Presentation on theme: "Chapter 1 marketing is all around us Section 1.1"— Presentation transcript:
1 Chapter 1 marketing is all around us Section 1.1 Marketing and the Marketing ConceptSection 1.2The Importance of MarketingSection 1.3Fundamentals of Marketing
2 Marketing and the Marketing Concept Section 1.1CONNECT Suppose you had to market yourself as a student. What are your strengths?
3 Marketing and the Marketing Concept Section 1.1Describe the scope of _________________.Describe each marketing core function.Explain the ________________concept.
4 Marketing and the Marketing Concept Section 1.1To be a __________________marketer, you need to understand the marketing skills, marketing core functions, and basic tools of _________________.
5 Marketing and the Marketing Concept Section 1.1marketinggoodsservicesmarketing concept
6 Marketing and the Marketing Concept Section 1.1Marketing Core Functions
7 Marketing and the Marketing Concept Section 1.1The Scope of MarketingMarketing professionals track trends and consumer attitudes to understand buying decisions.marketingThe ____________, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
8 Marketing and the Marketing Concept Section 1.1The Scope of MarketingIdeasGoodsServicesgoods____________________ items that have monetary value and satisfy one’s needs and wants.services____________________ items that have monetary value and satisfy your needs and wants.
9 Marketing and the Marketing Concept Section 1.1The Scope of MarketingMarketing Essentials is based on these areas of skill and knowledge:Business LawFinancial AnalysisHuman Resources Management______________________Customer RelationsInformation Management_______________________________________________Emotional IntelligenceProfessional DevelopmentEntrepreneurshipStrategic Management
10 Marketing and the Marketing Concept Section 1.1The Scope of MarketingSeven Marketing Core Functions
11 Marketing and the Marketing Concept Section 1.1The Marketing ConceptThe Marketing ConceptDesiresNeeds___________________________________________marketing conceptThe ________________ that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.
12 Marketing and the Marketing Concept Section 1.1The Marketing ConceptCustomer Relationship Management (CRM)Customer Information(Databases)Customer ServiceMarketing Communications
13 Marketing and the Marketing Concept Section 1.1Section 1.11.Explain why the definition of marketing changes over time.Marketing is __________________. Marketers must keep up with trends and consumer attitudes when trends and the customer base change over time. The AMA revises the definition of marketing to make sure it conforms to current practices in the marketplace.
14 Marketing and the Marketing Concept Section 1.1Section 1.12.Identify an example of an economic good and an economic service.Goods are tangible items that have _________________value and satisfy customers’ needs and wants. Examples of economic goods are cars, furniture, electronics, and clothing. Services are intangible items that have monetary value and satisfy customers’ needs and wants. Examples of economic services are banks, movie theaters, and accounting services.
15 Marketing and the Marketing Concept Section 1.1Section 1.13.Describe how Customer Relationship Management helps businesses employ the marketing concept.Customer Relationship Management combines customer information (through database and computer technology) with customer service and marketing communications. This ___________________ allows companies to serve their customers as efficiently as possible and makes them better able to satisfy customers’ needs and generate a profit.
16 The Importance of Marketing Section 1.2CONNECT What promotions did you see the last time you went shopping? How did these promotions affect your decision to buy?
17 The Importance of Marketing Section 1.2Describe the benefits of marketing.Explain the concept of utility.Cite examples of types of utilities.
18 The Importance of Marketing Section 1.2Marketing _______________competition and offers benefits to consumers.
20 The Importance of Marketing Section 1.2The Benefits of Marketing and the Five Utilities
21 The Importance of Marketing Section 1.2Economic Benefits of MarketingEconomic Benefits of Marketing
22 The Importance of Marketing Section 1.2Economic Benefits of Marketing___________ UtilityChanging raw materials into usable goods or putting parts together to make them more useful___________ UtilityHaving a product where customers can buy it__________ UtilityHaving a product or service available at a certain time of year or a convenient time of day____________ UtilityThe exchange of a product for money____________ UtilityCommunication with consumerutilityAn added _________________ in economic terms; an attribute of goods or services that makes them capable of satisfying consumers’ wants and needs.
