Transcript What is Marketing?

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
Section 1.1
Marketing and the Marketing Concept
Do NOW
When have you been influenced by marketing?
Why did you choose to buy your last purchase?
Section 1.1
Marketing and the Marketing Concept
• Describe the scope of marketing.
• Describe each marketing core function.
• Explain the marketing concept.
Section 1.1
Marketing and the Marketing Concept
To be a successful marketer, you need to
understand the marketing skills, marketing
core functions, and basic tools of marketing.
Section 1.1
Marketing and the Marketing Concept
• Marketing
• Goods
• Services
• Exchange
• Marketplace
• Marketing concept
Section 1.1
Marketing and the Marketing Concept
What is Marketing?
marketing
All the activities involved in creating
an exchange that satisfy customers.
Marketing is ongoing and changes.
Marketing professionals track trends
and consumer attitudes to understand
buying decisions.
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Ideas
Goods
Services
goods
Tangible items that have monetary
value and satisfy one’s needs and
wants.
services
Intangible items that have
monetary value and satisfy your
needs and wants.
Exchange
– An exchange occurs every time someone
buys or sells something in the marketplace
Marketplace
– The commercial environment where
exchanges occur.
• Ie. Shops, internet, stores, financial institutions,
catalogs and more
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Marketing Essentials is based on these areas of skill and knowledge:
Business Law
Financial Analysis
Communications
Human Resources
Management
Customer Relations
Information Management
Economics
Operations
Emotional Intelligence
Professional Development
Entrepreneurship
Strategic Management
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Seven Marketing Core Functions
Section 1.1
Marketing and the Marketing Concept
The Scope of Marketing
Seven Marketing Core Functions
Seven Marketing Core Functions
Scaffolding Activity
Groups of 7
Each member is in charge of one function
Before You Read
Do you think customer relationship are
important?
Why is it important to serve customers
efficiently?
Why do companies collect information
about customers’ buying behaviors?
Section 1.1
Marketing and the Marketing Concept
The Marketing Concept
The Marketing Concept
Desires
Determine
Needs
Anticipate
Satisfy
marketing concept
The idea that a business should strive to satisfy customers’
needs and wants while generating a profit for the business.
Section 1.1
Marketing and the Marketing Concept
The Marketing Concept
Customer Relationship Management (CRM)
Customer
Information
(Databases)
Customer
Service
Marketing
Communications
Customer Relationship Management (CRM)
– