Issues in Marketing
May 13, 2007
My course in “Issues in Marketing” covered many aspects in marketing. I have learned the meaning of marketing and also how it affects our economy. This paper will describe an in-depth overview of marketing, market segmentation, and target marketing. It will also cover consumer behavior as it relates to societal marketing and consumer attitudes, which introduces you to the “Dark Side of Consumer Behavior” Finally, this paper will reflect on the effectiveness of advertising.
An Overview of Marketing
Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Solomon, 2007 p2) Another definition of marketing is the anticipation, management, and satisfaction of demand through the exchange process. (Evans, Berman 1997 p7) Marketing always involves goods, services, organizations, people places and ideas. The basis behind marketing deals with consumer’s needs, wants and demands. The human race has a need for food. What marketing does is tell us that not just any food will do. They provide advertising on hamburgers, fries and coke. Most major marketing firms go to great lengths to understand the needs, wants and demands of the consumer.
Value and Satisfaction
Value and satisfaction play a great deal in marketing. “Customer value is the difference between the values the customer gains from owning and using a product and the cost of obtaining the product.” (Solomon, 2007 pg. 7) Customer satisfaction deals more with whether or not a product lives up to the customer’s expectations. A company can always lower their prices and offers discounts but this may lower their profits. A good marketer will be clever in designing how to generate value profit. Most customers buy goods and services from the perceived value, which is...