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Marketing and the Marketing Concept 1.1

Marketing and the Marketing Concept 1.1. Objectives Define marketing List the seven marketing core functions Understand the marketing concept. The Scope of Marketing.

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Marketing and the Marketing Concept 1.1

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  1. Marketing and the Marketing Concept1.1 Objectives Define marketing List the seven marketing core functions Understand the marketing concept

  2. The Scope of Marketing You have already participated in the marketing Xprocess as a consumer. Now you need to think like a marketer and keep up with: Trends Consumer attitudes Customer relationships

  3. Ideas, Goods, and Services Marketing promotes ideas, goods and services. Apple Samsung

  4. Ideas, Goods, and Services Examples of marketed goodsinclude: • Cars • Electronics • Home furnishings • Foods

  5. Ideas, Goods, and Services Examples of services that may be marketed are: • Automotive repair • Hair styling • Legal aid • Financial consulting

  6. Seven Marketing Core Functions • Channel Management getting goods to customers • Market Planning understanding concepts and strategies to develop and target marketing strategies to a specific market • continued

  7. Seven Marketing Core Functions • Marketing information management researching customers, trends, and competitors • Pricing charging for goods and services to make a profit • continued

  8. Seven Marketing Core Functions • Product/service managementobtaining, developing, maintaining, and improving a product or service • Promotioninforming, persuading, and reminding customers about a product or service • continued

  9. Seven Marketing Core Functions • Sellingproviding customers with goods and services The move toward same-dayfulfillment is gaining speed across the Internet as e-tailers compete for customers. https://www.youtube.com/watch?v=98BIu9dpwHU

  10. The Marketing Concept The marketing concept focuses on satisfying the needs and wants of customers. For a business to be successful, all employees must: Understand the marketing concept Provide the best possible service to customers

  11. The Importance of Marketing 1.2 Objectives Analyze the benefits of marketing Apply the concept of utility

  12. Economic Benefits of Marketing Marketing’s benefits to the economy and consumers are: New and improved products Lower prices Added value Competition

  13. New and Improved Products Marketing generates competition: Apple vs. PC Marketing Essentials Chapter 1, Section 1.2

  14. Added Value and Utility The value that marketing adds to a product or service is called utility. Five utilities contribute to making a product or service capable of satisfying customers’ wants and needs: Form putting parts together to make a product consumers want Place offering a product where consumers can buy it (e.g. retail store, catalog, Web site) Time offering a product at a convenient time of day or year for consumers Possession allowing consumers to take legal ownership of a product Information communicating information about a product (e.g. through labeling, advertising, or an owners’ manual) Marketing Essentials Chapter 1, Section 1.2

  15. Market and Market Identification Memorize the terms in this section. The first important term is market , which refers to people who: Share similar needs and wants Have the ability to purchase a product

  16. Consumer Versus Industrial Markets The consumer market wants products and services that……Think back in your daily lives, why do you buy the products you have???

  17. Consumer Versus Industrial Markets The industrial market , or business-to-business (B-to-B) market, wants products and services that: Improve productivity Improve efficiency Increase sales Decrease expenses Marketing Essentials Chapter 1, Section 1.3

  18. Market Share A company's market share is its percentage of total sales in a given market, such as the video game market. Market share changes as: New competitors enter the market The markets volume increases or decreases

  19. Market Share for search engines

  20. Target Market and Market Segmentation Identifying a product’s target market is a key to success. A single product may have these two target markets: Consumers Customers

  21. Target Market and Market Segmentation Who would a nutritious breakfast food would be targeted at??

  22. Target Market and Market Segmentation To develop a clear picture of its target market, a business may create a customer profile , which lists information such as: Age Income level Ethnic background Occupation Attitudes Lifestyle Geographic residence

  23. Marketing Mix The marketing mixX includes four basic marketing strategies, or tools, called the four Ps: product place price promotion

  24. Marketing Mix

  25. Product A company must choose what products to develop, update, and improve. What are some products you currently use? Marketing Essentials Chapter 1, Section 1.3

  26. Place A company must decide where to sell and distribute a product. Name some places you can buy a product? Marketing Essentials Chapter 1, Section 1.3

  27. Price A company must determine what price it will charge for a product. What do you think determines prices of a product? Marketing Essentials Chapter 1, Section 1.3

  28. Promotion A company must decide how to advertise, promote, and publicize a product. What are the most popular forms of advertisement?? Marketing Essentials Chapter 1, Section 1.3

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