MARKETING TODAY AND TOMORROW 1.1 What is Marketing? 1.2 Business Needs Marketing 1.3 The Marketing Concept 1.4 The Changing Role of Marketing

What is Marketing? Learning Objectives: Understand the importance of studying marketing Describe the four marketing functions Define marketing

Why Study Marketing? Marketing influences all business operations for both profit and nonprofit organizations (manufacturers, retailers, government agencies, hospitals, schools) Developing marketing skills can help you be a more effective consumer. By studying marketing, you will learn how businesses use marketing to increase their effectiveness and profits. More than four million companies in the U.S. have marketing as their primary business activity

Marketing Functions Marketing Planning (Placement) Product Management Pricing Promotion

Marketing Defined Marketing is the creation and maintenance of satisfying customer needs.

BUSINESS NEEDS MARKETING LEARNING OBJECTIVES: Explain why businesses need marketing Understand how marketing developed as a part of business

The Need for Marketing The 1st businesses developed ideas and activities to attract interest and sell their products. Marketing is necessary in every business. If customers do not know about the product, where to purchase it, cannot afford the price, or do not think it is a good value, they will not purchase it.

The Need for Marketing The ways marketing is used have changed over the years, but the need for marketing has not changed.

The Development of Marketing There have been times in history when people were self- sufficient. Self-sufficient means you do not rely on others for the things you need to survive. Find your own food and materials. Required hardwork and was very risky.

The Development of Marketing Some people were not successful at being self-sufficient People began exchanging products or services with others by agreeing on their value. This is called bartering. Bartering was one of the 1st examples of marketing.