Discussion of Marketing Concepts

Question 1

Needs. Wants and Demands

Answer 1

Needs are basic human requirements.

Wants are desires to satisfy the needs.

Demands are desires for specific products backed by the ability and willingness to buy.

Question 2

Target Market, Positioning and Segmentation

Answer 2

Segmentation is a profile of a distinct group of people

Target market is the segment that presents the greatest opportunity

Positioning is the the products place in the market as perceived by the customer

Question 3

Offerings and Brands

Answer 3

The value proposition or benefits that are offered in order to satisfy a need

Question 4

Value and Satisfaction

Answer 4

Value is customers estimate of the products capacity to satisfy their needs

Satisfaction depends on the customers perception of the products ability to satisfy the needs

Question 5

Marketing Channels

Answer 5

Communication Channels

Distribution Channels

Service Channels

Question 6

Supply Chain

Answer 6

Channel from production to consumption of the product/service

Question 7

Competition

Answer 7

Rival offerings and Substitutes

Question 8

Marketing Environment

Answer 8

Trends of the Task and Broad environments