1. Marketing & The Marketing Concept
Chapter 1.1

2. Foundations 1. Business, Management, Entrepreneurship
- Understanding business basics
- Assists in decision making
2. Communications
Knowing how to interact with others
Includes industry, company, and consumer
3. Economics
Understanding how economics relates to marketing
4. Professional Development
Understanding concepts related to career advancement

3. Functions
1. Distribution: getting the product to the consumer, truck/rail/ship/air/warehouse
2. Financing: getting the money needed to continue operations (stocks), includes financing offered to customers via credit
3. Marketing Information Management: analyzing information about consumers, trends, competing brands
4. Pricing: Deciding a price strategy and profit margin, taking into account how much the consumer is willing to pay

4. Functions Cont’d.
5. Product Management: creating and maintainnig a product mix
6. Promotion: inform/persuade consumers to purchase goods/services
7. Selling: to both consumer and b2b market (wholesalers, retail, manufacturers)

6. Economic Benefits of Marketing
Chapter 1.2

7. Economic Benefits of Marketing
1. New and Improved Products: competition drives changes in products, want to satisfy consumers
2. Lower Prices: As demand increases helps to lower cost of “manufacturing” product, increased demand creates competitive pricing
Utility:
utility = added value

8. Types of Utility
Form: the raw materials used to make the product, ingredients, etc.
(ex. jeans, computers, cars)
Place: place the product where customers can easily purchase
(ex. catalog, online, brick and mortar, drive thru window)
Time: have the product available when necessary
(ex. holiday hours, 24/7, fast food, etc.)
Possession: exchange of a product for money
(ex. cash, check, Debit, Credit, Layaway, payment plan, etc.)
Information: Communicating with the customer
(salespeople, displays, labeling, manuals, directions, nutritional data)

9. Sample Ad: Utility

10. Sample Ad: Utility

11. Sample Ad: Utility

12. Fundamentals of Marketing
1.3
Market: people who share similar needs/wants, ability to purchase (customer vs. consumer)

13. Market: The Potential Customer
Market Share
% of total sales in a given industry
Consumer/Industrial Market
B2C/B2B
Segmentation
Process of classifying customers by needs/wants
Target Market
The group chosen for a particular marketing campaign
Customer Profile: description of consumer

16. Marketing Mix Product Price Place Promotion
making decision on name, features, packaging, product updates/improvements
Price
Pricing strategies, what are consumers willing to pay?
Place
How and where the product is distributed/sold
Promotion
How to engage customer: Sales strategies? Message? Medium?