Marketing and the Marketing Concept The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.

Foundations of Marketing Business Management Entrepreneurship Communication Interpersonal Skills Economics Professional Development

Seven Functions of Marketing DistributionFinancing Marketing information Management Pricing Product / Service Management PromotionSelling

The Marketing Concept Businesses should strive to satisfy a customer’s needs and wants while generating a profit. Customer Relationship Management Social CRM –

The Importance of Marketing New and improved products Lower prices Utility Price Quantity

Fundamentals of Marketing What’s a market? – All of the people with desire for a product and the ability to pay for it Consumer Market – Goods purchased for personal use that provide utility Industrial Market (business to business) – Goods purchased to further business goal of turning a profit Market share – A company’s percentage of total sales in a given market Target Market – The group identified for a particular marketing program Customer Profile – A picture of the “typical” customer in a target market: includes demographic info such as age, occupation, income level, ethnicity, occupation, geographic location. –

The Marketing Mix Target Market PlaceProductPricePromotion