THE ROLE OF MARKETING:
finding and satisfying customer needs and wants
convert customer needs into wants
advertise promotional activities (50% off, 2x1)
maintaining loyal customers
Businesses use promotional activities to inform customers (potential) especially advertising, and intend to persuade them that something they want is a need. (Turning wants into needs)
Customer Base: Group of customers that companies sell to.
Market: all customers and consumers who are interested in buying a product and have the financial resources to do so.
Target Market: a particular group of consumers at which a product or service is aimed. It is identified by the company to be potential clients and consumers can be individuals on businesses. (apple target market: professionals)
Industrial Markets: a business to business sale. Sold to companies for use of production process. Example: Machines.
Business Environment: the combination of internal and external factors that influences a business activities.
WHY CONSUMER’S TASTE CHANGE
The price of the product. Higher price. Lower quantity sold.
The price of competitors products.
Changes in consumer income.
Change in population size and structure.
Changes in taste and fashion.
Spending on advertising and other promotional activities.
CONSUMER VS. CUSTOMERS:
consumer: a person who purchases goods and services for personal use or a persona that eats or uses the good. It can be the one that eats or uses the good but not necessarily the one who buys it (ex: A daughter consumes the product but doesn’t buy it)
customer: a person who buys goods or services from a shop or business.