1. The Basic Marketing Concept

2. 4.1 Marketing Applications A philosophy that a company’s success is ultimately dependent upon efficient identification of consumer needs and wants and the ability to satisfy them The Marketing Concept

3. 4.1 Marketing Applications  Financial success is a direct result of an organization’s ability to effectively market its products and services  A business achieves profitability when they offer the goods and services that customers need and want at the right price  Marketers strive to identify and understand all factors that influence consumer buying decisions The Marketing Concept Why Is Marketing Important?

4. 4.1 Marketing Applications A want is simply something you would like to have You might want a Nintendo Wii or tickets to an upcoming game, but you can survive without them Needs vs. Wants A need is something you have to have and that you cannot do without For example, we need food. Without eating, we cannot survive!

5. 4.1 Marketing Applications Exchange Process: Marketing transaction in which the buyer provides something of value to the seller in return for goods and services that meet that buyer’s needs or wants The Exchange Process 3 requirements  Must be at least two parties involved in process  Some means of communication must be present between all parties  Each party must be free to accept or decline offer

6. 4.1 Marketing Applications Benefits of Marketing The marketing process serves many purposes and provides numerous benefits for the consumer  The ability to add perceived value to goods and services  Making the buying process easy and convenient for consumers  Creating and maintaining reasonable prices  Offering a variety of goods and services  Increasing production