1. Marketing and the Marketing Concept
Chapter 1 Marketing Is All Around Us
Marketing and the Marketing Concept
Section 1.1 Marketing and the Marketing Concept
Section 1.2 The Importance of Marketing
Section 1.3 Fundamentals of Marketing

2. Marketing and the Marketing Concept
Lesson 1.1

3. Marketing and the Marketing Concept
Key Terms
marketing
goods
services
marketing concept
Objectives
Define marketing
Explain the four foundations of marketing
List the seven functions of marketing
Understand the marketing concept
Marketing Essentials Chapter 1, Section 1.1

4. Market
List as many words as you can think of with the word “market” in it.
Answers:
What is a market?

5. Marketing?
If a market is a place where you buy, sell or exchange something (for money or not), what is Marketing?
Marketing: The process of planning, pricing, promoting, selling, and distributing products (ideas, goods, or services) to satisfy customers’ needs and wants.
Note: marketing is a process = ongoing and changes

6. The Scope of Marketing
marketing
The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants.
You have already participated in the marketing X process as a consumer. By studying marketing, you will start to think like a marketer. As a marketer, you need to keep up with:
Trends
Consumer attitudes
Customer relationships
Marketing Essentials Chapter 1, Section 1.1

7. Marketing
What three products can be marketed?
Goods
Services
Ideas

8. Examples of marketed goods X include: Cars Electronics
Tangible items of monetary value that satisfy customer needs and wants.
Goods : tangible items of monetary value that satisfy customer needs and wants:
Examples of marketed goods X include:
Cars
Electronics
Home furnishings
Food
services
Intangible items of monetary value that satisfy customer needs and wants.
Services: Intangible (can’t touch) items of monetary value that satisfy customer needs & wants
Examples of services X that may be marketed are:
Automotive repair
Hair styling
Legal aid
Financial consulting

9. Ideas, Goods, and Services
Marketing promotes ideas, goods, and services.
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
What idea is the ad promoting?
This ad promotes the idea of a healthy diet that includes dairy products

10. What are examples of marketplaces: Shops (brick & mortar)
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
marketplace
Commercial environment where someone exchanges (sells or buys) something
Marketing Essentials Chapter 1, Section 1.1

11. Marketing and the Marketing Concept
Study Organizer
Use the umbrella shape on your notes to organize the marketing concepts you will learn about in this section.
Marketing Essentials Chapter 1, Section 1.1

12. Seven Functions of Marketing
Channel Management/Distribution - process of 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
Computer systems - required to track inventory
Market Planning understand concepts and strategies used to develop and target specific marketing strategies to a select audience
Designing data-collection processes, collection analysis, and presentation of data to create a market plan
Marketing Essentials Chapter 1, Section 1.1

13. Seven Functions of Marketing
Can you just create a product, slap any old price on it, and expect everyone to buy it?
3. Marketing information management process of gathering, storing, and analyzing information on customers, trends, and competitor products to target a specific market
continually conduct research and surveys on customer habits, attitudes, where live, and marketplace trends.
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
continued

14. Seven Functions of Marketing
Product/service management obtaining, developing, maintaining, and improving a product or service that customers want and need
Create new products to the market
Upgrade, and improve your existing products
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!

15. Seven Functions of Marketing
6. Promotion informing, persuading, and reminding customers about a product or service
What are some ways you do this?
Students:
Answers: TV, Radio, Social Media, Pop-up menus, phone calls, mail
Selling providing customers with goods and services they want including:
Customer Direct – selling to you the customers in retail markets (stores & internet)
Business to Business – markets of customers that include Wholesalers, retailers, or manufactures

16. Seven Functions of Marketing
In Marketing, you want to do things better, faster, and more efficiently than the competition!
The move toward same-day fulfillment is gaining speed across the Internet as e-tailers compete for customers
What has been the main focus of each of our 7 functions of Marketing?
Customers
What are their wants and needs!!!!

17. The Marketing Concept
marketing concept
exploring, creating, and delivering value different than competitors to satisfy the needs of a target market (customer) at a profit
The marketing concept X is the idea that a business should focus on satisfying the needs and wants of customers at a profit
Video (play through 1.40)
For a business to be successful, all employees must:
Understand the marketing concept
Provide the best possible service to customers
What is marketing: exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
What is the hidden word in the marketing definition?
Competitor
Marketing Essentials Chapter 1, Section 1.1

18. The Marketing Concept
Customer Relationships is most important to businesses in the 21st Century:
Customer relationship management (CRM) combines:
Customer information
Marketing communications
CRM uses technology to organize and automate customer information to create meaningful marketing communications
The goal of CRM is to establish strong, long-term relationships with customers:
find, attract, and win new clients
nurture and retain those the company already has
entice former clients back into the fold
reduce the costs of marketing and client service
Use s and social networking to communicate promotions/events

19. Channel Management
Market Planning
Market Information Management
Pricing
Product/Service Management
Selling
Promotion

20. Complete Discovery Project Worksheet, page 2 Marketing Madness:
Lesson 1-1 Review
Complete Discovery Project Worksheet, page 2
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?