Section 1.1 Marketing and the Marketing Concept

1. Chapter 1 marketing is all around us Section 1.1 Marketing and theMarketing Concept Section 1.2 The Importance ofMarketing Section 1.3 Fundamentals ofMarketing

2. Marketing and the Marketing Concept Section 1.1 CONNECT Suppose you had to market yourself as a student. What are your strengths?

3. Marketing and the Marketing Concept Section 1.1 • Describe the scope of marketing. • Describe each marketing core function. • Explain the marketing concept.

4. Marketing and the Marketing Concept Section 1.1 To be a successful marketer, you need to understand the marketing skills, marketing core functions, and basic tools of marketing.

5. Marketing and the Marketing Concept Section 1.1 • marketing • goods • services • marketing concept

6. Marketing and the Marketing Concept Section 1.1 Marketing Core Functions

7. Marketing and the Marketing Concept Section 1.1 Marketing Core Functions

8. Marketing and the Marketing Concept Section 1.1 The Scope of Marketing Marketing professionals track trends and consumer attitudes to understand buying decisions. marketing The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

9. Marketing and the Marketing Concept Section 1.1 The Scope of Marketing Ideas Goods Services goods Tangible items that have monetary value and satisfy one’s needs and wants. services Intangible items that have monetary value and satisfy your needs and wants.

10. Marketing and the Marketing Concept Section 1.1 The Scope of Marketing Marketing Essentials is based on these areas of skill and knowledge: Business Law Financial Analysis Human Resources Management Communications Customer Relations Information Management Economics Operations Emotional Intelligence Professional Development Entrepreneurship Strategic Management

11. Marketing and the Marketing Concept Section 1.1 The Scope of Marketing Seven Marketing Core Functions

12. Marketing and the Marketing Concept Section 1.1 The Scope of Marketing Seven Marketing Core Functions

13. Marketing and the Marketing Concept Section 1.1 The Marketing Concept The Marketing Concept Desires Needs Determine Anticipate Satisfy marketing concept The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.

14. Marketing and the Marketing Concept Section 1.1 The Marketing Concept Customer Relationship Management (CRM) CustomerInformation (Databases) CustomerService MarketingCommunications

15. Marketing and the Marketing Concept Section 1.1 Section 1.1 1. Explain why the definition of marketing changes over time. Marketing is ongoing. Marketers must keep up with trends and consumer attitudes when trends and the customer base change over time. The AMA revises the definition of marketing to make sure it conforms to current practices in the marketplace.

16. Marketing and the Marketing Concept Section 1.1 Section 1.1 2. Identify an example of an economic good and an economic service. Goods are tangible items that have monetary value and satisfy customers’ needs and wants. Examples of economic goods are cars, furniture, electronics, and clothing. Services are intangible items that have monetary value and satisfy customers’ needs and wants. Examples of economic services are banks, movie theaters, and accounting services.

17. Marketing and the Marketing Concept Section 1.1 Section 1.1 3. Describe how Customer Relationship Management helps businesses employ the marketing concept. Customer Relationship Management combines customer information (through database and computer technology) with customer service and marketing communications. This combination allows companies to serve their customers as efficiently as possible and makes them better able to satisfy customers’ needs and generate a profit.