Key Concepts in Marketing (Palgrave Key Concepts)


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It will be especially useful as a revision aid. Arranged alphabetically enabling the reader to quickly find the term or entry of immediate interest All major concepts, terms, theories and theorists are covered and crossreferenced Complex terminology is made clear with diagrams and illustrations Comprehensive reference and website suggestions.

Key Concepts in Marketing

They are the authors of a number of successful key reference and textbooks including Marketing Campaigns , Organisation Structures and Processes and Foundation Business They are both former college lecturers specializing in business studies and are now full-time writers. Categories: Education , Study and Learning Skills. Show More. An item for need is often a demand for another. So, while a rich man may demand a luxury car, the same will be a mere want for a salaried individual and just a need for a poor person. These are extended by the company according to the requirements of the customer.

The offer stands for a product or service that caters to the need of the customer regarding, quality, quantity, prices, time, regularity and similar factors. The product could be tangible or intangible. The products could be broadly classified as produced or manufactured.

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For manufactured goods, both human role and technology play major roles. Manufactured products can be consumer durables or non-durables meant for final consumption. Mobile phones, refrigerators, ovens, cupboards are all durables, while body creams, toothpaste, ready to eat foods are all non-durables. Each company has a marketing offer that comprises a service line or a product line. But sometimes, the entire basket is highlighted in the marketing campaign.

A perfect offer meets customer expectations and extends the maximum benefit at a reasonably low price.

If the satisfaction is low, it means that the product or service has low value to the customer. The opposite is also true. The cost concept is very relevant here. And both consumers and sellers are interested in it.

Here, you can define the cost to the buyer in monetary terms. Marketing is a major issue to be considered because it involves letting go of an alternative on part of the buyer. It lies at the core of marketing. The exchange is the other name for marketing. Manufacturers make available all goods needed in the society, attaching due importance to price, quality, time and place.

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Products and services must be exchanged for money. Or else, there will be a pile-up of inventory affecting the production and distribution mechanism. For instance, Toyota produces 2, cars a day, of which are sold in the US markets and the rest are exported all over the world.

If the sales had not matched the production, the daily output would have to be reduced. It is the deal which takes place between the buyer and seller.

Meaning and core concepts of marketing

The seller has the goods to part with, and the buyer is ready with the money to pay for it. Today, online and card transactions have largely replaced cash exchanges. Businesses are multiplying today and more people are buying goods on credit. Thus, buying an apartment, car, or house, has become more affordable. Equated monthly installments EMIs have arrived as a boon for consumers. It is the mutual trust that develops between the buyer and seller over the long term.

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Once the customers understand that the seller is honest in serving their needs, they will keep coming back. They may also spread word of mouth publicity about, leading to greater sales. But an unsatisfied customer, to a seller, is like a rotten mango that rots all others in the basket. A market may not necessarily be a place.

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The physical presence of people and goods may not be required. All major concepts, terms, theories and theorists are incorporated and cross-referenced All major concepts, terms, theories and theorists are incorporated and cross-referenced. Additional reading and Internet research opportunities are identified. More complex terminology is made clearer with numerous diagrams and illustrations.


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With over key terms defined, the book represents a comprehensive must-have reference for anyone studying a business-related course or those simply wishing to understand what marketing is all about. It will be especially useful as a revision aid.

Key Concepts in Marketing (Palgrave Key Concepts) Key Concepts in Marketing (Palgrave Key Concepts)
Key Concepts in Marketing (Palgrave Key Concepts) Key Concepts in Marketing (Palgrave Key Concepts)
Key Concepts in Marketing (Palgrave Key Concepts) Key Concepts in Marketing (Palgrave Key Concepts)
Key Concepts in Marketing (Palgrave Key Concepts) Key Concepts in Marketing (Palgrave Key Concepts)
Key Concepts in Marketing (Palgrave Key Concepts) Key Concepts in Marketing (Palgrave Key Concepts)
Key Concepts in Marketing (Palgrave Key Concepts) Key Concepts in Marketing (Palgrave Key Concepts)

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