19. Concept #3: Flows in a Modern Exchange Economy Manufacturer Markets Consumer Markets Intermediary Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money services taxes services, money taxes, goods services, money taxes, goods taxes, goods services, money
20. Concept #3: There are five basic markets in a modern economy Manufacturer Markets Consumer Markets Intermediary Markets Resource Markets Government Markets
21. Concept #3: Consumers sell labor to resource markets Manufacturer Markets Consumer Markets Resource Markets Government Markets resources money
23. Concept #3: …turn them to goods & services and sell to intermediaries Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services money money money
24. Concept #3: Intermediaries sell finished goods to consumers Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money
25. Concept #3: The government collects tax revenues to buy goods Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money taxes taxes, goods taxes, goods taxes, goods
26. Concept #3: And uses these goods and services to provide public service Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money taxes taxes, goods taxes, goods taxes, goods services services, money services, money services, money
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28. WANTS DEMANDS NEEDS Concept #4: “Wants” are dictated by society; “Demands” are wants backed by an ability to pay
29. Example: NEED: Rice WANT: Fried Rice DEMAND: Quality Rice Concept #4: These are examples of distinguishing needs, wants and demands
30. Example: NEED: Education WANT: World’s Top Schools DEMAND: Quality Education Concept #4: These are examples of distinguishing needs, wants and demands
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36. Concept #4: Marketers may use different kinds of Marketing Channels Communication Channels radio tv print billboards events Examples:
37. Distribution Channels wholesalers retailers door to door agents Examples: Concept #4: Marketers may use different kinds of Marketing Channels
38. Service Channels Example: banks warehouses Concept #4: Marketers may use different kinds of Marketing Channels
39. Service Channels Example: banks warehouses Concept #4: Marketers may use different kinds of Marketing Channels
40. Concept #4: Marketers must always be aware of his competitors Direct competitors Substitutes
41. Company Customer Supplier Competition Task Environment Concept #4: Companies assess the marketing environment
42. Broad Environment Company Customer Supplier Competition Demographic Political-Legal Social-Cultural Technological Concept #4: This includes knowing trends and developments in the broad environment
43. Concept #5: There are 5 Types of Consumer Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want an inexpensive TV.”
44. Concept #5: Real Needs may underlie the Stated Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want a TV whose maintenance cost, not initial price, is low (or zero).”
45. Concept #5: Unstated needs are expected already by the customer Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want good service from the manufacturer.”
46. Concept #5: Delight Needs ask more of the expected output Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want it to come with a home theater system.”
47. Concept #5: Secret Needs may not easily be articulated by the customer Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want my friends to see me as a smart buyer.”
48. Concept #5: 5 Types of Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs To gain competitive edge, marketers must help customers LEARN what they want.
49. Concept #6: New Marketing Realities Information Technology Globalization Deregulation Privatization Competition Convergence Consumer Resistance Retail Transformation
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58. Concept #7: New Consumer Capabilities Substantial increase in buying power Greater variety of available goods & services Great amount of information Greater ease in interacting and placing & receiving orders Ability to compare notes on products & services Amplified voice to influence public opinion
59. Concept #8: There are 4 Types of Company Orientations Production Marketing Product Selling Company Orientations
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72. TOP 10 Learning Concepts for CHAPTER 1: DEFINING MARKETING FOR THE 21 ST CENTURY Ria Abendan April 2011
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