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The Marketing Concept
Marketing Principles
Chapter 2.1
Definition of Marketing
Process of developing, promoting, &
distributing products to satisfy
customers’ needs & wants
Marketing’s Main Purpose
Marketing Process
Provide a bridge between producers
& consumers so exchange of goods &
services can occur
There are 7 main Marketing
Marketing-infomanagement: Collecting,
disseminating, & using
info. To make sound
business decisions
Distribution: Physical
movement & storage
Financing: How & where
funds are used in business
Selling: Personalized
communication that
influences purchasing
management: What
products & services will
be offered
Pricing: Decisions
dictating how much to
charge for products
Promotion: Activities that
inform & persuade
The Marketing Concept
The Basic Concept
The marketing concept states that
businesses must satisfy customers' needs
and wants in order to make a profit.
Customers are Classified into
All potential customers who have the
ability and willingness to buy
Two Types of Markets
Consumer Markets – Consist of consumers
who purchase goods & services for personal
 Industrial Markets – Business-to-business
markets includes all businesses that buy
products for use in their operations.
Two Types of People with Needs & Wants
Customers vs. Consumers
Customers buy a product.
Consumers use the product.
 Example: Parents who buy video games
from retailers are customers. The kids who
play the video games are the consumers.
 Many times they are the same.
U.S. Game Console Market
A market can be described as the people who are potential customers
of a product, as well as by the classification of a product in a category.
Market Share – The percentage volume of sales a company sells in a
specific market.
Marketing Decisions Must be
Directed Towards the Target
Target Market: The group(majority)
of consumers that a business will
direct it’s marketing activities
Marketing Strategies
Businesses’ planning of marketing
decisions to reach markets (i.e. target
markets) that have wants and needs for
their products.
Marketing Mix(Four P’s): Four
Main Marketing Decisions
Product (P/S Planning)
 Place (Distribution)
 Price
 Promotion
* Most important decisions in determining
marketing strategies because each deals directly
with consumers.
The Marketing Mix—The Four Ps
Involves determining what goods & services will
be created or provided to satisfy consumer
needs & wants.
Involves all activities for determining a value for
exchange between the customer and the seller.
Involves determining where & how goods &
services are made available to the customer.
Involves informing & persuading the consumer
about goods & services available.
All marketing mix decisions should be
directed towards the target market
*The 4P’s are all interrelated with each other