Download Chapter 1: World of Marketing

Chapter 1: World of Marketing
Section 1.1
What is Marketing
What You’ll Learn
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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,
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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.