Section 1.1 Marketing and the Marketing Concept. The Scope of Marketing Question: What is marketing? Marketing is the activity set of institutions, and.

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Presentation transcript:

Section 1.1 Marketing and the Marketing Concept

The Scope of Marketing Question: What is marketing? Marketing is 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. TASK: Create your own definition for marketing in your notebooks.

Lesson 1.1 Vocabulary Write the following words in your notebook. By the end of this lesson, you should have a definition for each word. Marketing Goods Services Marketing concept

Goods and Services Goods: tangible items that have monetary value and satisfy needs and wants. Examples? Services: intangible items that have monetary value and satisfy needs and wants. Examples?

What goods and services are represented in the image below?

Seven Marketing Core Functions

1. Channel Management: Deciding how to get goods and services into the customer’s hands. (truck, rail, ship, air) 2. Marketing Information Management: Gathering, storing, and analysing information about trends, consumers, and competing products. 3. Market Planning: Using this data to create a marketing plan that will target specific consumers. 4. Pricing: Deciding how much to charge for an offering. 5. Product/Service Management: Developing an offering that meets the needs and wants of consumers. 6. Promotion: Advertising and special offers. 7. Selling: Selling techniques and activities that include determining client needs and wants and responding through planned, personalized communication.

The Marketing Concept The Marketing Concept: The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business. Focus is on the consumer Needs and wants of a target market must be anticipated, determined, and satisfied. Producers must stay in touch with customers

Customer Relationship Management (CRM) Customer Informatio n Marketing Communicatio n Customer Service

CRM

Review Answer questions 1-3 on page 11 of your textbook. We will take up answers as a class.