Beauty and the Beast

1. Definition of Marketing (besides the videos and text chapter 1, consider the content in the CIM article)

1. What is marketing?

The core process of marketing is exchange and the purpose of marketing is to satisfy the needs and wants of the audience/buyer.

 The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing:

(1) identification, selection and development of a product,

(2) determination of its price,

(3) selection of a distribution channel to reach the customer's place, and

(4) development and implementation of a promotional strategy.

Read more: http://www.businessdictionary.com/definition/marketing.html#ixzz3xHGHfIlD

1. How would companies such as McDonalds and Singapore Airlines apply marketing?

The key purpose of organization is to create and retain customers. Organisations provide value to create and retain customers by satisfying their needs and wants.

McDonalds satisfy their hunger (need for food) by providing them food (first, marketing to let them have a desire to have burger).

SIA satisfy their need to travel to different destinations by providing them with airplane services.

1. How would organizations such as the Red Cross and People’s Action Party apply marketing?

Red Cross and People’s Action Party apply marketing to create awareness and communicate value to audiences. They could do so through rallies, social media platforms, etc.

1. How would you as an individual apply marketing? Using the example of you seeking an internship position in a company you have keen interest in, describe how you will use marketing principles to obtain that internship position.

I will market myself as a person who would add value to their functions so that they may find it beneficial to employ me.

1. Needs, Wants and Demand

Examine the scenarios below and explain whether they refer to situations of needs, wants or demand. Is it important to differentiate among the three?

1. Sales of luxury goods reached US$317 billion worldwide in 2015 with growth of 4.2%. Europe remained the largest regional market for luxury goods with sales of US$98 billion and growth of 11% in 2015. (Euromonitor International, Global Briefing, 10 December 2015).

Situation of demand (willingness and ability to pay, driven by needs and wants)

1. A young girl from a poor village sneaked into the kitchen of a wealthy family to steal a loaf of bread because she was hungry.

Situation of need (state of deprivation, often innate)

1. Felicia was bored with her work in office on a Monday morning and was thinking what she should have for lunch that day. She decided that she would have beef noodles at the nearby food court for lunch.

Situation of want (desire for specific objects, driven by needs)

It is important to differentiate among the three to create market segments.