Essay on Principles of Marketing Chapter 1 to 3

Words: 3267
Pages: 14

Chapter 1
Discussing the Concepts 1. What is marketing and what is its primary goal? * One definition of marketing is, “a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.” * A much simpler definition would be, “managing profitable customer relations.” * Its primary goal is to create value for customers and capture from customers.

2. Compare and contrast customer needs, wants and demands. Describe the need versus the want for the following products: Gatorade, Nike shoes, and iPod. * A need is a state of felt deprivation and a want is the form a human need takes as shaped by culture and individual personality.
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This in turn will make our products known besides our efforts of advertisement; we focus on customer satisfaction to make our brand a household name.” * This marketing holds true to the definition of marketing, like the first one, they create value for customers and receive value as well

* Trimline Spa * “We market our product through excellent service and an unforgettable experience in our facilities. We continue to improve our service through acquiring better techniques in the field of providing wellness and relaxation to our customers and improving our facilities so it will better cater to our clients’ needs.” * Their marketing concept is consistent because they create value for their customers by further developing their product. * Moran Iron Works Inc. * “Our marketing concept is not that complicated. As this is a family business that I started, our customers are friends of mine that trust my skills and some are customers that have become my friends over the years. Marketing is building a network of trust that the consumers give a company or product and reciprocating that trust with quality service.” * Consistent with creating and managing profitable customer relationships. * Perfectly Dyed Clothing * “We market our products through our own experiences and ourselves, this way our target consumers, a younger percentage of the market, can relate to our brand and our clothing. As