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Unit 3 Marketing Part A, Chapter 16: What is marketing?, : - Coggle Diagram
Unit 3 Marketing Part A
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Introduction
Marketing: The management task that links the business to the customer by identifying and meeting the needs of customers profitably - it does this by getting the right product at the right price at the right place at the right time
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Related concept
Market
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Group of consumers that are interested in the product, has the resources to buy the product and is permitted by the law to purchase it
Humans needs and wants
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Needs: Basic requirement that an individual wishes to satisfy. Include: Desires for knowledge, recognition, affection, self-esteem and self-expression
Value satisfaction
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Product is of good value when it provides satisfaction at what is thought at what is thought as a reasonable price
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Societal marketing
Societal marketing: This approach considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands
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Maybe a difference between short-term consumer wants (low prices) and long term consumer and social welfare (protecting the environment or paying workers reasonable wages)
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May give business a competitive advantages (People tend to buy from business with products that are socially responsible)
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Businesses still aim to satisfy wants and needs profitably but in a way that enhance consumer's and society's welfare
Demand, Supply and price relationship
Demand: Quantity of a product that consumers are willing and able to buy at a given price in a time period
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Supply: Quantity of a product that firms are prepared to supply at a given price in a period of time
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Firms will be more willing to supply a product if the price rises and will supply less with price falls
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Changes lead to new supply curve, e.g supply of rice will be reduced after very poor weather in major growing areas
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Features of markets
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Market growth
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Market growth: Percentage change in the total size of the market (volume or value) over a period of time
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