1. Marketing Is All Around Us
Chapter #1
Marketing Is All Around Us

2. List things you have Bought.
Why did you buy them?

3. Chapter Objectives Define Marketing
Explain the 4 foundations of marketing
List the 7 functions of marketing
Understand the marketing concept
Analyze the benefits of marketing
Apply the concept of utility
Differentiate consumer and industrial market
Describe market share
Define target market
List the components of the marketing mix

4. Ideas, Goods, and Services
Tangible items
Monetary Value
Satisfy needs and wants
Services
Intangible items
Monetary Value
Satisfy needs and wants

5. Business. Management, Entrepreneurship
Understanding the basics that affect business decision making
Economics
Understanding economic principles and concepts that are basic to marketing
Communication and Interpersonal Skills
Understanding the system needed to interact effectively with others
Professional Development
Understanding strategies needed for career exploration and growth

6. Functions of Marketing
Distribution
How to get items into the hands of customers – Physically moving items
Selling
Providing customers with the goods and services they want – influencing what customers buy and helping then meet their needs
Marketing Information Management
Gathering information about customers, trends and competition.
Pricing
Determine what to charge for a product based on costs, market and customers.
Product Management
Developing, Maintaining and improving a product.
Financing
Getting the money that is necessary to pay for setting up and running a business.
Promotion
The effort to inform, persuade, or remind potential customers about a business’s product or service.

7. The Marketing Concept
The idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm.
All seven functions of marketing must include this concept and place the customer first
Customer Relationship Management (CRM)
Aspect of marketing that combines customer information to help build relationships.

8. Economic Benefits of Marketing
New and Improved Products
Lower Prices
Added Value and Utility
5 Economic Utilities (Attributes of a product that make it capable of satisfying customers needs and wants)
Form Utility
Place Utility
Time Utility
Possession Utility
Information Utility

9. Market and Market Identification
Market -all the people who share similar needs and wants and who have the ability to purchase a given product

10. Consumer VS Industrial Markets
Consumer Market – People who purchase the product or service for personal use. Want products that will save them money, make life easier, improve appearance, create status or provide satisfaction
Industrial Market – Business to Business they buy products for use in their business’s operations. They want products to improve productivity, increase sales, or decrease expenses.

11. Market Share
A Company’s percentage of the total sales volume generated by all companies in a given market.

12. Target Market
The group that is identified for a specific marketing program.

13. Consumer VS Customer Consumer – Customer –
Customer Profile – lists information about the target market, such as age, income, ethnic background, occupation, attitudes, and Geographic residence.

14. Marketing Mix 4 Basic Marketing Strategies (4 P’s)
Product – What to make or sell, packaging, design
Place – Where to sell the product
Price – what to charge for the product –discounts, credit terms
Promotion – Message, media, ads

15. Assignment
Review Facts and Ideas (Pg 21)