I. Match the Russian and the English equivalents in the table below.

1. to refer to	a.в целом
2. concept of the market	b.предмет (изучения)
3. a transaction at an agreed price	c. клиенты и другие заинтересованные стороны
4. to perform activities and functions	d. улучшать конкурентные преимущества компании с течением времени
5. subject matter	e. привлекать новых клиентов и сохранять существующих
6. to satisfy\ to meet smb's needs in a profitable manner	f. выбор целевых рынков, путем создания ценности товара и информирования покупателей о ней
7. offerings that have value for consumers	g. польза для потребителей превышает стоимость товара
8. at large	h. создать беспроигрышную ситуацию
9. ongoing activity	i. относиться к
10. customers and  other stakeholders	j. стать постоянным покупателем
11. choosing target markets through creating, delivering, and communicating superior customer value	k. выполнятьдействияифункции
12. generate long-term profits	l. сделка на оговоренных заранее ценовых условиях
13. improve the competitive strengths of the organization over time	m. текущая деятельность
14. to create a win-win situation	n. удовлетворять чьи-то потребности на выгодных условиях
15. benefits to the consumer exceed the costs of the product	o. приносить долгосрочную прибыль
16. to become a repeat customer	p. предложения, имеющие ценность для потребителей
17. to attract new customers and to retain existing customers	q. понятие "рынок"

II. Scan the text and say what its major subject is. Use the following clichés: (for more useful phrases use App2)

The way I see it............;

I assume that.......;

Though I can't say for sure I think...........

In common usage the word ‘market’ refers to a place where goods are bought and sold, e.g., 'vegetable market’, 'cloth market’, ‘fruit market’ ‘grain market’ etc. However, the idea of a particular locality or geographical place is not necessary to the concept of the market. What is required for the market to exist is the contact between sellers and buyers so that a transaction (i.e., sale and purchase of a commodity) atan agreed price can take place between them.

In bringing the producer and the consumer together, certain activities and functions are performed which is the subject matter of marketing.

The best place to start a study of marketing principles is to first clearly understand what is meant by marketing.

As you have probably gathered, the word “marketing" is obviously related to the word “market". You should note that the word marketing is a verbal, which means that marketing is an active process of “going to market".

There are several formal definitions of marketing and hundreds of informal definitions of this concept, but the simplest way to define marketing is: to satisfy customers’ needs in a profitable manner for the organization.

According to the American Marketing Association, marketing is:

“the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for consumers, clients, partners and society at large".

In this definition we can clearly see that marketing is an ongoing activity, designed to meet customer needs, as well as creating value for the organization, its customers and its other stakeholders.

Let’s now look at the definition of marketing according to Philip Kotler:

“Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value".

As you probably already know, the key goals of marketing are to generate long-term profits, deliver customer satisfaction, and improve the competitive strengths of the organization over time. The clear intention of marketing is to create a win-win situation for both the firm/organization and its customer base.

It’s fairly clear what profit is, so let’s quickly look at value and customer satisfaction.

Customer value occurs when the benefits to the consumer exceed the costs of the product. If a consumer is hungry and they see value in a $3 slice of pizza, then they will buy it. But if the pizza slice is $20, then the consumer will probably not see value and then either buy something else or stay hungry.

Customer satisfaction happens AFTER the purchase – and it can be simplified as “ did the product deliver the value as expected? "

If a consumer does buy the $3 pizza slice and it’s tasty and filling, then the customer will be satisfied and is likely to become a repeat customer. But if the pizza is dry and does not taste good, then the customer will be dissatisfied with their purchase and will not re-buy.

Therefore, the firm needs to provide both good value (to attract new customers) and deliver customer satisfaction (to retain existing customers).

 

https://en.wikipedia.org/wiki/Marketing

Comprehension