Marketing. In modern termsfc marketing is defined as the movement of goods and services from manufacturer to consumer in order to satisfy the customer and to achieve the

In modern termsfc marketing is defined as the movement of goods and services from manufacturer to consumer in order to satisfy the customer and to achieve the company's objectives. It can be considered as dynamic field that involves a wide variety of activities.

The ABC of marketing is the so-called marketing mix. It includes the four P's: product, price, placement, and promotion.]

Product (service) is often connected with development of a new product or service, searching the potential markets, and, finally, introduction it to the market. Target market selection is the most important task for any firm. A target market is a group of individuals who will probably buy the product. That involves the development of a marketing strategy. A successful marketing mix depends on the knowledge about consumers and their buying habits, gained through market research as well as correct identification of the target market.

Price is the most changeable element of all the four P's. Its definition is exchange of something of value for something else. There are three pricing options the company may take: above, with or below the prices its competitor are charging! For example, if the average price for blue jeans is $ 50, a company that charges $ 50, has priced with the market, a company that charges $ 47 has priced below the market, and a company that charged $ 53 has priced above the market. Most companies price with the market, selling their goods and services for average prices established by major producers in the industry known as price leaders.

Placement involves getting the product or service to the customer. This takes place through the channels of distribution. A common channel of distribution is:

Manufacturer wholesaler retailer customer.

Promotion includes all kinds of communication with individuals, groups, or organizations to directly or indirectly facilitate exchange by informing and persuading them to accept an organization product or service. There are two major ways promotion occurs: through personal selling, as in a store; and through advertising, as in a newspaper. One should distinguish advertising campaign which can be developed by personnel within the firm or in conjunction with advertising agencies,

and publicity, that is the means of communication transmitted through a mass media at no charge.

All marketing activities must be oriented toward creating and sustaining satisfying exchanges. Both the buyer and the seller must be satisfied. The first should be satisfied with goods, services or ideas obtained in the exchange. The seller should receive something of value, usually financial reward. All marketing variables are highly interrelated.

Marketing helps companies generate profit, the lifeblood of economy. About half of each consumer dollar is spent on marketing activities.

II. Ответьте на вопросы.

1. What is marketing?

2 What are the four main elements of marketing?

3. What are three pricing options that a company may take?

4. What does placement involve?

5. Do you think restaurants provide food on a wholesale or retail basis?

6. What is the difference between advertising and publicity?