Marketing: Real People, Real Choices 9th Global Edition by Greg W. Marshall Solution manual

Figure 1.1
Snapshot: The Marketing Mix
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Website:  Big Brothers Big Sisters is an example of a non-profit organization.  What benefits are offered to the volunteer?  Can you cite examples of societal marketing on this site?
www.bbbs.org   Go to Volunteer page.
 
Discussion question: Have you ever thought about the fact that not-for-profit companies need to use marketing as well?  If not, why?
 

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1.4. value for customers
According to the marketing concept, marketers first identify consumer needs and then provide products that satisfy those needs to ensure the firm’s long-term profitability. A need is the difference between a consumer’s actual state and some ideal or desired state. When the difference is big enough, the consumer is motivated to take action to satisfy the need. Needs relate to physical functions (such as eating) or to psychological ones (such as social acceptance). The specific way a person satisfies a need depends on his or her unique history, learning experiences, and cultural environment.
Table 1.1
Value for Customers
 

Website:  Subaru is one company that tries to meet the psychological needs of consumers to feel safe (as well as their need for reliable transportation). Visit the Subaru website: www.Subaru.com

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A want is a desire for a particular product we use to satisfy a need in specific ways that are influenced culturally and socially.
 
A product delivers a benefit when it satisfies a need or want. For marketers to be successful, they must develop products that provide one or more benefits that are important to consumers.
 
When you couple desire with the buying power or resources to satisfy a want, the result is demand.
 
A market consists of all the consumers who share a common need that can be satisfied by a specific product and who have the resources, willingness, and authority to make the purchase.
 
A marketplace used to be a location where buying and selling occurs face to face. In today’s “wired” world, however, buyers and sellers might not even see each other. The modern marketplace may be
face-to-face, or through a mail-order catalog, a TV shopping network, an eBay auction, or a phone app.
Marketplaces are evolving. Consumers, especially younger ones, would rather rent than purchase. Rentrepreneurs make money by renting out their stuff when they aren’t using it—offering everything from barbecue grills and power tools to Halloween costumes. Some analysts refer to this mushrooming trend as collaborative consumption.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit: Uber and
other ride-sharing services

Website:  Visit White Castle’s website.  What “benefit” are they touting?  Would you classify it as a “want” or a “need”?  http://www.whitecastle.com/
 
Discussion question: What are your favorite marketplaces in which to shop and why?
 

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1.4.1      Marketing Creates Utility
Marketing transactions create <keyterm id="ch01term0012" linkend="gloss01_0012" preference="0" role="strong">utility</keyterm><link linkend="ch1mn1_0013" preference="1"/>, which refers to the sum of the benefits we receive when we use a good or service.
 
Marketing processes create several different kinds of utility to provide value to consumers:
 
Form utility is the benefit marketing provides by transforming raw materials into finished products.
Place utility is the benefit marketing provides by making products available where customers want them.