Vocabulary focus

Ex. 1. Look at the words in the table below and fill in the appropriate boxes with their derivatives.

Verbs	Adjectives	Nouns
1.		consumer
2. to fill
3.	possible
4. to integrate
5.		promotion
6.	existing
7.		competitor
8. to produce

Ex. 2. Form all possible word combinations using the words of both columns.

to undertake	goods and services
to enjoy to satisfy to anticipate to fill to develop to launch to look for to create to influence to design	needs products wants ideas program opportunity markets demand advantage research

Ex. 3. Match up the words or expressions on the left with their definitions on the right.

distribution channel	all the companies or individuals involved in moving a particular good or service from the producer to the consumer
to launch a product	an idea for a new product, which is tested with target consumers before the actual product is developed
market opportunities	attributes or characteristics of a product: quality, price, reliability, etc.
market research	dividing a market into distinct groups of buyers who have different requirements or buying habits
market segmentation	places where goods are sold to the public – shops, stores, kiosks, market stalls, etc.
packaging	possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services
points of sale	someone who contacts existing and potential customers, and tries to persuade to buy goods or services
product concept	collecting, analyzing and reporting data relevant to a specific marketing situation (such as a proposed new product)
product features	to introduce a new product onto the marker
sales representative	wrappers and containers in which products are sold

Ex. 4. Complete the following definition of marketing, by inserting these verbs in the gaps below: design, develop, discover, identify, influence, satisfy, modify, persuade

Marketing is the creative process of (1) …… ing the needs and wants of perspective customers and (2) ... … ing them.

Marketers have to: (3) ... … or anticipate a consumer need; (4) … … a product or service that meets that need better than any competing products or services; (5) … … target customers to try the product or service; and, in the long term, (6) … … it to satisfy changes in consumer needs or market conditions. Marketers can (7) … … particular features, attractive packaging, and effective advertising, that will (8) … … consumer’s wants. Marketing thus combines market research, new product development, distribution, advertising, promotion, product improvement, and so on.

COMPREHENSION

Ex. 1. Look through the text once again and decide which paragraphs are about these subjects:

• company-to-company marketing;

• identifying market opportunities;

• the marketing mix;

• the selling and marketing concepts;

• the importance of market research

Ex. 2. Read three paragraphs below and say which most accurately summarizes the text and why.

1. Marketing means that you don’t have to worry about selling your product, because you know it satisfies a need. Companies have to identify market opportunities by market segmentation: doing market research, finding a target market, and producing the right product. Once a product concept has been established, marketers regularly have to change the marketing mix—the product’s features, its distribution, the way it is promoted, and its price—in order to increase sales. Industrial goods—components and equipment for producers of other goods—have to be marketed as well as consumer goods.

2. The marketing concept has now completely replaced the old-fashioned selling concept. Companies have to identify and satisfy the needs of particular market segments. A product’s features are often changed, as are its price, the places in which it is sold, and the way in which it is promoted. More important than the marketing of consumer goods is the marketing of industrial or producer goods.

3. The marketing concept is that a company’s choice of what goods and services to offer should be based on the goal of satisfying consumers’ needs. Many companies limit themselves to attempting to satisfy the needs of particular market segments. Their choice of action is often the result of market research. A product’s features, the methods of distributing and promoting it, and its price, can all be changed during the course of its life, if necessary. Quite apart from the marketing of consumer products, with which everybody is familiar, there is a great deal of marketing of industrial goods.

Ex. 3. Answer the following questions.

1. What is the difference between the “selling” and “marketing” concepts?

2. What should marketers do before deciding what goods or services to offer?

3. Do companies launch products or services solely on the basis of intuition?

4. What is market research?

5. What does the company have to think about once a product concept has been established?

6. What markets exist besides consumer markets and what do they contain?

Ex. 4. In groups discuss the process of marketing using the table below.