MARKETING IS ALL AROUND US

Chapter #1

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

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

Ideas, Goods, and ServicesGoods Services

•Intangible items•Monetary Value•Satisfy needs and wants

Tangible items Monetary Value Satisfy needs and

wants

Functions of Marketing

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.

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

Market and Market Identification Market -all the people who share

similar needs and wants and who have the ability to purchase a given product

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.

Market Share

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

Market Share

PepsiCokeJones SodaOther

Target Market

The group that is identified for a specific marketing program.

Consumer VS Customer

Consumer –

Customer –

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

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

Assignment

Review Facts and Ideas (Pg 21)