What is the marketing concept???

Goals: 1. Define the marketing concept

2. Determine how business implement the marketing concept

Before you begin…

Marketing-- creation and maintenance of satisfying an exchange relationship

Concept– › 1:something conceived in the mind :

thought , notion › 2 : an abstract or generic idea

generalized from particular instances

What do you think the marketing concept is???

IDENTIFY NEEDS OF

CUSTOMERS

IDENTIFY NEEDS OF

CUSTOMERS

OPERATE A BUSINESS

PROFITABLY

OPERATE A BUSINESS

PROFITABLY

DEVELOP AND MARKET

PRODUCTS OR SERVICES

3 elements of the marketing concept

Identifying Needs

What do customers want/need (how do we find out???)

Satisfying needs= happy customers

Happy customers = return business

Return business = increased business

Develop and market products or services

Don’t make products that no one will purchase

How do people find out about new or improved products

How do we make our products BETTER than others?

Profit: a valuable return; the excess of selling the price of goods over their cost

Remember…happy customers will talk to other people!!!

Operate a business profitably

Using needs of customers as the primary focus during the planning, production, distribution and promotion of a product or service.

What is the marketing concept?

Id market

Develop marketing mix› Product› Price› Place› Promotion

Implementing the marketing concept

Identify Market

What is a market?› The description of the prospective

customers a business wants to serve› The location of those customers

Basically…WHO DO WE WANT TO MARKET OUR PRODUCT TO??

Marketing Mix

Blending of four marketing elements by the business

The “4 Ps”› Product

anything offered to market› Price

amount that customer pays› Place

locations and methods to make product available to customer

› Promotion Methods and information to encourage purchase