Marketing Concept Flashcards
1
Q
What is the marketing concept?
A
Is the idea that marketers must always consider their potential CUSTOMERS and COMPETITORS in every business decision
2
Q
What are the steps of the marketing concept
A
- Identify an opq in a specific market
- Ensure the opportunity does not exist in the competitive market
- Use appropriate marketing strategies to organize marketing plans and sell goods and services successfully
3
Q
Evolution of the marketing concept
A
- Growth of department stores (Eatons, Sears, Bay)
- Today, supply is greater than demand in Canada
- Consumers have a choice on what to buy because of more competition
- Firms forced to market their goods and services to appeal to customers
- New marketing philosophy is, “Whatever you want, we’ll make”
4
Q
Consumer G&S
A
(goods and services) are sold for personal use by individuals
5
Q
Industrial G&S
A
(goods and services) are sold for business use by companies
6
Q
Demand
A
How much consumers want a G&S
7
Q
Supply
A
How much of a G&S is available in the market
8
Q
Supply and Demand Theory
A
- Marketing not important when supply is low (no competition)n
- Low supply = Higher demand (G&S sell itself)
- When supply is high, then marketing is required to convince customers to buy their G&S (lots of competition)
