Basmah Hussain - Marketing Concept + Supply and Demand Presentation

Question 1

Marketing Concept

Answer 1

The idea that marketers must always consider their potential
CUSTOMERS and COMPETITORS
in every business decision

Question 2

Industrial vs. Consumer Goods and Services

CONSUMER?

Answer 2

G&S are sold for personal use by individuals

Question 3

Evolution of the Marketing Concept

Answer 3

After WWII (1945) marketing philosophy was: “Whatever we make, you’ll buy.”
Growth of department stores (Eaton’s, Sears, Bay)
Mass media emerges (magazines, billboards, TV, Internet)
Today, supply is greater than demand in Canada
Consumers have a choice on what to buy because of more competition
Firms forced to market their G&S to appeal to consumers
New marketing philosophy is: “Whatever you want, we’ll make.”

Question 4

INDUSTRIAL

Answer 4

G&S are sold for business use by companies

Question 5

Demand Determinants: Non Price Factors:

Answer 5

consumer incomes
consumer expectations about future prices, incomes & availability
consumer tastes and preferences
population: size of market.

Question 6

How should we market a product when demand is low?
very important to increase consumer awareness

Answer 6

awareness campaigns
incentives if introducing a new product
communicate USP (unique Selling Proposition)

Question 7

How should we market a product when demand is high?

Answer 7

Less important as consumers are already motivated to purchase our products.
Continue to remind customers of USP
Efforts required to stay top of mind
Don’t reinvent anything as what you are currently doing is working