Download Chapter One – Marketing Is All Around Us

Unit 1 – The World of Marketing
Chapter 1 – Marketing Is All Around Us
Objectives 1.1
Define Marketing – the process of developing, promoting, and distributing products
in order to satisfy customers.
Identify the Nine Functions of Marketing – Purchasing, Selling, Pricing, Product
Planning, Marketing Information Management, Promotion, Financing, Distribution,
and Risk Management.
Terms 1.1
Marketing – the process of developing, promoting, and distributing products in order
to satisfy customers.
Products – include both goods and services.
Goods – are things you can touch and hold in your hands.
Services – are the kinds of things you can’t physically touch.
Exchange – takes place every time something is sold in the marketplace.
Objectives 1.2
Define Economic Utility – added value in economic terms is called utility.
Name the Five Economic Utilities – Form, Place, Time, Possession, and Information.
List Benefits of Marketing – marketing bridges the gap between you and the maker or
seller of an item. It helps make products more useful because you are able to purchase
them when you want. It makes buying easy for consumers. It also helps to create new
and improved products, as well as lower prices.
The Reasons for Studying Marketing – they involve understanding business, as well
as effectively relating and communicating with others (fundamental employer issues).
Trend of Employment Opportunities for those Trained in Marketing – is expected to
increase 20.6 % in the period 1992 – 2005.
Terms 1.2
Utility – value in economic terms.
Form Utility – changing raw materials into products or things that are useful.
Place Utility – having a product where customers can buy it.
Time Utility – having a product available at a certain time of year or a convenient
time of day.
Possession Utility – exchange of a product for some monetary value.
Information Utility – involves communication with the customer.