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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)