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Chapter 1: World of Marketing Section 1.1 What is Marketing What You’ll Learn • • • • To define marketing To explain the marketing concept To define demographics To explain the marketing mix Marketing Defined • Marketing – the process of developing, promoting, and distributing products, or goods and services, to satisfy customer’s needs and wants. ▫ Goods – tangible products, such as sports equipment ▫ Services – intangible products, such as theater tickets The Marketing Process • Developing – studying consumers to determine what the want, and then designing the products that will satisfy their needs and wants • Promotional – activities help to educate consumers, create interest and desire, make a sale, and create an image for a company and its products • Distribution – getting the product into the hands of the customer The Marketing Concept • The idea that organizations need to satisfy their customers while also trying to reach their organization’s goals. The Market • A market consist of potential customers with shared needs who have the desire and ability to buy a product. Needs – a lack of basic necessities such as food, clothing, or shelter Wants – things that people desire based on personality, experiences, or information about a product Target Market – a specific group of consumers that an organization selects as the focus of its marketing plan Mass Marketing vs. Market Identification • Demographics – statistics that describe a population in terms of personal characteristics. (age, income, population, gender, educational level, etc.) Marketing Mix • The marketing mix is a combination of four basic marketing strategies, known as the 4 P’s product, price, place, and promotion, Product Decisions Price Decisions Place Decisions Promotion Decisions Quiz 1. T/F Marketing is the process of developing, promoting, and distributing products, or goods and services, to satisfy customer’s needs and wants. 2. T/F The marketing concept is strictly concerned with satisfying customers without any concern for the organization. 3. T/F Mass marketing takes into effect the demographics of an audience when putting together a marketing plan. 4. T/F The marketing mix is also referred to as the 4 P’s of marketing. 5. T/F Price is the most important P of the marketing mix.