Presentation on theme: "Marketing Is All Around Us"— Presentation transcript:
1 Marketing Is All Around Us Chapter #1Marketing Is All Around Us
2 List things you have Bought .Why did you buy them?
3 Chapter Objectives Define Marketing Explain the 4 foundations of marketingList the 7 functions of marketingUnderstand the marketing conceptAnalyze the benefits of marketingApply the concept of utilityDifferentiate consumer and industrial marketDescribe market shareDefine target marketList the components of the marketing mix
4 Ideas, Goods, and Services Tangible itemsMonetary ValueSatisfy needs and wantsServicesIntangible itemsMonetary ValueSatisfy needs and wants
5 Business. Management, Entrepreneurship Understanding the basics that affect business decision makingEconomicsUnderstanding economic principles and concepts that are basic to marketingCommunication and Interpersonal SkillsUnderstanding the system needed to interact effectively with othersProfessional DevelopmentUnderstanding strategies needed for career exploration and growth
6 Functions of Marketing DistributionHow to get items into the hands of customers – Physically moving itemsSellingProviding customers with the goods and services they want – influencing what customers buy and helping then meet their needsMarketing Information ManagementGathering information about customers, trends and competition.PricingDetermine what to charge for a product based on costs, market and customers.Product ManagementDeveloping, Maintaining and improving a product.FinancingGetting the money that is necessary to pay for setting up and running a business.PromotionThe effort to inform, persuade, or remind potential customers about a business’s product or service.
7 The Marketing ConceptThe idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm.All seven functions of marketing must include this concept and place the customer firstCustomer Relationship Management (CRM)Aspect of marketing that combines customer information to help build relationships.
8 Economic Benefits of Marketing New and Improved ProductsLower PricesAdded Value and Utility5 Economic Utilities (Attributes of a product that make it capable of satisfying customers needs and wants)Form UtilityPlace UtilityTime UtilityPossession UtilityInformation Utility
9 Market and Market Identification Market -all the people who share similar needs and wants and who have the ability to purchase a given product
10 Consumer VS Industrial Markets Consumer Market – People who purchase the product or service for personal use. Want products that will save them money, make life easier, improve appearance, create status or provide satisfactionIndustrial Market – Business to Business they buy products for use in their business’s operations. They want products to improve productivity, increase sales, or decrease expenses.
11 Market ShareA Company’s percentage of the total sales volume generated by all companies in a given market.
12 Target MarketThe group that is identified for a specific marketing program.
13 Consumer VS Customer Consumer – Customer – Customer Profile – lists information about the target market, such as age, income, ethnic background, occupation, attitudes, and Geographic residence.
14 Marketing Mix 4 Basic Marketing Strategies (4 P’s) Product – What to make or sell, packaging, designPlace – Where to sell the productPrice – what to charge for the product –discounts, credit termsPromotion – Message, media, ads