Vocabulary focus

Ex. 1. Match the words on the left with their definition on the right.

to encompass consistent to put out to carve out to demolish

knock down surround, contain take from a larger whole dislocate, take away compatible or in harmony

Ex. 2. Fill in the gaps with the necessary prepositions.

1. In market segmentation you identify a specific portion – the market and concentrate your resources – selling – that one segment.

2. In product differentiation you differentiate your product – that of a competitor in such a fashion as to best appeal – potential buyers.

3. Your prices should be consistent – the value your customers place – the product or service that you are selling.

4. Ford did marketing research to find – more about the falling – of Falcon sales.

5. Ford’s careful study of the market research findings led the company to put – the Ford Mustang, introduced – 1965.

6. Successful use of marketing research is not limited – major companies such as Ford.

7. IBM took – a segment of the total computer market and won – the correct application of marketing research.

Comprehension

Ex. 1. Look through the text once again and say which of the following expresses the main idea of the text best of all.

1. Marketing research, its functions and use.

2. Marketing research conducted by big companies.

3. Marketing research and small firms.

4. Marketing research and its successful use.

Ex. 2. Read the text again and decide which of following statements are correct.

1. Marketing research shows who your market is and which methods will best satisfy the needs of your market.

2. Some basic marketing strategies are possible without marketing research.

3. Correct use of marketing research can bring high profits for business and advantages over com­petitors.

4. A famous example of correct use of marketing research took place in the early 1950s.

1. Ford had developed cars to compete with other American companies.

2. Ford discovered that sales of sporty options were decreasing due to young adults.

3. The Ford Mustang was introduced in 1964.

4. The Ford Mustang didn't demolish previous records for sales.

5. Successful use of marketing research is practiced by thousands of small firms.

Ex. 3. Answer the following questions.

1. What is marketing research?

2. What will marketing research help you to do?

3. Why is marketing research so important?

4. What things will marketing research tell you?

5. Why did the Ford Mustang demolish all previous records for sales?

6. Do small firms use marketing research successfully?

T E X T 4

Marketing Management

Read the text and do the tasks that follows.

The purpose of this unit is to provide you with an understanding of the fundamental concepts and techniques of marketing decision making. Although we will begin with a discussion of individual elements of a marketing program, our ultimate goal is the improvement of your ability to integrate these individual elements into a well-reasoned and practical marketing plan. Such a plan connects the organization's aims and abilities with the customers' needs and wants in the context of an environ­ment. Several of these terms merit classification at the outset.

There have been innumerable definitions of marketing management - no individual phrasing has captured universal acceptance. Most contemporary definitions include the following notions:

1. Marketing management is purposeful - those in it are attempting to accomplish organizational objectives such as dollar profit, share of market, political candidate's success, charity donation goals, etc. The most common goal is profit, but it is not the goal in all situations.

2. Marketing management is designed to satisfy the needs and/or wants of constituencies; for managements to achieve organizational goals, some constituency (hereafter referred to as customer group or consumer group) must buy a product, service, or idea from the organization.

3. Marketing management involves trade-offs - an organization's resources (dollars, skills, location, costs) impose limits on how well it can meet the requirements of its customers. No organization can be all things to all people. Thus, marketing managers must decide upon a specific customer group to whom to cater (called the market target) and decide what, of the several alternative possibilities, it will offer to that group.

4. Marketing management is competitive - with rare exceptions, organizations must compete for the attention, initial pa­tronage, and continoues patronage of their customers. Sometimes the competition is very direct (one shaving cream versus another) and sometimes very indirect (the relative share of milk versus other beverages in individuals' daily fluid intake). Usually there is a spectrum of competitive offerings a manager must "better" to obtain and maintain customers' patronage.

5. Marketing decision making can be improved via a combination of experience and academic discipline; while only a few would maintain marketing management is a science, most knowledgeable individuals would agree that there are some conventional wisdom and "fundamental concepts."

The above five points are all essential to an understanding of what modern marketing management entails. Marketing does not equal selling, nor does it equal advertising. Marketing is an approach to improving the relationship between an organization and its existing (or sought-after) clientele. Most business observers can cite countless examples of successful marketers and unsuccessful ones.