Presentation on theme: "Marketing and the Marketing Concept"— Presentation transcript:
1 Marketing and the Marketing Concept Chapter 1 Marketing Is All Around UsMarketing and the Marketing ConceptSection 1.1 Marketing and the Marketing ConceptSection 1.2 The Importance of MarketingSection 1.3 Fundamentals of Marketing
3 Marketing and the Marketing Concept Key Termsmarketinggoodsservicesmarketing conceptObjectivesDefine marketingExplain the four foundations of marketingList the seven functions of marketingUnderstand the marketing conceptMarketing Essentials Chapter 1, Section 1.1
4 MarketList as many words as you can think of with the word “market” in it.Answers:What is a market?
5 Marketing?If a market is a place where you buy, sell or exchange something (for money or not), what is Marketing?Marketing: The process of planning, pricing, promoting, selling, and distributing products (ideas, goods, or services) to satisfy customers’ needs and wants.Note: marketing is a process = ongoing and changes
6 The Scope of MarketingmarketingThe 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:TrendsConsumer attitudesCustomer relationshipsMarketing Essentials Chapter 1, Section 1.1
7 MarketingWhat three products can be marketed?GoodsServicesIdeas
8 Examples of marketed goods X include: Cars Electronics Tangible items of monetary value that satisfy customer needs and wants.Goods : tangible items of monetary value that satisfy customer needs and wants:Examples of marketed goods X include:CarsElectronicsHome furnishingsFoodservicesIntangible items of monetary value that satisfy customer needs and wants.Services: Intangible (can’t touch) items of monetary value that satisfy customer needs & wantsExamples of services X that may be marketed are:Automotive repairHair stylingLegal aidFinancial consulting
9 Ideas, Goods, and Services Marketing promotes ideas, goods, and services.Examples of ideas that might be marketed are:A candidate’s political platformA public service initiative, such as don’t text and drive, don’t smoke or stay in schoolWhat idea is the ad promoting?This ad promotes the idea of a healthy diet that includes dairy products
10 What are examples of marketplaces: Shops (brick & mortar) The marketplace is the commercial environment in which buying and selling (or exchanges) take place.What are examples of marketplaces:Shops (brick & mortar)Internet storesFinancial institutionsmarketplaceCommercial environment where someone exchanges (sells or buys) somethingMarketing Essentials Chapter 1, Section 1.1
11 Marketing and the Marketing Concept Study OrganizerUse the umbrella shape on your notes to organize the marketing concepts you will learn about in this section.Marketing Essentials Chapter 1, Section 1.1
12 Seven Functions of Marketing Channel Management/Distribution - process of deciding how to get goods into customer’s hands.How can you get your goods to customers?Moving - air, trains, trucks, shipStorage – Some companies store in local warehousesComputer systems - required to track inventoryMarket Planning understand concepts and strategies used to develop and target specific marketing strategies to a select audienceDesigning data-collection processes, collection analysis, and presentation of data to create a market planMarketing Essentials Chapter 1, Section 1.1
13 Seven Functions of Marketing Can you just create a product, slap any old price on it, and expect everyone to buy it?3. Marketing information management process of gathering, storing, and analyzing information on customers, trends, and competitor products to target a specific marketcontinually conduct research and surveys on customer habits, attitudes, where live, and marketplace trends.Pricing what you charge for goods and services to make a profit (initial and sales price decisions)What should drive your decision on what to charge?What competitors are chargingWhat are customers willing to paycontinued
14 Seven Functions of Marketing Product/service management obtaining, developing, maintaining, and improving a product or service that customers want and needCreate new products to the marketUpgrade, and improve your existing productsName a product you own that has been updated with new features that you want/bought the new version?i.e. cell phones, i-pods, software, etc…Do things better, faster, and more efficiently than the competition!
15 Seven Functions of Marketing 6. Promotion informing, persuading, and reminding customers about a product or serviceWhat are some ways you do this?Students:Answers: TV, Radio, Social Media, Pop-up menus, phone calls, mailSelling providing customers with goods and services they want including:Customer Direct – selling to you the customers in retail markets (stores & internet)Business to Business – markets of customers that include Wholesalers, retailers, or manufactures
16 Seven Functions of Marketing In Marketing, you want to do things better, faster, and more efficiently than the competition!The move toward same-day fulfillment is gaining speed across the Internet as e-tailers compete for customersWhat has been the main focus of each of our 7 functions of Marketing?CustomersWhat are their wants and needs!!!!
17 The Marketing Conceptmarketing conceptexploring, creating, and delivering value different than competitors to satisfy the needs of a target market (customer) at a profitThe marketing concept X is the idea that a business should focus on satisfying the needs and wants of customers at a profitVideo (play through 1.40)For a business to be successful, all employees must:Understand the marketing conceptProvide the best possible service to customersWhat is marketing: exploring, creating, and delivering value to satisfy the needs of a target market at a profit.What is the hidden word in the marketing definition?CompetitorMarketing Essentials Chapter 1, Section 1.1
18 The Marketing ConceptCustomer Relationships is most important to businesses in the 21st Century:Customer relationship management (CRM) combines:Customer informationMarketing communicationsCRM uses technology to organize and automate customer information to create meaningful marketing communicationsThe goal of CRM is to establish strong, long-term relationships with customers:find, attract, and win new clientsnurture and retain those the company already hasentice former clients back into the foldreduce the costs of marketing and client serviceUse s and social networking to communicate promotions/events
19 Channel ManagementMarket PlanningMarket Information ManagementPricingProduct/Service ManagementSellingPromotion
20 Complete Discovery Project Worksheet, page 2 Marketing Madness: Lesson 1-1 ReviewComplete Discovery Project Worksheet, page 2Marketing Madness:In a short paragraph, define in your own words what the three functions, pricing, promotion, and selling are and how they differ. What key component do they all have in common?