Presentation on theme: "Marketing and the Marketing Concept 1.1"— Presentation transcript:
1 Marketing and the Marketing Concept 1.1 ObjectivesDefine marketingList the seven marketing core functionsUnderstand the marketing concept
2 The Scope of MarketingYou have already participated in the marketing X process as a consumer. Now you need to think like a marketer and keep up with:TrendsConsumer attitudesCustomer relationships
3 Ideas, Goods, and Services Marketing promotes ideas, goods and services.AppleSamsung
4 Ideas, Goods, and Services Examples of marketed goods include:CarsElectronicsHome furnishingsFoods
5 Ideas, Goods, and Services Examples of services that may be marketed are:Automotive repairHair stylingLegal aidFinancial consulting
6 Seven Marketing Core Functions Channel Management getting goods to customersMarket Planning understanding concepts and strategies to develop and target marketing strategies to a specific marketcontinued
7 Seven Marketing Core Functions Marketing information management researching customers, trends, and competitorsPricing charging for goods and services to make a profitcontinued
8 Seven Marketing Core Functions Product/service management obtaining, developing, maintaining, and improving a product or servicePromotion informing, persuading, and reminding customers about a product or servicecontinued
9 Seven Marketing Core Functions Selling providing customers with goods and servicesThe move toward same-day fulfillment is gaining speed across the Internet as e-tailers compete for customers.
10 The Marketing ConceptThe marketing concept focuses on satisfying the needs and wants of customers. For a business to be successful, all employees must:Understand the marketing conceptProvide the best possible service to customers
11 The Importance of Marketing 1.2 ObjectivesAnalyze the benefits of marketingApply the concept of utility
12 Economic Benefits of Marketing Marketing’s benefits to the economy and consumers are:New and improved productsLower pricesAdded valueCompetition
13 New and Improved Products Marketing generates competition:Apple vs. PCMarketing Essentials Chapter 1, Section 1.2
14 Added Value and Utility The value that marketing adds to a product or service is called utility. 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 wantPlace offering a product where consumers can buy it (e.g. retail store, catalog, Web site)Time offering a product at a convenient time of day or year for consumersPossession allowing consumers to take legal ownership of a productInformation communicating information about a product (e.g. through labeling, advertising, or an owners’ manual)Marketing Essentials Chapter 1, Section 1.2
15 Market and Market Identification Memorize the terms in this section. The first important term is market , which refers to people who:Share similar needs and wantsHave the ability to purchase a product
16 Consumer Versus Industrial Markets The consumer market wants products and services that……Think back in your daily lives, why do you buy the products you have???
17 Consumer Versus Industrial Markets The industrial market , or business-to-business (B-to-B) market, wants products and services that:Improve productivityImprove efficiencyIncrease salesDecrease expensesMarketing Essentials Chapter 1, Section 1.3
18 Market ShareA company's market share is its percentage of total sales in a given market, such as the video game market. Market share changes as:New competitors enter the marketThe markets volume increases or decreases
20 Target Market and Market Segmentation Identifying a product’s target market is a key to success. A single product may have these two target markets:ConsumersCustomers
21 Target Market and Market Segmentation Who would a nutritious breakfast food would be targeted at??
22 Target Market and Market Segmentation To develop a clear picture of its target market, a business may create a customer profile , which lists information such as:AgeIncome levelEthnic backgroundOccupationAttitudesLifestyleGeographic residence
23 Marketing MixThe marketing mix X includes four basic marketing strategies, or tools, called the four Ps:productplacepricepromotion