Download MARKETING ESSENTIALS

Chapter 1
marketing is
all around us
Section 1.1
Marketing and the
Marketing Concept
Section 1.2
The Importance of
Marketing
Section 1.3
Fundamentals of
Marketing
Section 1.1
Marketing and the Marketing Concept
CONNECT Suppose you had to market yourself
as a student. What are your strengths?
Section 1.1
Marketing and the Marketing Concept
• Describe the scope of marketing.
• Describe each marketing core function.
• Explain the marketing concept.
Section 1.1
Marketing and the Marketing Concept
To be a successful marketer, you need to
understand the marketing skills, marketing
core functions, and basic tools of marketing.
Section 1.1
Marketing and the Marketing Concept
• marketing
• goods
• services
• marketing concept
Section 1.1
Marketing and the Marketing Concept
Marketing Core Functions
Section 1.1
Marketing and the Marketing Concept
Marketing Core Functions
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Marketing professionals track
trends and consumer attitudes
to understand buying decisions.
marketing
The activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging
offerings that have value for customers, clients,
partners, and society at large.
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Ideas
Goods
Services
goods
services
Tangible items that have
monetary value and satisfy
one’s needs and wants.
Intangible items that have
monetary value and satisfy
your needs and wants.
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Marketing Essentials is based on these areas of skill and knowledge:
Business Law
Financial Analysis
Communications
Human Resources
Management
Customer Relations
Information Management
Economics
Operations
Emotional Intelligence
Professional Development
Entrepreneurship
Strategic Management
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Seven Marketing Core Functions
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Seven Marketing Core Functions
Section 1.1
Marketing and the Marketing Concept
The Marketing Concept
The Marketing Concept
Desires
Determine
Needs
Anticipate
Satisfy
marketing concept
The idea that a business should strive to satisfy customers’ needs
and wants while generating a profit for the business.
Section 1.1
Marketing and the Marketing Concept
The Marketing Concept
Customer Relationship Management (CRM)
Customer
Information
(Databases)
Customer
Service
Marketing
Communications
Section 1.1
Marketing and the Marketing Concept
Section 1.1
1.
Explain why the definition of marketing changes over time.
Marketing is ongoing. Marketers must keep up with trends and
consumer attitudes when trends and the customer base change over
time. The AMA revises the definition of marketing to make sure it
conforms to current practices in the marketplace.
Section 1.1
Marketing and the Marketing Concept
Section 1.1
2.
Identify an example of an economic good and an economic service.
Goods are tangible items that have monetary value and satisfy
customers’ needs and wants. Examples of economic goods are cars,
furniture, electronics, and clothing. Services are intangible items that
have monetary value and satisfy customers’ needs and wants.
Examples of economic services are banks, movie theaters, and
accounting services.
Section 1.1
Marketing and the Marketing Concept
Section 1.1
3.
Describe how Customer Relationship Management helps businesses
employ the marketing concept.
Customer Relationship Management combines customer information
(through database and computer technology) with customer service and
marketing communications. This combination allows companies to serve
their customers as efficiently as possible and makes them better able to
satisfy customers’ needs and generate a profit.