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EMB601 Marketing Management

tag 0 Download 16 Pages / 3,989 Words tag 13-07-2021

Question:

To understand the marketing function, we need to understand the following core set of concepts. Explain Core Marketing Concepts.

  1. Needs:

Marketing activities exist because of the needs for someone who cannot be fulfilled. Marketing tries to meet someone's needs as a user. The need is the basis of satisfaction in human life. The need is in a state of mind which indicates the state of deprivation and anxiety.

Needs are physiological properties. Humans need food, shelter, clothing, price, belonging, and so on. Needless to say. It exists in every human being. In addressing the problem of physiological pressure, the need can reduce the pressure by fulfilling the requirement either by obtaining or using it.

  1. Wants:

Wants are an option to meet certain needs. There are certain satisfaction levels to meet certain needs. For example, food is a necessity and food can be obtained with a variety of tastes and options such as rice, bread, noodles and so on. This taste and choice is considered as a wants. It can be a fact that the needs can be fulfilled by using different desires.

The better choice is the cause of high satisfaction to the user. Wants is a lot, but the needs is limited. For every need there is plenty of wants. Marketers need not to focus on needs but rather focus on diversity and creativity to meet their wants.

  1. Demand:

Demand is a requirement for certain items supported by the ability and willingness to buy it. It is always stated in relation to time. Wants are not transmitted in demand. The wants as supported by the ability and willingness to buy can change as demand.

Marketers try to influence demand by making the product attractive, affordable, and readily available. Marketing management concerns by managing quantum and demand times. Marketing management is called demand management.

  1. Product:

The product can also be referred to as a bond of satisfaction, and both physical and psychological. Products include core products (basic or utility content), product-related features (colors, branding, packaging, labeling, type, etc.), and product-related services (after-sales service, warranty and warranty, free home delivery, etc). Therefore, a significant product is a service package or benefit. The marketer should consider the benefits and services of the product, rather than the product itself.

Marketers can meet the needs and wants of target customers by products. It can be broadly defined as something that can be offered to someone to meet their needs or wants. Products include goods and services. Typically, the product is taken as a tangible object, for example, car, motorcycle, computer, food, etc.

However, its importance lies in the service provided by the product. People are not interested in possessing or owning the product, but the services provided by them. For example, we did not buy pencil, but writing services.

Similarly, we do not buy train, but transport services. Only having insufficient product, the product must satisfy our will and desires. Therefore, physical products are only vehicles or mediums that offer us services.

As with the definition, anything that meets the needs and wants can be a product. Therefore, the product may be in the form of physical objects, people, ideas, activities, or organizations that can provide any type of service that meets someone needs or wants.

  1. Utility (value), Cost, and Satisfaction:

Utility means the overall capacity of the product to meet the requirements of needs and wants. It is a concept guide for selecting products. Each product has varying utility levels. As with the utility level, products can be listed from the most satisfying to the least satisfying needs.

Utility is an approximation of the user's overall product capabilities to meet its needs. Buyers buy such products, which have more utilities. Utility, therefore, the strength of the product to meet certain requirements.

Cost means product price. It is the economic value of the product. The charges payable by a customer to get a specific service can be said as cost. Product utility is compared to the cost that he needs to pay. Buyer will choose any product that can offer more value in utilities for a certain price. Buyer tries to maximize value, which is a product utility per dollar.

Satisfaction means satisfying the needs. Satisfaction may be made when the buyer realizes the product has more value than the cost paid. Satisfaction is a fulfillment of all buyer's expectations. Satisfaction released the stress caused by unmet needs. In short, more utilities / values ??with less cost are more satisfaction.

  1. Exchange, Transaction, and Transfer:

Exchange is in the center of marketing. Marketing management attempts to achieve the needs and wants through exchange. Individuals can fulfill their needs and wants in many ways, among others: - self-generating, stealing, suppliant, or through exchange.

Marketing appears only when people want to meet their needs and wants through exchange. Exchange is the act of getting the desired product from someone by offering something in return. Getting a pen by paying money is an example of exchange.

Exchange is possible when the following five conditions are met:

  1. There must be at least two parties
  2. Each party has something that may be valuable to the other party
  3. Each party is capable of communication and transmission
  4. Each party is able to accept or reject the exchange offer
  5. Each party believes it is reasonable to deal with other partiesTransaction is different from exchange:

Exchange is a process, not an event. It implies that people are negotiating and moving towards the agreement. When the agreement is reached, it is a transaction. Transactions are decisions that have been achieved or commitments are made.

Transactions involve the following conditions:

  1. At least two things are worth it
  2. Agreed on condition
  3. Agreement period
  4. Place of agreement
  5. A law (legal system) contract to avoid suspicion

Transfers involve getting something without any offers or offering anything without any returns. For example, Encik Ali gave a gift to Mr Chan. Transfer is a one-way process. But, pure transfers barely be found in practice. A transfer of something with unspecified expectations. The offer of money for beggars is to get God's favor.

Donors make donations and receive special honors, rewards, and invitations, or special influence on administration. Prizes are rewarded in terms of appreciation, good behavior, say, "thank you" or in the hope that the recipient of the prize will offer the same in the future. Almost all transfers are the same as transactions.

Transfers and transactions are important for marketers.

  1. Relationships and Network:

Nowadays, marketing practice gives more priority to build a relationship. Marketing practices based on a build of relationship can be regarded as relationship marketing. Relationship marketing is the practice of building a long-term gainful or profitable relationship that is satisfying with key parties such as customers, suppliers, distributors, and others to maintain their long-term business priorities.

A smart marketer seeks to build long-term relationships, trust, and 'win-win' relation with valued customers, distributors and suppliers. Relationship marketing requires trust, commitment, cooperation, and a high level of understanding.

The result of relationship marketing grows into the economic, technical, social, and cultural ties among the parties. The marketing manager is responsible for establishing and maintaining long-term relationships with the parties involved in the business.

The network is the major result of relationship marketing. The marketing network is comprised of companies and stakeholders who support it - customers, employees, suppliers, distributors, advertising agencies, colleges and universities, and others - whose role is important for business success. It is a constant understanding of relationships with stakeholders. A good network of relationships with key stakeholders brings the benefits of marketing performance over time.

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My Assignment Help (2021) EMB601 Marketing Management [Online]. Available from: https://myassignmenthelp.com/free-samples/emb601-marketing-management/strategic-marketing-for-nonprofit-organizations.html
[Accessed 28 January 2023].

My Assignment Help. 'EMB601 Marketing Management' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/emb601-marketing-management/strategic-marketing-for-nonprofit-organizations.html> accessed 28 January 2023.

My Assignment Help. EMB601 Marketing Management [Internet]. My Assignment Help. 2021 [cited 28 January 2023]. Available from: https://myassignmenthelp.com/free-samples/emb601-marketing-management/strategic-marketing-for-nonprofit-organizations.html.


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