Because of specialization, one or more other firms can get products to consumers more efficiently than most producers can (though there are important exceptions). Each company adds value to supplies to create the products (goods, services, or both) offered to various markets. This level provides the inputs to the production of goods and services. Their purchase price in turn funds the efforts (as profits) of each of the other layers to create more value as the system continues the cycle. Discussion Note: Consumers add value to the system when they buy products. In a very real sense, each level influences the other levels. The Marketing System A modern marketing system consist of four levels of activity. Modern Marketing System This CTR corresponds to Figure 1-3 on p.11 and relates to the material on p.Markets exist wherever something of value is desired, such as in the labor market, the money market, even the donor market - for human “products” such as blood or organs. Markets may be decentralized or centralized. These are the set of actual and potential buyers of a product. Transaction marketing is part of the larger concept of relationship marketing in which parties build long-term, economic ties to enhance quality and customer-delivered value. These are an actual trade of value between at least two parties. Link to barter economies and promises to pay (i.e., credit, checks).
These are the act of obtaining desired objects by offering something in return. Discussion Note: Ask students to identify their product choice set for cars, vacations, dating partners, or college professors. Discuss the role of value in distinguishing products. Have students discuss an extended view of products to include services and ideas. These are anything offered for sale to satisfy a need or want.
Introduce the idea that demands are often for a bundle or group of benefits and may address a number of related needs and wants. You may want an Acura Legend but drive a Subaru Justy. Discuss such popular items as dream vacations or favorite cars to illustrate the difference between wants and demands. Link culture to socio-economic standing, education. Have students provide examples for different wants based upon geographical differences, gender, age, wealth. These are the form taken by human needs as they are shaped by culture and individual experience. Ask students to distinguish among physical, social, and individual needs. These emerge from a state of felt deprivation. Also to the CTRs numbers 4 - 8 which follow. Core Concepts This CTR corresponds to Figure 1-1 on p.
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