Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Fundamentals of Marketing LESSON 2: Marketing Concept Lesson Objectives Upon completing the lesson, students will be able to: 1.Describe the cost and functions of marketing 2.Explain the marketing concept Functions of Marketing • Purchasing – Obtaining goods and services for use in the operation of a business or for resale. Functions of Marketing • Pricing – The determination of an exchange price at which the buyer and seller perceive optimum value for a good or service. Functions of Marketing • Product Planning – The process of creating a product in response to market opportunities. Functions of Marketing • Marketing Information Management – Gathering, recording, analyzing and disseminating information to aid in making marketing decisions. Functions of Marketing • Promotion – Communicates information about products, services, images or ideas to customers or clients to influence their purchase behavior. Functions of Marketing • Financing – Determining the need for and availability of financial resources to aid in marketing activities. Functions of Marketing • Distribution – The physical movement or the transfer of ownership of a good or service form the producer to the consumer. Marketing Concept • To succeed in business, managers must base their decisions on the needs and desires of consumers. • Businesses must give consumers what they want. Elements of the Marketing Concept Customer Orientation • Businesses must determine how they can produce items people want and how can they do that more effectively. • Base decision-making about products on customer’s needs and wants. Elements of the Marketing Concept Company Commitment • An organization that applies the marketing concept must focus all of its efforts on satisfying customer needs. • The marketing concept must become a part of the entire organization. Elements of the Marketing Concept Company Goals • A company should achieve its goals by giving customers what they want. • Companies exist by achieving their long term goals- not by making quick sales and not achieving customer needs and wants. Why is Marketing Important? • Increased production capacity. • Increased buying power of consumers. • Need for coordinating production and consumption. Why is Marketing Important? • One-third of all workers are in marketing jobs. • Majority of businesses in the US are marketing-type businesses. • Fifty cents of every sales dollar goes to cover the costs of marketing. Without Marketing. . . • Increased personal contact with businesses. • Less variety in products. • Fewer product improvements. • Fewer products developed. • Increased stock shortages or overages. Further Reading Olympia College (ebrary) Hundekar, S.G. Appannaiah, H.R. Reddy., 2010. Principles of Marketing. Mumbai, India: Global Media Read UNIT I: Marketing and Core Concepts. References Kotler, P., Armstrong, G., Cunningham, P., 2008. Principles of Marketing. Canada. Pearson Education Copyright 2008 PresentationFx.com | Redistribution Prohibited | This text section may be deleted for presentation.