Fundamental of Marketing

1087 Words5 Pages
Josh Hazel
Fundamentals of Marketing
Unit 1 Individual Assignment

Attention Managers:

The market is the set of actual and potential buyers of a product. Building customer value and satisfaction is the key to product success. Marketing is about understanding customers needs and developing a product that provides value and promotes effectively. Marketing, in addition, is also about wants and demands. Wants are shaped by culture and personality. Demands are wants that are backed by purchasing power. As a marketer responsibility is formed to provide a combination of products, services, information, or experience to satisfy these needs, wants, and demands. Customers form expectations about the value of products and
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(Starling, 2002.)

Using the current demographics we can see that there is a large share of consumers that we have not touched yet. By focusing on creation of a product, and directing the marketing advances toward these consumers (youth) the corporation can gain a share of the purchasing power, as well as influence on the parents of these individuals. For example, Chinese parents spend an estimated 40% of their income on their children. (Armstrong, Kottler, 2005. Page 74)

Conglom 's marketing should use current market trends in order to market new products. Trends such as; dieting, low-calorie, no sugar, all-natural products, low-carbohydrate, (Roberts 2004) and vitamin and mineral rich products appeal to the generation-x and baby boomers. (Starling, 2002) The appeal on this new healthy drink will ensure to maintain and grow adult customers. (Ascend Media, LLC. Euro-monitor PLC 2005) Support for youth oriented marketing to prove Congloms drinks are exiting, and popular athletes, singers, and actors enjoy these drinks. Other trends such as new flavors and product designs will attract youth. (Mastroberte 2005, Euromonitor PLC.) The marketing departments ability to study surveys such as; what colors make people thirstier, what role-models people imitate most, and such studies will aid in creating these designs and
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