Text 2. The centrality of marketing

Look through the text 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

Most management and marketing writers now distinguish between selling and marketing. The 'selling concept' assumes that resisting consumers have to be persuaded by vigorous hard-selling techniques to buy non-essential goods or services. Products are sold rather than bought. The 'marketing concept', on the contrary, assumes that the producer's task is to find wants and fill them. In other words, you don't sell what you make you make what will be bought. As well as satisfying existing needs, marketers can also anticipate and create new ones. The markets for the Walkman, video games, personal computers, and genetic engineering, to choose some recent examples, where largely created rather than identified.

Markets are consequently always looking for market opportunities - profitable company is likely to enjoy a differential advantage, due to its distinctive competencies (the things is does particularly well). Market opportunities are generally isolated by market segmentation. Once a target market has been identified, a company has to decide what goods or services to offer. This means that much of the work of marketing has been done before the final product or service comes into existence. It also means that that the marketing concept has to be understood throughout the company, e.g. in the production department of a manufacturing of company as much as in the marketing department itself. The company must also take account of the existence of competitors, who always have to be identified, monitored and defeated in the search for loyal customers.

Rather than risk launching a product or service solely on the basis of intuition or guesswork, most companies undertake market research (GB) or marketing research (US). They collect and analyze information about the size of a potential market, about consumers' relations to particular product or service features, and so on. Sales representatives, who also talk to consumers, and other important source of information

Once the basic offer, e.g. a product concept, has been established, the company has to think about marketing mix, i.e. all the various elements of a marketing program, their integration, and the amount of effort that a company can expand on them in order to influence the target market. The best-known classification of these elements is the '4 Ps': product, place, promotion and price. Aspects to be considered in marketing products include quality, features (standard and optional), style, brand name, size, packaging, services guarantee. Place in a marketing mix includes such factors as distribution channels, location of points of sale, transport, inventory size, etc. Promotion groups together advertising, publicity, sales promotion, and personal selling, while price includes the basic list price, discounts, the length of payment period, possible credit terms, and so on. It is the job of a product manager or a brand manager to look for ways to increase sales by changing the marketing mix.

It must be remembered that quite apart from consumer markets (in which people buy products for direct consumption) there exist an enormous producer or industrial or business market, consisting of all the individuals and organizations that acquire goods and services that are used in production of other goods, or in the supply of services to others. Few consumers realize that the producer market is actually larger than the consumer market, since it contains all the raw materials, manufactured parts ad components that go into consumer goods, plus capital equipment such as buildings and machines, supplies as energy and pens and paper, and service ranging from cleaning to management consulting, all of which have to be marketed. There is consequently more industrial than consumer marketing, even though ordinary consumers are seldom exposed to it.

Task 1. Fill in the missing words from the text:

1. The 'selling concept' assumes that resisting ________ have to be persuaded by vigorous hard-selling techniques to buy non-essential goods or services.

2. The 'marketing concept' assumes that the producer's task is to find ______ and fill them.

3. Markets are consequently always looking for market _________.

4. Once a target market has been _______, a company has to decide what goods or services to offer.

5. The company must also take ______ of the existence of competitors.

6. Most companies undertake market ______ by collecting and analyzing information about the size of a potential market, about consumers' relations to particular product or service features, and so on.

7. The best-known classification is the '4 Ps': ______, place, promotion and ________.

8. Promotion groups together _______, publicity, sales promotion, an personal selling.

9. Price includes the basic list price, ______, the length of payment period, possible credit terms, and so on.

10. Few consumers realize that the ______ market is actually larger than the consumer market.

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MARKETING	\|	Task 2. Which of the following three paragraphs most accurately summarizes the text “The centrality of marketing” and why?

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