The Role of Marketing: Finding, Satisfying, and Persuading Customers

• Finding and Satisfying Customer Needs and Wants

• Converting Customer Needs into Wants

• Advertising Promotional Activities (50% off, 2x1)

• Maintaining Loyal Customers

• Persuading Customers

Promotional Activities

Businesses use promotional activities to inform customers (potential) especially advertising, and intend to persuade them that something they want is a need. (Turning wants into needs)

• Customer Base: Group of customers that companies sell to.

• Market: All customers and consumers who are interested in buying a product and have the financial resources to do so.

• Target Market: A particular group of consumers at which a product or service is aimed. It is identified by the company to be potential clients and consumers can be individuals or businesses. (Apple target market: professionals)

• Consumer Markets: Household consumers who buy goods for individual or family consumption.

• Industrial Markets: Business-to-business sales. Sold to companies for use in the production process. Example: Machines.

• Business Environment: The combination of internal and external factors that influence a business's activities.

Why Consumer's Taste Change

• The Price of the Product: Higher price, lower quantity sold.

• The Price of Competitors' Products.

• Changes in Consumer Income.

• Change in Population Size and Structure.

• Changes in Taste and Fashion.

• Spending on Advertising and Other Promotional Activities.

Consumer vs. Customers

• Consumer: A person who purchases goods and services for personal use or a persona that eats or uses the good. It can be the one that eats or uses the good but not necessarily the one who buys it (e.g., A daughter consumes the product but doesn't buy it).

• Customer: A person who buys goods or services from a shop or business.