4

Mkt 500 Assignment 1 Company Introduction, Market Segmentation,

...MKT 500 Assignment 1 Company Introduction, Market Segmentation, To Purchase Click Link Below: http://strtutorials.com/MKT-500-Assignment-1-Company-Introduction-Market-Segmentation-MKT5001.htm MKT 500 Assignment 1 Company Introduction, Market Segmentation, and Product Positioning In this assignment you will describe your fictitious company and provided its background. Then, you are ready to start building the marketing plan with a focus on segmenting and positioning your product and service. Write a five to seven (5-7) page paper in which you: A. Write about your company. 1. Write a detailed company background. Address the following items at a minimum for full credit: 2. Create a strategic mission statement. 3. Determine and decide upon at least one (1) foreign market for the product and service. Provide your rationale for this market. B. Write about your marketing plan. 1. Discuss the potential audiences for a marketing plan and the needs of those potential audiences. 2. Identify the marketing segment for the product and provide a rationale for this segment. 3. Discuss the target market and provide a rationale for this target market. 4. Perform a SWOT analysis (strengths, weakness, opportunities, and threats) for the company. 5. Create the market position for your product and service. Explain your rationale. 6. Support your marketing plan with at least two (2) reference sources that discuss the nature of the product. Your assignment must......

Words: 309 - Pages: 2

Introduction

... Title | Page No. | 01 | INTRODUCTION * Objective * Scope * limitation | 2-5 | 02 | RESEARCH METHODOLOGY * Type of research * Type of data used * Method of data collection | 6-8 | 03 | COMPANY PROFILE * Introduction of company * History,vision,mission * Organization structure * Social Responsibility * Product * Environment * Certification * Achievement & Awards | 9-25 | 04 | FUNCTIONAL AREA * Human resource management * Finance management * Production management * Marketing management | 26-32 | 05 | LEARNING | 33 | 06 | FINDING AND SUGGESTION | 34 | 07 | QUESTIONARIES | 35-44 | 08 | BIBILIOGRAPHY | 45 | Chapter 1 INTRODUCTION OF PROJECT:- The problem is preparation of the design of the research project. It includes export introduce to mineral water or mountain water. The project undertaken aims to find out the selling and marketing of mineral water or mountain water. The Act introduced to professional development for patents. In an effort to differentiate one brand from another. Some companies have introduced to vitamins ingredients. To sales with water flavoring about various industry efforts to improve. The naturals has introduced made with production and marketing reduce the products. The nutrition facts it stated that the organic shelled of introduced to the product. To the introduction of a variety of drinks marketed as......

Words: 3343 - Pages: 14

Mkt 500 Assignment 1 Company Introduction Market Segmentation

...MKT 500 ASSIGNMENT 1 COMPANY INTRODUCTION MARKET SEGMENTATION To purchase this visit here: http://www.activitymode.com/product/mkt-500-assignment-1-company-introduction-market-segmentation/ Contact us at: SUPPORT@ACTIVITYMODE.COM MKT 500 ASSIGNMENT 1 COMPANY INTRODUCTION MARKET SEGMENTATION MKT500 Assignment 1 Company Introduction, Market Segmentation, and Product Positioning In this assignment you will describe your fictitious company and provided its background. Then, you are ready to start building the marketing plan with a focus on segmenting and positioning your product and service. Write a five to seven (5-7) page paper in which you: A. Write about your company. 1. Write a detailed company background. Address the following items at a minimum for full credit: 2. Create a strategic mission statement. 3. Determine and decide upon at least one (1) foreign market for the product and service. Provide your rationale for this market. B. Write about your marketing plan. 1. Discuss the potential audiences for a marketing plan and the needs of those potential audiences. 2. Identify the marketing segment for the product and provide a rationale for this segment. 3. Discuss the target market and provide a rationale for this target market. 4. Perform a SWOT analysis (strengths, weakness, opportunities, and threats) for the company. 5. Create the market position for your product and service. Explain your rationale. 6. Support your marketing plan with at least......

Words: 1048 - Pages: 5

An Introduction to Financial Markets

...Running Head: AN INTRODUCTION TO FINANCIAL MARKETS | | | | | | |Susana Silvestri | | |Grand Canyon University | | |FIN-350 | | |June 12, 2011 | | | | |a. A household’s current savings includes its current purchases of corporate stock as well as prior holdings of | |corporate stock and its current investment includes the equity it currently has in its house. ...

Words: 1618 - Pages: 7

Introduction to Market Research: First Direct Case Study

...Understand the main types of market research used to make marketing decisions In this report I will be discussing the different forms of market research and how these methods have been used to make marketing decisions for first direct. Carrying on from this I will be suggesting how different methods are appropriate to enable first direct to revitalise its brand relaunch and evaluating the businesses market research. Marketing is a management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably. To satisfy consumer needs is to make sure the consumer gets what they want. You do this through market research. The first stage of market research is to plan it also called the ‘MR process; .Define the problem .Define research objectives .Choose data sources .Choose research methods .Set budgets and deadlines .Undertake research .Analysis and evaluate Choosing the research is what I am focusing on today. There are four main sources of research, qualitative, quantitative, primary and secondary. Primary research Primary research is new information obtained by an organisation first hand from using their own resources and collecting their own data to answer specific issues or questions. The method can involve observation, experimentations, surveys, focus groups, interviews, field trials and panels. Surveys are one of the most frequently used methods of market research, there are four common ways of conducting a survey, via......

Words: 2568 - Pages: 11

Assignment 1:Company Introduction, Market Segmentation, and Product Positioning

...Assignment 1: Company Introduction, Market Segmentation, and Product Positioning Put My Foot In It Cakes Lynda R. Gaston Dr. David A. Holness Strayer University MKT 500 – Marketing Management April 25, 2012 Write a detailed company background. Family functions are always a great way to introduce my creativity by designing new homemade cakes. Made and created by Lynda Gaston in 1992, my company, Put My Foot In It Cakes was born. Featuring homemade cakes, cupcakes and other delectable only the finest ingredients are used. Bringing my cakes to family functions and getting rave revues, thumbs up and the famous quote “Lynda, you put your foot in this cake”, a vision was born….Put My Foot In It Cakes. Create a strategic mission statement. Put My Foot In It Cakes strives to be the “I remember my grandmother’s cakes tasted exactly like this” in the Southern and Northern regions. Committed to bringing a personal touch to the palate, Put My Foot In It Cakes will bring joy and comfort in every bite. Everything we do reflects this mission and brings the values that make it possible. Determine and decide upon at least one foreign market for the product and service. Provide your rationale for this market. One foreign market that I have decided upon would be Canada. The reason I chose Canada is because they speak dual languages. There would be no large shipping costs and freight charges. Ground transportation can be used because Canada is a country in close proximity to......

Words: 1043 - Pages: 5

Unduh APK | Больше >> | Pluton La Ultima Frontera HDTV