1. SECTION 2.1 THE MARKETING CONCEPT Chapter 2: Basic Marketing Concepts

2. What You’ll Learn The marketing concept The difference between customers and consumers What a market is and how it can be described What target marketing is The Four P’s of the marketing mix

3. Exercise Name 5 products targeted to people your age, children, and people over 50.

4. The Basic Concept How so businesses become successful?  The plan for it by following an idea called the marketing concept.  Which states businesses must satisfy customers’ needs and wants in order to make a profit. Customers vs. Consumers  Customers – buy the product  Consumers – people who actually use the product

5. Basic Concepts Continue… What is a Market?  All potential customers who share common needs and wants, and who have the ability and willingness to buy the product.  Target Marketing – focusing all marketing decisions on a very specific group of people who you want to reach.  Customer Profile – information about the target market with regard to the age, income, level, ethnic background, occupation, attitudes, lifestyles, or geographic residence of the targeted customer Marketing Mix  Comprises four basic marketing strategies, collectively known as the Four Ps—product, place, price, and promotion