The core marketing concepts

Task 2. Match each of the words or phrases on the left to an appropriate definition.

1. Economics	a) the amount of a particular good or service that all consumers would purchase at different prices, at a given moment in time
2. economy	b) the process of using up of goods and services
3. macroeconomics	c) the study of how people use their limited resources to try to satisfy unlimited wants
4. microeconomics	d) a mechanism that allocates scare resources among competing users
5. economic growth	e) the amount of a particular good or service that producers are willing and able to offer for sale at a given price, at a given moment in time
6. inflation	f) the branch of economics that studies the economy as a whole
7. demand	g) the persistent expansion of a country’s production possibilities
8. supply	h) an upward movement in the average level of prices
9. consumption	i) the branch of economics that studies the behaviour of individuals in their role as consumers and/or producers

 

 

Task 3. Fill in the blanks using the word combinations given below, translate the letter.

Letter 1.

   Dear Sirs,

   We have authorized our trade representatives in your country (1)________ providing for the change in (2)________. The (3)_________ has been signed on the  April this year. We (4)_______ at your earliest convenience when the bank guarantee (5)______. We (6)______ to your early reply.

   Truly Yours,

 

a) to sign an addendum to our contract

b) are looking forward

c) will be submitted

d) urge you to advise

e) original method of payment

f) above mentioned addendum

 

Letter 2.

Dear Sirs,

We should like to discuss in details (1)_______ during our negotiations. The exact date, time and (2)_______ will be informed for you. Being aware of your difficulties our firm (3)_______ to you in suggesting (4)________. You should undertake to (5)________ for 40% of the contract value.

Thank you for (6)________.

Truly Yours,

 

a) payment for collection terms

b) the interest to our firm

c) place of negotiations

d) suggested terms of payment

e) made a concession

f) submit a first class bank guarantee

 

Task 4. Choose the correct variant.

1. Sales are a good way for … to get rid of surplus stock.

a) retailers

b) sellers

c) dealers

d) wholesalers

 

2. … we work … we earn.

a) More, more  

b) The most, the most

c) Much, much

d) The more, the more

 

3. Mike … a small business for three years already.

a) has run

b) has been running

c) is running

d) runs

 

4. Right now an excursion to the firm ….

a) is organized 

b) will be organized

c) organizes

d) is being organized

 

5. It was announced that the government … interest rates the following year.

a) would raise

b) will raise

c) raised

d) raises

 

6. I … bring a certain sum a week ago to the owner.

a) ought to

b) may

c) was to

d) have to

 

7. He has got very bossy. I wish he … so much.

a) has changed

b) didn’t change

c) change

d) hadn’t changed

 

 

8. He only wished he … her ten years before.

a) had met

b) has met

c) will meet

d) would meet

 

9. If it had been my wish, I … you right then.

a) would hire

b) will hire

c) would have hired

d) had hired

 

10. It is generally accepted that people work … money.  

a) earning

b) earn

c) to earn

d) earned

LESSON 2

Task 1. Complete the text with the words in the box. There are some words which you will not need.

 

1. not invented	5. physical objects	9. in terms of	13. offered to a market	17. human needs
2. consumer	6. demands	10. choose the product	14. Exchange	18. to contribute to
3. all products	7. two parties	11. human wants	15. consumption possibilities	19. to provide
4. to satisfy them	8. to communicate and deliver	12. the core concept of	16. look for an object	20. less-developed societies

 

The core marketing concepts

The core marketing concepts are needs, wants, (1), products, exchange, transactions, markets.

The most basic concept underlying marketing is that of (2). Ahuman need is a state of felt deprivation. Human beings have many complex needs. They include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. These needs are (3). They are a basic part of the human makeup.

When a need is not satisfied, a person will do one of two things- (4) that will satisfy it or try to reduce the need. People in industrial societies may try to find or  develop objects that will satisfy their desires. People in (5) may try to reduce their desires and satisfy them with what is available.

A second basic concept in marketing is that of (6) — the form taken by human needs as they are shaped by culture and individual personality. A hungry person in Bah may want mangoes, suckling pig, and beans. A hungry person in the United States may want a hamburger, French fries, and a Coke. Wants are described (7) objects that will satisfy needs. As a society evolves, the wants of its members expand. As people are exposed to more objects that arouse their interest and desire, producers try (8) more want-satisfying products and services.

But people have almost unlimited wants and limited resources. Thus, they want to choose products that provide the most satisfaction for their money. When backed by buying power, wants become demands.

Human needs, wants, and demands suggest that there are products available (9). A product is anything that can be (10) for attention, acquisition, use, or consumption and might satisfy a need or want. The concept of product is not limited to (11). Anything capable of satisfying a need can be called a product. In addition to goods and services, products include persons, places, organizations, activities, and ideas. A (12) decides which entertainers to watch on television, which places to go on a vacation, which organizations (13), and which ideas to support.
   To the consumer, these are (14). If at times the term product does not seem to fit, we could substitute such terms as satisfier, resource, or offer. All describe something of value to someone.

Consumers view products as bundles of benefits and choose products that give them the best bundle  for their money. Thus, a Ford Festiva means basic transportation, a low price, and fuel economy. A Mercedes means comfort, luxury, and status. Given their wants and resources, people (15) whose benefits add up to the most satisfaction.

(16) is the act of obtaining a desired object from someone by offering something in return. Exchange is only one of many ways people can obtain a desired object.

Exchange is also (17) marketing. For an exchange to take place, several conditions must be satisfied. Of course, there must be at least (18), and each must have something of value to the other. Each party must also want to deal with the other party; each must be free to accept or reject the other’s offer. Finally, each party must be able (19).

These conditions simply make exchange possible. Whether exchange actually takes place depends on the parties’ coming to an ag­reement.
If they agree, we must conclude that the act of exchange has left both of them better off (or at least not worse off): After all, each was free to reject or accept the offer. In this sense, just as production creates value, exchange creates value. It gives people more (20).