M ARKETING AND THE M ARKETING C ONCEPT 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 Section 1.1 Marketing and the Marketing Concept Section 1.2 The Importance of Marketing Section 1.3 Fundamentals of Marketing

L ESSON 1.1 Marketing and the Marketing Concept

M ARKETING AND THE M ARKETING C ONCEPT Objectives  Define marketing  Think Like a marketer not a consumer  List the seven functions of marketing  Understand the marketing concept Marketing Essentials Chapter 1, Section 1.1

M ARKET List as many words as you can think of with the word “market” in it. Answers: What are some words that describe what goes on at a market? Answers:

M ARKETING ? A market is a place where we buy, sell or exchange something (for money or no money)

C ONSUMER I NTERVIEW From the interview, what are some things your consumer wants? Where will they look for these items? One place or not? What are five things that your consumer will consider before they buy the item.

M ARKETING ? Role: Now you are a Marketer (you own and sell the product)? Based on what was important to consumers, what should you consider in order to sell a product? Flip your interview sheet over: 1.Write 5 things that would be important as a marketer? Will these things always be the same for every person? Will what is important be the same for that same person forever?

M ARKETING ?

So what is Marketing? Marketing: The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants. Note: marketing is a process = ongoing and changes

As a Marketer you need to keep up with:  Trends  Consumer attitudes  Customer relationships Don’t think like a consumer, think like the person selling the products: The Marketer Marketing Essentials Chapter 1, Section 1.1

M ARKETING Marketers sell products Three types of products can be marketed Goods Services Ideas

Goods : tangible items of monetary value that satisfy customer needs and wants: List 3 types of goods in your notes: Examples of marketed goods  include: Home furnishings Cars Electronics Food

Services: Intangible (can’t touch) items of monetary value that satisfy customer needs & wants List 3 types of services in your notes: Examples of services  that may be marketed are: Automotive repair Hair styling Legal aid Financial consulting

What does this ad make you think? What is being sold? - No brand, no specific product - Not selling an economic good/service This ad promotes the idea of a healthy diet that includes dairy products

Ideas: an opinion, view, or belief List three types of ideas in your notes: Examples of ideas that might be marketed are:  A candidate’s political platform  A public service initiative, such as don’t text and drive, don’t smoke or stay in school

The marketplace is the commercial environment in which buying and selling (or exchanges) take place. What are examples of marketplaces:  Shops (brick & mortar)  Internet stores  Financial institutions Marketing Essentials Chapter 1, Section 1.1

S EVEN F UNCTIONS OF M ARKETING 1.Channel Management/Distribution - deciding how to get goods into customer’s hands How can you get your goods to customers? Moving - air, trains, trucks, ship Storage – Some companies store in local warehouses Marketing Essentials Chapter 1, Section 1.1

S EVEN F UNCTIONS OF M ARKETING 2. Marketing information management gather, and analyze information on customers, trends, and competitor products research and survey on customer habits, attitudes, where live, and marketplace trends This information is then used in market planning to target a specific market continued

S EVEN F UNCTIONS OF M ARKETING 3.Market Planning develop and target specific marketing strategies to a select audience Create a plan that targets a specific market or select audience

S EVEN F UNCTIONS OF M ARKETING Can you just create a product, slap any old price on it, and expect everyone to buy it? 4.Pricing what you charge for goods and services to make a profit initial and sales price decisions What should drive your decision on what to charge? What competitors are charging What are customers willing to pay

S EVEN F UNCTIONS OF M ARKETING 5.Product/service management create, maintain, or improving a product or service that customers want and need Create new products or remove old products from the market Upgrade, and improve your existing products Upgrade & improve your processes Name a product you own that has been updated with new features that you want/bought the new version? i.e. cell phones, i-pods, software, etc… Do things better, faster, and more efficiently than the competition!

S EVEN F UNCTIONS OF M ARKETING 6.Promotion informing, persuading, and reminding customers about a product or service through indirect (not face to face) channels. Examples: TV, Radio Social Media Pop-up menus ads on apps Phone calls Mail and

S EVEN F UNCTIONS OF M ARKETING 7.Selling face to face personalized communication on product features and benefits to provide customers with goods and services they want - sales aids, sales presentations, demonstrations etc. Selling can be to consumers and business: Customer Direct – selling to you the customers in retail markets (stores, door to door & internet) – sales person Business to Business – markets of customers that include Wholesalers, retailers, or manufactures

F OCUS OF 7 F UNCTIONS : What has been the main focus of each of our 7 functions of Marketing? Customers What are their wants and needs!!!!

T HE M ARKETING C ONCEPT VideoVideo (play through 1.40) Click video below. If this does not work, click this link to play video Marketing Essentials Chapter 1, Section 1.1

What is the hidden word in the marketing concept definition?

T HE M ARKETING C ONCEPT The marketing concept  is the idea that a business should provide value different than competitors to satisfying the needs and wants of customers at a profit Marketing Essentials Chapter 1, Section 1.1

M ARKETING AND THE M ARKETING C ONCEPT Study Organizer What are 3 types of products? What are 3 things you should keep up with as a marketer? What is an Example of Selling What is an Example of Promotion?

Lesson 1-1 Review Complete Discovery Project Worksheet Marketing Madness: In a short paragraph, define in your own words what the three functions, pricing, promotion, and selling are and how they differ. What key component do they all have in common?