Chapter 1

 Marketing is: (short version) ______________________ _________________________________________  Who is the guiding light of your business philosophy? ____________________  S___________  W__________  O___________  T____________

 Understand the importance of studying marketing  Explain what marketing is and describe important marketing functions  Marketing is analyzing and satisfying consumer needs  Explain why businesses need marketing  Describe the functions of business  Define the marketing concept  Determine how the marketing concept is implemented  Describe how businesses approach marketing differently today than they did in the past  How is marketing changing business

 Marketing plays an important role in business operations  It is essential to the success of manufacturers, retailers, government agencies, hospitals, law offices, schools, and churches  All marketing activities should be directly related to the needs of customers.