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Marketing Fundamentals assignment (referral) 1 - Essay Example
Marketing is the practice of preparation and implementing the pricing, advertising, and supply of goods, ideas, and services to generate trades that satisfy individual and organizational goals. Marketing has two key concepts, customer/clients acquisitions and maintenance of customers/clients.In the context of marketing, learning is a result of information received through advertising or other publicity or through some reference group or other…
Having looked at some of the issues that make up consumer behaviour, we can now look at the consumer's central goal. Because they are continually occupied in the quest for satisfaction, competitive offerings will always have potential appeal. Firms must seek continuous improvement to the products or services and the levels of support they provide. This is a matter of balancing costs and potential profit with customer demands, as 'total satisfaction', except in a minority of cases, is an unrealistically expensive goal. There are four models of consumer behaviors:
An individual needs a particular product. Information will be sought from a variety of sources including family and friends (called 'word of mouth') from advertising, from catalogues, from visits to retail establishments, and from many other sources. The more complex the product, the greater will tend to be this information search. The task of marketing is to ensure that the company's products receive high exposure during this 'information search' period and that the best points of the product are emphasised during the 'evaluation of alternatives' phase. ...