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Marketing Foundations Unit One The Marketing Concept • Marketing Concept: Focusing on satisfying customers’ needs and wants in order to make a profit • Businesses must accomplish 3 activities: o Identify needs of customers o Develop and market products or services o Operate a business profitably When Customer Needs are Not Satisfied • When businesses do not consider customer needs, it results in extra expenses of marketing products o They have to convince the customers to buy the product • • • • Increase in advertising Price reductions Rebates Special displays o This can lead to reductions in profit or even losses for the business ` Implementing the Marketing Concept • Identify the Market o Market: the potential customers who share common needs and wants (who have a demand for a product/service) and are willing and able to buy it Types of Markets • Consumer Market: all potential customers who will buy the product for personal use • Industrial Market: all potential customers who will buy the product for business use Implementing the Marketing Concept Cont. • Develop a Marketing Mix o Marketing Mix: the blending of 4 marketing elements by the business • • • • Product Place (Distribution) Price Promotion The Marketing Mix • Each element provides many alternatives to better satisfy the market • Product • Anything offered to a market by the business to satisfy needs • Physical products, services, and ideas • Place • The locations and methods used to make the product available to customers • Price • The amount that customers pay and the methods of increasing the value of the product • Promotion • Any form of communication used to inform, persuade, or remind customers