Task 1. Read and translate the text.
A market can be defined as any form of contact between buyers and sellers for the purpose of buying and selling goods and services. Markets can be local, national and international. Markets always have two sides: the demand side and the supply side.
The supply side is represented by sellers and the goods and services they wish to sell. Now we can see that buyers, means of payment, sellers, goods and services are the four main elements of the market.
The demand side of the market is composed of buyers wishing to acquire goods and services. Consumers use different means of payment, e.g. cash (paper money and coins), checks, credit cards, and etc. The demand for a product is not only influenced by price. All individual may be influenced by their personal tastes, the size of income, advertising, the cost and availability of credit.
Consumers have a wide choice in how they spend their income, and there is a large quantity and many different types of goods and services that the consumer can buy. One difficulty that confronts a firm is to decide what to produce. Satisfying the wants and needs of consumers is very important in any business. Some things, such as food, are essential. Food is an example of a single-use consumer good. Most people, having satisfied their needs, wish to satisfy their wants by the purchase of items such as cars, TVs, microwave ovens and compact disc players. Тhey are sometimes called consumer durable products. They also may purchase services such as dry-cleaning, haircuts, trips to the cinema and meals out.
Тoday, a successful company is one, which tries to discover what the consumer wants and then makes that product and sells it at a profit. Such firms are market-oriented. They are in complete contrast to a product-oriented firm, which first produces a product and then tries to sell it.
Market research involves studying the market to find out what the customer really wants. There are two main sources of information:
1. Primary information which is not already available. To collect this information a firm has to question consumers directly about their tastes and preferences. This method is also called field research.
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2. Secondary information is information that is already available to the firm. It can come from a variety of sources, such as government statistics, business and trade publications. Collecting information this way is called desk research.
| Vocabulary: demand – спрос supply – предложение to acquire – приобретать cash – наличные to influence – влиять taste – вкус (to) purchase – покупка, покупать preference – предпочтение | availability – наличие, доступность to offer – предлагать single-use consumer goods – товары одноразового использования consumer durable products – потребительские товары длительного пользования (to) purchase – покупка, покупать preference – предпочтение research – исследование |
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VIII. Marketing
Task 1. Read and translate the text
What do we call marketing? Possibly the most general definition tells that marketing is the theory and practice of exchange relationship between buyers and sellers.
From this point of view we can discover several perspectives of marketing philosophy:
| a) Seller’s perspective | This approach examines what firms and their managers should do in order to be more effective and to get more profit. |
| b) the perspective of buyer behavior | Marketers try to understand why, where, when and how buyers make purchases. |
| c) an interaction perspective | Here the buyers and sellers are interdependent rather than independent. In other words this perspective helps to attain the goals of individual consumer satisfaction and organizational needs for survival, growth and profitability. |
Another meaning of the term “marketing” is the process of developing, pricing, promoting and distributing the goods and services that satisfy consumers’ needs. McCarthy called these stages “the marketing mix”, which is the combination of four “P”s:
* Product: a firm has to find out what products the customer wants and how to satisfy consumers’ tastes, wants and needs more successfully. That is why the firm should pay attention to the quality, style, brand name, size and packaging of launched production. Marketers also should provide customers with services and guarantee.
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* Price: a firm has to decide on its pricing policy for list prices, discount for bulk-buying and credit terms. Price variations are very important in marketing. For example, a low price may make consumers think: “this product is cheap and not good” or they can think that “it is cheap and good”. If the price of the product is too high then the company may get itself out of the market. If the price of the product is higher than that of the competitors then it must be justified in some way, e.g. because the quality of the product is higher.
* Promotion: to interest customers, clients or buyers in the product firms have to use advertising, personal selling, commercials and other promotional work.
* Place: every product has to be in the correct place, where it can be sold. Place in a marketing mix includes such factors as distribution channels, coverage of the market, locations of points of sale and so on.
Each product has its life cycle(the period of time over which the product attracts customers). The length of this product life cycle differs from product to product.
Now we can conclude that the function of the marketing is to manage demand efficiently. Finally the marketer must get the buyer to take the desired action: purchase, rent, call, sell, follow the law, become a member, etc.
| Vocabulary: definition – определение to launch – выпускать approach – подход in order to – для того, чтобы behavior – поведение term – (зд .) условие interaction – взаимодействие to attract – привлекать to carry out – проводить | policy – политика to pay attention to – уделять внимание list prices – прейскурантные цены discount for bulk-buying – скидка на оптовые закупки coverage of the market – границы рынка product life cycle – жизненный цикл товара variation – колебание, изменение rather than - скорее, чем to justify – оправдывать |
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IX. Promotion
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