23 The Importance of Marketing Section 1.2Section 1.21.Explain the role that marketing plays in an economy.Marketing ______________an important role in an economy because it _____________________the means for ___________________to take place. In a competitive marketplace, businesses try to create new or improved products at lower prices than their competitors. Those efforts force them to be efficient and responsive to consumers. In addition, businesses look for ways to add value to a consumer’s shopping experience.
24 The Importance of Marketing Section 1.2Section 1.22.How does increased demand for a product help lower its price to consumers?When demand is _____________, manufacturers can produce products in larger quantities. This reduces the unit cost of each product. This is because the ___________costs (such as the rent on a building) remain the same whether the company produces 1,500 units or 15,000 units. When a company produces a larger quantity of a product, it spends less per unit on fixed costs. The company can charge a lower price per unit, sell more units, and make more money.
25 The Importance of Marketing Section 1.2Section 1.23.Describe how form utility is not explicitly related to marketing.Form utility is not ________________related to marketing. However, much of what goes into creating products, such as marketing research and product design, makes it an ________________ part of the marketing process.
26 Fundamentals of Marketing Section 1.3CONNECT What markets are you a part of?
27 Fundamentals of Marketing Section 1.3Describe how marketers use knowledge of the market to sell products.Compare and contrast consumer and ____________________markets.Explain the importance of ______________markets.Explain how each component of the marketing mix contributes to successful marketing.
28 Fundamentals of Marketing Section 1.3The term ___________refers to all the people who might buy a product. The marketing mix is a ____________________of elements used to sell a product to a specific target market.
30 Fundamentals of Marketing Section 1.3Market Terms and the Four Ps of the Marketing Mix
31 Fundamentals of Marketing Section 1.3Market and Market IdentificationYou could be part of the market for video games, but not be part of the market for an expensive car.marketAll people who ____________similar needs and wants and who have the ability to purchase a _________________ product.
32 Fundamentals of Marketing Section 1.3Market and Market IdentificationConsumer MarketOrganizational Marketversusconsumer marketConsumers who purchase goods and services for __________________ use.organizational marketAlso known as business-to-business (B2B), this includes all __________________ that buy products for use in their operations.
33 Fundamentals of Marketing Section 1.3Market and Market IdentificationU.S. Smartphone Market Sharemarket shareA company’s percentage of the ___________ sales volume generated by all companies that competein a given market
34 Fundamentals of Marketing Section 1.3Market and Market IdentificationThe goal of market segmentation is to identify target markets.market segmentationThe process of ________________ people who form a given market into even smaller groups.target marketThe group of people most likely to ________________ customers, identified for a specific marketing program.
35 Fundamentals of Marketing Section 1.3Market and Market IdentificationDetails About Markets
36 Fundamentals of Marketing Section 1.3Market and Market IdentificationInformation in Customer Profilecustomer profileInformation about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes,lifestyle, and behavior.
37 Fundamentals of Marketing Section 1.3Marketing Mix_____________________Four Ps of the Marketing Mixmarketing mixThe four basic marketing strategiescalled the four P’s: product, place, price, and promotion.
38 Fundamentals of Marketing Section 1.3Marketing MixForms of Promotion
39 Fundamentals of Marketing Section 1.3Marketing MixGuiding Questions
40 Fundamentals of Marketing Section 1.4Section 1.31.Identify a market in which a business would consider you a potential customer.Possible answers would be: fast food chains (i.e. McDonalds, Burger King), cell phones, jeans manufacturers, specific retail stores such as The GAP and Abercrombie & Fitch. These businesses carry items that appeal to teenagers, so teens are one of their target markets.
41 Fundamentals of Marketing Section 1.4Section 1.32.Contrast What is the main difference between consumer and organizational markets?The consumer market consists of people who _________goods and services for personal use. In the organizational market, goods and services are purchased for use in a business operation.
42 Fundamentals of Marketing Section 1.4Section 1.33.Connect How are market segmentation, target markets, and customer profiles related?Market segmentation helps marketers ________________ customers based on certain _____________________that can be used to develop customer profiles for a specific target market.