* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download The Marketing Concept
Market segmentation wikipedia , lookup
Pricing strategies wikipedia , lookup
Consumer behaviour wikipedia , lookup
Customer relationship management wikipedia , lookup
Sales process engineering wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Social media marketing wikipedia , lookup
Product planning wikipedia , lookup
Food marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Affiliate marketing wikipedia , lookup
Marketing communications wikipedia , lookup
Target audience wikipedia , lookup
Sports marketing wikipedia , lookup
Marketing research wikipedia , lookup
Ambush marketing wikipedia , lookup
Digital marketing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Youth marketing wikipedia , lookup
Target market wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Marketing channel wikipedia , lookup
Viral marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Marketing strategy wikipedia , lookup
Marketing plan wikipedia , lookup
Advertising campaign wikipedia , lookup
Direct marketing wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Multicultural marketing wikipedia , lookup
Sensory branding wikipedia , lookup
Green marketing wikipedia , lookup
Unit 1 The World of Marketing Chapter 1 Marketing Is All Around Us Marketing and the Chapter 1 Marketing Concept Marketing Is All Around Us • Section 1.1 Marketing and the Marketing Concept • Section 1.2 The Importance of Marketing Key Terms marketing goods services marketing concept Marketing and the Marketing Concept Objectives Define marketing Explain the four foundations of marketing List the seven functions of marketing Understand the marketing concept Marketing Essentials Chapter 1, Section 1.1 Marketing and the Marketing Concept Study Organizer Draw an umbrella shape to organize the marketing concepts you will learn about in this section. Marketing Essentials Chapter 1, Section 1.1 The Scope of Marketing marketing The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants. You have already participated in the marketing X process as a consumer. By studying marketing, you will start to think like a marketer. As a marketer, you need to keep up with: Trends Consumer attitudes Customer relationships Marketing Essentials Chapter 1, Section 1.1 Ideas, Goods, and Services Marketing promotes ideas, goods, and services. Examples of ideas that might be marketed are: • A candidate’s political platform • A public service initiative, such as don’t smoke or stay in school This ad promotes the idea of a healthy diet that includes dairy products Marketing Essentials Chapter 1, Section 1.1 goods Tangible items of monetary value that satisfy needs and wants. services Intangible items of monetary value that satisfy needs and wants. Examples of marketed goods X include: Cars Electronics Home furnishings Foods Examples of services X that may be marketed are: Automotive repair Hair styling Legal aid Financial consulting Marketing Essentials Chapter 1, Section 1.1 The marketplace is the commercial environment in which buying and selling take place. The marketplace includes: Shops Internet stores Financial institutions Marketing Essentials Chapter 1, Section 1.1 Foundations of Marketing Marketing practices are based on four key foundations: 1. Business, management, and entrepreneurship 2. Communication and interpersonal skills 3. Economics 4. Professional development Marketing Essentials Chapter 1, Section 1.1 Seven Functions of Marketing 1. Distribution getting goods to customers 2. Financing acquiring money to set up and run a business 3. Marketing information management researching customers, trends, and competitors 4. Pricing charging for goods and services to make a profit continued Marketing Essentials Chapter 1, Section 1.1 Seven Functions of Marketing 5. Product/service management obtaining, developing, maintaining, and improving a product or service 6. Promotion informing, persuading, and reminding customers about a product or service 7. Selling providing customers with goods and services The move toward same-day fulfillment is gaining speed across the Internet as e-tailers compete for customers. Marketing Essentials Chapter 1, Section 1.1 The Marketing Concept marketing concept Businesses should satisfy customers’ needs and wants while making a profit. The marketing concept X focuses on satisfying the needs and wants of customers. For a business to be successful, all employees must: Understand the marketing concept Provide the best possible service to customers Marketing Essentials Chapter 1, Section 1.1 The Marketing Concept Customer relationship management (CRM) combines: Customer information Marketing communications CRM uses customer information to create meaningful marketing communications. The goal of CRM is to establish strong, long-term relationships with customers. Marketing Essentials Chapter 1, Section 1.1 SECTION 1.1 REVIEW SECTION 1.1 REVIEW - click twice to continue - The Importance of Marketing Key Terms utility Objectives Analyze the benefits of marketing Apply the concept of utility Reproduce the figure. As you go through this section, note the benefits of marketing and list the five utilities on lines jutting out from one of the ovals. Marketing Essentials Chapter 1, Section 1.2 Economic Benefits of Marketing Marketing’s benefits to the economy and consumers are: New and improved products Lower prices Added value Marketing Essentials Chapter 1, Section 1.2 New and Improved Products Marketing generates competition. In a competitive marketplace, businesses try to create new and improved products to satisfy customers’ wants and needs. Some examples: Food manufacturers know that on-the-go parents want their children to start the day with healthy foods. So Quaker created Fruit & Oatmeal Toastables® and Breakfast Squares®. Marketing Essentials Chapter 1, Section 1.2 New and Improved Products Dutch Boy Paints won an award for its new container design that makes the container easy to hold and open as paint is poured. This ad promotes Dutch Boy Paints’ innovative paint container. Marketing Essentials Chapter 1, Section 1.2 Lower Prices Marketing increases demand. When demand is high: Products can be produced in larger quantities The fixed cost per unit is lower As a result, a company can: 1. Charge a lower price per unit 2. Sell more units 3. Make more money Marketing Essentials Chapter 1, Section 1.2 Lower Prices In addition, when demand for products increases: More companies enter the marketplace Companies must lower prices to remain competitive Marketing Essentials Chapter 1, Section 1.2 Added Value and Utility utility An attribute of a product or service that makes it capable of satisfying consumers’ wants and needs. The value that marketing adds to a product or service is called utility X. Five utilities contribute to making a product or service capable of satisfying customers’ wants and needs: Form putting parts together to make a product consumers want Place offering a product where consumers can buy it (e.g. retail store, catalog, Web site) Marketing Essentials Chapter 1, Section 1.2 Added Value and Utility Time offering a product at a convenient time of day or year for consumers Possession allowing consumers to take legal ownership of a product Information communicating information about a product (e.g. through labeling, advertising, or an owners’ manual) Marketing Essentials Chapter 1, Section 1.2 SECTION 1.2 REVIEW SECTION 1.2 REVIEW - click twice to continue -