1. Chapter 1 Marketing Is All Around Us
Section 1.1 Marketing and the Marketing Concept
Section 1.2 The Importance of Marketing
Section 1.3 Fundamentals of Marketing

2. Marketing and the Marketing Concept Section 1.1 – page 4
Key Terms
marketing
goods
services
marketing concept
Objectives
Define marketing
List the seven marketing core functions
Understand the marketing concept
Marketing Essentials Chapter 1, Section 1.1

3. So, what is marketing? The Scope of Marketing
The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants.
You have already participated in the marketing process as a consumer. Now you need to think like a marketer and keep up with:
Trends
Consumer attitudes
Customer relationships
So, what is marketing?
Marketing Essentials Chapter 1, Section 1.1

4. Marketing stimulates demand…
Helps the economy prosper
Encourages people to buy things they want
What would happen if people only bought what they needed?
Is Marketing good or evil?
Marketing Essentials Chapter 1, Section 1.1

5. Ideas, Goods, and Services
Marketing promotes ideas such as:
A candidate’s political platform
A public service initiative
Marketing Essentials Chapter 1, Section 1.1

6. Ideas, Goods, and Services
Tangible items of monetary value that satisfy needs and wants.
Examples of marketed goods include:
Marketing Essentials Chapter 1, Section 1.1

7. Ideas, Goods, and Services
Intangible items of monetary value that satisfy needs and wants.
Examples of services that may be marketed are:
Automotive repair
Hair styling
Legal aid
Financial consulting
Marketing services
Marketing Essentials Chapter 1, Section 1.1

8. The “Marketplace”
The marketplace is the commercial environment in which buying and selling take place, including:
Shops
Internet stores / Apps
Financial institutions
Marketing Essentials Chapter 1, Section 1.1

9. Seven Marketing Core Functions
Channel Management getting goods to customers
Market Planning understanding concepts and strategies to develop and target marketing strategies to a specific market
Which person would you sell your good to?
Marketing Essentials Chapter 1, Section 1.1

10. Seven Marketing Core Functions
Marketing information management researching customers, trends, and competitors
Pricing charging for goods and services to make a profit
continued
Marketing Essentials Chapter 1, Section 1.1

11. Seven Marketing Core Functions
Product/service management obtaining, developing, maintaining, and improving a product or service
Promotion informing, persuading, and reminding customers about a product or service
continued
Marketing Essentials Chapter 1, Section 1.1

12. Seven Marketing Core Functions
Selling providing customers with goods and services
E-bay & Amazon are testing same day delivery in some major metropolitan areas to see if customers are willing to pay a little extra to get their goods “today.”
Marketing Essentials Chapter 1, Section 1.1

13. The Marketing Concept
marketing concept
Businesses should satisfy customers’ needs and wants while making a profit.
The marketing concept focuses on satisfying the needs and wants of customers. For a business to be successful, all employees must:
Understand the marketing concept
Provide the best possible service to customers
Marketing Essentials Chapter 1, Section 1.1

14. The Marketing Concept
Customer relationship management (CRM) combines:
Customer information
Marketing communications
The goal is to establish long-term relationships.
It costs 6-7 times more to attract a new customer than to keep an existing customer.
Marketing Essentials Chapter 1, Section 1.1

15. Section Review In your notes write down the answers…
Name 2 ideas that can be marketed.
Where do exchanges take place?
What is the marketing concept? Who “wins” when the marketing concept is achieved?