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Marketing Defining and Utilizing What Marketing is and What it is Not What do you think when you here the term “marketing”? Most people equate it to advertising But it is more than just that. Advertising is part of marketing, but not everything. Usually the most visible part of marketing Definition Marketing: the action or business of promoting and selling products or services, including market research and advertising. Requirements for Marketing to Occur 1. Two or more parties with unsatisfied needs. You are interested in computers A local store sells science / technology magazines 2. Desire and ability to satisfy these needs You are willing to buy the magazine The store wants to sell them 3. A way for the parties to communicate Until the potential buyers knows of the magazines, nobody’s satisfied These can be achieved through things like flyers, mail outs or free samples 4. Something to exchange By going to the store you will exchange $ for the magazine What is a Market A Market is people with a desire and ability to buy a specific product. Who is a Market: Simply…everyone! From major companies to the smallest ventures. The scale depends on the funds put into it. What is Marketed: Everything. Goods, services…. Social Marketing This is an increasingly influential form of marketing. It focuses on influencing the behaviour of individuals for the benefit of society as a whole, not the marketer. Ie. Anti smoking ads created by Health Canada Types of Consumers There are two forms of consumers Ultimate Consumers: People who purchase and consume goods Organisational Buyers: are groups and organisations that purchase goods and services for their own use or for resale. Needs and Wants Every year approximately 25,000 new product are sold every year. Of this number c. 80% fail in the long run Why? Experts say it has to do with misplaced understandings of needs and wants. Need: goods / services that fulfil a psychological need or basic needs (hunger, shelter) Want: are needs shaped by your knowledge, personality and culture. Good / Bad / or Just Ugly The issue of needs and wants and marketing leads to charges of maliciousness. The apple is better for you, but marketers want you to buy the candy bar.