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1.01- Guided Notes for slides 1-13
Understand marketing’s role and function in business to facilitate economic exchanges with
customers.
Slide 2: What is marketing?
• Marketing – All activities to get product from manufacturer to consumer that are guided by
consumer’s wants and needs
• Activities include the 4 foundations of Marketing & the 7 functions of Marketing
Slide 3: Identify Marketing Activities
 SWOT analysis: DRAW THE SWOT CHART
 Internal – Build on strengths; Resolve weaknesses
 External – Exploit opportunities; Avoid threats
Slides 5 & 6: Categories of Items that are marketed:
 Products - include both goods and services
o Goods - tangible items that satisfy customer’s needs and wants. For example: Things you can
touch – a book; a baseball; a car; a t-shirt; a copy machine; a television, etc.
o Services – intangible items that satisfy customer’s needs and wants. For example: a haircut;
a baseball game; having your carpets cleaned; having your oil changed in your vehicle.
 Ideas – Examples: Go Green;
 Organizations Profit & Non-Profit Ex: Nike, Microsoft, Red Cross, and American Cancer Federation.
 People – politicians, movie stars, athletes
Wants vs. Needs
 Wants: Items not needed for survival
For example: video games; cell phones; movie tickets
 Needs: things you need to survive
For example food; water; clothing
Slide 7: Where does marketing take place? EVERYWHERE !!! Marketing is all around us.
 Marketing is all around us taking place between people all around the world (globally) via
communication.
Slides 8-10: What is the Marketing Concept?
 The idea that a business should strive to satisfy customers’ wants and needs while generating a
profit for the firm. The focus is on the customer/consumer.
 An approach to business that says that the way to make a profit is to focus on building
relationships with the customers.
 Using the needs of the customers as the primary focus during the planning, production,
distribution, and promotion of a good or service.
No slide but you should know the difference between Customer vs. Consumer
 Consumer: The person who uses the product. For example, Carrie buys denture cream toothpaste
for her grandmother to use. Her grandmother is the consumer for this product, while Carrie is the
customer.
 Customer: The person who purchases the product. For example, Alyssa buys chicken and steak at
the grocery store this week to cook for her family’s dinner. Alyssa will not eat the chicken or steak
because she is a vegetarian. Alyssa’s family is the consumer, while Alyssa is the customer. In
many cases, the customer is also the consumer. For example, Tracey purchases and uses Tide
detergent.
Slides 11-13: Recognize the benefits of marketing.
 New and improved products/services.
o Businesses create new products and improve existing products to maintain their current
customers or attract new ones. Think about how computers have improved.
 Lower prices.
o Lower prices benefit customers while businesses benefit by selling more product at the
lower price. For example, prices for e-readers, tablets, laptops, etc. they were expensive
and few sold. As prices dropped, more customers purchased them.
 If Marketing did not exist
o Without Marketing society would remain self-subsistence style of living. You have less
competition, which results in higher prices, fewer choices, less improvements on existing
products, and less information is available.
 Marketing’s benefit to society, slide 13
o Societies benefit from Marketing through increased competition, lower prices, larger
variety of goods/services, and mass communication of information about
products/services.