Section 2.1 Importance of Marketing
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concert, and medical care. An idea is a
concept, cause, issue, image, or philosophy
that can be marketed. Examples of ideas
include contribute to this charity, buckle up for
safety, or vote for this candidate. Image has
become a very important product. Marketers
sell the image of goods and services, the
business itself, and people.
You already know what a person is, but do
you know why people could be considered a
product? Think about a movie star, a band, or
a politician. Marketing professionals not only
market the ideas and images of these people, but
they may also need to market the person or
the group in which he or she belongs. A politi-
cian might be marketed as family oriented or
interested in the environment. A movie star
might be marketed as interested in charities or
as an advocate for the poor. Image has become
a very important part of selling a product.
Marketers sell the image of goods and services,
the business, and people.
Price
Price is the amount of money requested
or exchanged for a product. Marketers can set
prices at any level. However, if the price is too
high, customers might not buy the product. If
the price is too low, the business might not take
in enough money to cover expenses and make a
profit. Setting the best price is important for both
business success and customer satisfaction.
Case in Point
Trader Joe’s
When was the last time a company wowed you? If your answer is never, what
would it take to really impress you? For one Trader Joe’s customer, it was customer
service that went far above and beyond expectations. During one holiday season,
an elderly man was snowbound in Pennsylvania for several days. Because he could not get to the
store, his daughter was concerned that he would not have enough food. She called multiple local
stores located near her father and received the same answer: “Sorry, we do not deliver.” Then she
called Trader Joe’s. Trader Joe’s does not deliver, either. However, after hearing her story, the
employee who answered the phone took the order, made some additional suggestions for food items,
and delivered the food—at no cost. Thirty minutes later, the food was at her father’s home, and they
were all able to enjoy the holidays without worry. By performing that one small customer service,
Trader Joe’s now has the entire family as customers for life. The company enhanced its brand and
image and earned positive public relations coverage that money simply cannot buy.
Product
Promotion
Place
Price
Target
Market
Figure 2-1 The four Ps of marketing should fulfill the
needs and wants of target-market customers.
Goodheart-Willcox Publisher