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why learning marketing function - define & meaning part two MARKETING ELEMENTS

why learning marketing function - define & meaning part two  MARKETING ELEMENTS

why learning marketing function - define & meaning part two  MARKETING ELEMENTS

MARKETS

effective marketing focuses on an understanding of markets .

A MARKET HAS BEEN DEFINED

as a means by which buyers and seller"s exchange goods at a price they agree upon .
Marketers concentrate on buyers : people with needs and wants that will cause them to buy products .

To constitute a market , the people must have money to spend on goods and services and the willingness to spend it .

To a marketing with a product to sell , the market also includes  other sellers with products that compete for the satisfaction of the same consumer demands.
In the broadest terms, all goods and services are sold either to the consumer market or to the industrial market.

consumer goods are bought and used by individuals and families with out any further processing.

Industrial goods are used to make other products or in the general operation of a business or institution .

Both markets  have their own characteristics,but the ability and willingness of their members to spend money to satisfy their needs and wants shape both .

THE CONSUMER MARKET

Consumer buy for themselves and their families .

People who purchase goods and services for their own or their family's use make up the consumer market .

Numerous factors affect what people buy, in what quantities ,and where .the most important of these are the nature of individual needs, buying habits, motivation, and purchasing power .These correspond almost directly to the need, willingness to buy and ability to buy that characterizes every market .

They Buy for Primary Needs and Selective Satisfaction.
Every consumer requires the necessities of life: food, clothing, shelter, and some medical care.These are called primary needs.
Consumers also want other kinds of goods and services based on their interests, goals, and individual characteristics. When they buy goods and services for this reason, this is called selective purchasing.

the wish to buy a piece of jewelry , a rare coin , or a trip to the France does not result from primary needs for sustenance and protection , Instead , it stems from higher level needs such as esteem , mental stimulation , or physical attractiveness .
since everyone must meet primary needs , marketing efforts in this area generally focus on inducing consumers to buy one particular brand rather than another , for the consumer , there is no choice as to whether to buy food or not , but there is a huge variety of competing brands and stores .

why learning marketing function - define & meaning part one MARKETING ELEMENTS

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marketing