Mooseheads

Concept 23 вЂ" Marketing

Definition: Marketing is the process of planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both buyers and sellers objectives. The marketing concept means that the whole firm is coordinated to achieve one goal вЂ" to serve its present and potential customers and to do so at a profit. In other words, a firm must get to know what customers really want and closely follow the changes in tastes that occur. The various departments of the firm вЂ" marketing, production, finance, and human resources вЂ" must operate as a system, well coordinated and unified in the pursuit of a common goal: customer satisfaction.

Role: The role of marketing is to influence everything a business does, to ensure that the business continues to satisfy the needs and wants of its customers profitably. Marketing also provides value and utility for customers. Value allows the satisfied buyer to perceive the benefits derived from purchase to be greater than its costs. Marketing also strives to provide four kinds of utility: time utility which makes products available when consumers want them. Place utility, which makes products available where customers can conveniently purchase them. Third, the ownership utility, which transfers ownership from store to the customer. Form utility which is making products available in the first place, on other words by turning raw materials into finished ornaments. Therefore the ornament maker creates form utility. Marketing is the most important activity in a business because it has a direct effect on profitability and sales.

Applicability: As the final game of the Halifax Moosehead Team players is approaching soon, the manager requests for making promotion through media to let people of the community know that they will be performing at the Halifax Moosehead Club on the second of June at 6:00 pm вЂ" 9:00pm. Tickets are available at the Halifax Moosehead Club until the first of June from 8:00 am - 6:00 pm. Costs for individuals who want to be seated in the first class are $60 per individual, in the second class is $40 per individual, in the third class $20 individual. With the prices given to the tickets, we are going to cover the costs of presenting the game on TV, live, therefore we will have a greater chance for the trade name