REQUIREMENTS FOR MARKETING TO OCCUR:
1.Two or more parties with unsatisfied needs2.Each must have a desire and ability to engage in an exchange3.They need to be able to communicate4.Each party must have something of value to exchange
FIRST MARKETING’S OBJECTIVE- discovering consumer needs:
To satisfy consumers’ needs, wants and desires (at a profit, through an integrated effort of the organization), we need to understand what they need, want and desire.
But it’s not easy, producing new products meeting consumer needs is a challenge to anyorganizations.
Failure rate (Asia) is high (>70%)
Investing much on marketing and technological research do reduces, BUT NOTELIMINATE, the failure rate.
Needs and Wants: (despite the differences, these terms are used interchangeably throughoutthe rest of the book)
Consumer’ needs come from their feeling of deprivation. These needs are not invented bymarketers; they are a part of human makeup.
They include physical needs for food, clothing, shelter and safety; social needs for belonging and affections; individual needs for respect, status, prestige and self expression
-Wants are the forms human’s needs take as they are shaped by a person’s knowledge,culture personality
Wants are described in term of objects that will satisfy needs. Marketers canshape a person’s wants.
A hungry man in US might want a hamburger, French fries and a coke. A hungry man inVietnam might want street vendor’ banh mi