Section 1.1 Marketing and the Marketing Concept Chapter 1 marketing is all around us Section 1.2 The Importance of Marketing Section 1.3 Fundamentals of Marketing

Do NOW When have you been influenced by marketing? Why did you choose to buy your last purchase? Section 1.1 Marketing and the Marketing Concept

Describe the scope of marketing. Describe each marketing core function. Explain the marketing concept. Section 1.1 Marketing and the Marketing Concept

To be a successful marketer, you need to understand the marketing skills, marketing core functions, and basic tools of marketing. Marketing and the Marketing Concept Section 1.1

Marketing Goods Services Exchange Marketplace Marketing concept Marketing and the Marketing Concept Section 1.1

Marketing and the Marketing Concept Section 1.1 marketing All the activities involved in creating an exchange that satisfy customers. What is Marketing?

Marketing is ongoing and changes. Marketing professionals track trends and consumer attitudes to understand buying decisions.

Marketing and the Marketing Concept The Scope of Marketing Section 1.1 IdeasGoodsServices

goods Tangible items that have monetary value and satisfy one’s needs and wants.

services Intangible items that have monetary value and satisfy your needs and wants.

Exchange –An exchange occurs every time someone buys or sells something in the marketplace Marketplace –The commercial environment where exchanges occur. Ie. Shops, internet, stores, financial institutions, catalogs and more

Marketing and the Marketing Concept The Scope of Marketing Section 1.1 Marketing Essentials is based on these areas of skill and knowledge: Business LawFinancial Analysis Communications Human Resources Management Customer RelationsInformation Management EconomicsOperations Emotional IntelligenceProfessional Development EntrepreneurshipStrategic Management

Marketing and the Marketing Concept The Scope of Marketing Section 1.1 Seven Marketing Core Functions

Marketing and the Marketing Concept The Scope of Marketing Section 1.1 Seven Marketing Core Functions

Seven Marketing Core Functions Scaffolding Activity Groups of 7 Each member is in charge of one function

Before You Read Do you think customer relationship are important? Why is it important to serve customers efficiently? Why do companies collect information about customers’ buying behaviors?

Marketing and the Marketing Concept The Marketing Concept Section 1.1 The Marketing Concept DesiresNeeds DetermineAnticipateSatisfy marketing concept The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.

Marketing and the Marketing Concept The Marketing Concept Section 1.1 Customer Relationship Management (CRM) Customer Information (Databases) Customer Service Marketing Communications

Customer Relationship Management (CRM) –Combines customer information (databases and computer technology) with customer service and marketing communications. By using CRM, companies are better able to understand buying behaviors and demographics, which allows companies to better satisfy their customers’ needs and generate more profit.

Marketing and the Marketing Concept Section 1.1 Explain why the definition of marketing changes over time. Section Marketing is ongoing. 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.

Marketing and the Marketing Concept Section 1.1 Identify an example of an economic good and an economic service. Section Goods are tangible items that have monetary 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.

Marketing and the Marketing Concept Section 1.1 Describe how Customer Relationship Management helps businesses employ the marketing concept. Section Customer Relationship Management combines customer information (through database and computer technology) with customer service and marketing communications. This combination allows companies to serve their customers as efficiently as possible and makes them better able to satisfy customers’ needs and generate a profit.