Marketing Is All Around Us

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Marketing and the Marketing ConceptMarketing and the Marketing Concept:

Marketing and the Marketing ConceptMarketing and the Marketing Concept Chapter 1 Marketing Is All Around Us Section 1.1 Marketing and the Marketing Concept Section 1.2 The Importance of Marketing Section 1.3 Fundamentals of Marketing

You already know marketing… sort of :

You already know marketing… sort of You have already participated in the marketing process as a consumer. By studying marketing, you will start to think like a marketer . As a marketer, you need to keep up with: Trends Consumer attitudes Customer relationships Marketing Essentials Chapter 1, Section 1.1

Ideas, Goods, and Services :

Marketing promotes ideas, goods, and services. Examples of ideas that might be marketed are: A candidate’s political platform A public service initiative, such as don’t smoke or stay in school Ideas, Goods, and Services This ad promotes the idea of a healthy diet that includes dairy products Marketing Essentials Chapter 1, Section 1.1

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Examples of marketed goods include: Cars Electronics Home furnishings Foods goods Tangible items of monetary value that satisfy needs and wants. Examples of services that may be marketed are: Automotive repair Hair styling Legal aid Financial consulting services Intangible items of monetary value that satisfy needs and wants. Marketing Essentials Chapter 1, Section 1.1

Seven Functions of Marketing :

Seven Functions of Marketing Distribution getting goods to customers Financing acquiring money to set up and run a business Marketing information management researching customers, trends, and competitors Pricing charging for goods and services to make a profit continued Marketing Essentials Chapter 1, Section 1.1

Seven Functions of Marketing :

Seven Functions of Marketing Product/service management obtaining, developing, maintaining, and improving a product or service Promotion informing, persuading, and reminding customers about a product or service Selling providing customers with goods and services Marketing Essentials Chapter 1, Section 1.1

The Marketing Concept :

The Marketing Concept The marketing concept focuses on satisfying the needs and wants of customers. Businesses can’t sell goods and services that customers do not want/need! marketing concept Businesses should satisfy customers’ needs and wants while making a profit. Marketing Essentials Chapter 1, Section 1.1

Economic Benefits of Marketing :

Economic Benefits of Marketing Marketing’s benefits to the economy and consumers are: New and improved products Lower prices Added value Marketing Essentials Chapter 1, Section 1.2

New and Improved Products :

New and Improved Products Marketing generates competition. In a competitive marketplace, businesses try to create new and improved products to satisfy customers’ wants and needs. Marketing Essentials Chapter 1, Section 1.2

New and Improved Products :

New and Improved Products Dutch Boy Paints won an award for its new container design that makes the container easy to hold and open as paint is poured. This ad promotes Dutch Boy Paints’ innovative paint container. Marketing Essentials Chapter 1, Section 1.2

Lower Prices :

Lower Prices Marketing increases demand. When demand is high: Products can be produced in larger quantities The fixed cost per unit is lower As a result, a company can: Charge a lower price per unit Sell more units Make more money Marketing Essentials Chapter 1, Section 1.2

Lower Prices :

Lower Prices In addition, when demand for products increases: More companies enter the marketplace Companies must lower prices to remain competitive Marketing Essentials Chapter 1, Section 1.2

Added Value and Utility :

Added Value and Utility The value that marketing adds to a product or service is called utility . Five utilities contribute to making a product or service capable of satisfying customers’ wants and needs: Form putting parts together to make a product consumers want Place offering a product where consumers can buy it (e.g. retail store, catalog, Web site) utility An attribute of a product or service that makes it capable of satisfying consumers’ wants and needs. Marketing Essentials Chapter 1, Section 1.2

Added Value and Utility :

Added Value and Utility Time offering a product at a convenient time of day or year for consumers Possession allowing consumers to take legal ownership of a product Information communicating information about a product (e.g. through labeling, advertising, or an owners’ manual) Marketing Essentials Chapter 1, Section 1.2

Market and Market Identification :

Market and Market Identification What is a MARKET ? People who Share similar needs and wants Have the ability to purchase a product If you like DVDs and can afford to buy or rent them, you are part of the DVD market. market People who share similar needs and wants and are capable of buying products. Marketing Essentials Chapter 1, Section 1.3

Consumer Versus Industrial Markets :

Consumer Versus Industrial Markets The consumer market consists of consumers who purchase goods and services for personal use The consumer market wants products and services that: Save money Make life easier Improve appearance Create status Provide personal satisfaction consumer market All consumers who purchase goods and services for personal use. Marketing Essentials Chapter 1, Section 1.3

Consumer Versus Industrial Markets :

Consumer Versus Industrial Markets The industrial market includes all businesses that buy products for use in their operations. The industrial market , or business-to-business (B-to-B) market, wants products and services that: Improve productivity Improve efficiency Increase sales Decrease expenses industrial market Businesses that buy products to use in their operations; also called the business-to-business market (this can be abbreviated as B-to-B or B2B). Marketing Essentials Chapter 1, Section 1.3

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A single product may be promoted to both the consumer and industrial markets. For example, Perdue advertises its chicken and turkey products: On television and in newspapers, to reach consumers In the publication Supermarket News , to reach professionals in the supermarket industry Marketing Essentials Chapter 1, Section 1.3

Market Share :

Market Share A company’s market share is its percentage of total sales in a given market, such as the video game market. Market share changes as: New competitors enter the market The market’s volume increases or decreases market share A company’s percentage of total sales volume generated by all competition in a given market. Marketing Essentials Chapter 1, Section 1.3

Target Market and Market Segmentation :

Target Market and Market Segmentation Identifying a product’s target market , or the segment of the market most likely to buy the product, is a key to success. A single product may have these two target markets: Consumers Customers For example, a nutritious breakfast food would be targeted at: Children who will request it and eat it, the consumers Parents who will approve and buy it, the customers target market A group of people identified as those most likely to become customers. Marketing Essentials Chapter 1, Section 1.3

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To develop a clear picture of its target market, a business may create a customer profile , which lists such information about the target market as: Age Income level Ethnic background Occupation Attitudes Lifestyle Geographic residence customer profile A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence. Marketing Essentials Chapter 1, Section 1.3

Marketing Mix :

Marketing Mix The marketing mix includes four basic marketing strategies, or tools, called the four Ps : product place price promotion marketing mix The four basic marketing strategies, called the four Ps: product, place, price, and promotion. Marketing Essentials Chapter 1, Section 1.3

Product :

Product A company must choose what products to develop, update, and improve. Marketing Essentials Chapter 1, Section 1.3

Place :

Place A company must decide where to sell and distribute a product. Marketing Essentials Chapter 1, Section 1.3

Price :

Price A company must determine what price it will charge for a product. Marketing Essentials Chapter 1, Section 1.3

Promotion :

Promotion A company must decide how to advertise, promote, and publicize a product. Marketing Essentials Chapter 1, Section 1.3

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Section 1.1 Marketing is defined as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. There are four foundations and seven functions of marketing. The marketing concept is a focus on customers’ needs and wants while generating a profit. continued

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Section 1.2 Three benefits of marketing are new and improved products, lower prices, and added value (utility). Five economic utilities are form, place, time, possession, and information. continued

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Section 1.3 A market is defined as all people who share similar needs and wants and who have the ability to purchase given products. Market share is a firm’s percentage of total sales of all competitors in a given market. The four Ps of the marketing mix are product, place, price, and promotion. Marketing decisions and strategies for the four Ps are based on the target market.

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