Online Masters in Marketing Studies 2020

Ex. 2. Read and translate the text Learning about marketing

Too many people think that marketing is little more than a
combination of good selling & effective advertising. Ask people
what comes to mind when they hear the word «marketing» &
most will say «selling» or «advertising» or some
other word having to do with manipulating or persuading consumers.
But marketing means much more. It means paying careful attention to
consumer wants & needs & then satisfying them. Effective
marketing means that a business listens to consumers & responds
to them. A popular slogan to describe marketing is this:

a Need & Fill it».

Marketing is the process of studying the wants & needs of others
& then satisfying those wants & needs with quality goods &
services (products) at competitive prices. Marketers satisfy
consumer wants & needs by assisting in the exchange of items of
value. Certain conditions must be met before an exchange can take
place: 1) There must be at least two participants. 2) Each
participant must have sth that is of value to the other participant
(s). 3) Each participant can communicate with others. 4) Each
participant is free to accept or reject the offer of others. 5)
Participants feel that it is appropriate or desirable to exchange
with others.

The basis of marketing is finding a need & filling it. The first
step is to find a need. The next step is to develop a product to
fill that need. A product is any physical good, service, or idea
that satisfies a want or need. It is a good idea at this point to do
concept testing. That is, you develop an accurate description of
your product & ask people whether or not the concept appeals to
them. If it does, you must go to a manufacturer that has the
equipment & skills to design such product and begin making
prototypes. Prototypes are samples of the product that you take to
consumers to test their reactions. The process of testing products
among potential users is called test marketing. If consumers like
the product, you can turn the production process. Production is not
part of the marketing process. Marketing helps to determine what
products should be made, but it does not make them.

Once the product is made, you have to design a package, think up a
brand name for the product, & set a price. A brand name is a
word, letter or group of words or letters to differentiate the goods
& services of a seller from those of competitors. Once the
product is manufactured, you have to choose how to get it to the
consumer. You may sell it directly or through organizations that
specialized in distributing different kinds of goods. Such
organizations are called marketing middlemen because they are in the
middle of a series of organizations that distribute goods from
producers to consumers.

The last step in the marketing process is to promote the product to
consumers. Promotion consists of all the techniques sellers use to
capture markets. They include advertising, personal selling,
publicity, & various sales promotion efforts such as coupons,
rebates, free samples, contests, lotteries, catalogues, exhibits,
shows, etc.

Managing the market process involves four factors after a need is

  1. design a want – satisfying product; 2) set a price for the
    product; 3) get the

to a place where people will buy it; 4) promote the product. These
four factors are called the four Ps of marketing.