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SATISFYING CONSUMER NEEDS

Marketing doesnt stop with the ideas obtained from the assessment of consumer needs. Since the organization obviously cant satisfy all consumer needs, it must concentrate its efforts on certain needs of a specific group of potential consumers. This is the organizations target market, one or more specific groups of potential consumers toward which it will direct its marketing program.

The Four Ps: Controllable Marketing Mix Factors Having selected the target market consumers, the firm must take steps to satisfy their needs. Someone in the organizations marketing department, often the marketing manager, must take action and develop a complete marketing program to reach consumers by pulling a combination of four levers, often called the four Psa useful shorthand reference to them first published by Professor E. Jerome McCarthy:

Product: a good, service, or idea to satisfy the consumers needs

Price: what is exchanged for the product

Promotion: a means of communication between the seller and buyer

Place: a means of getting the product into the consumers hands

Well define each of the four Ps more carefully later in the book, but for now its important to remember that they are the elements of the marketing mix, or simply the marketing mix. These are the marketing managers controllable factors, the marketing actions he or she can take in specific circumstances. The marketing mix elements are called controllable factors because they are under the control of the marketing department in an organization.





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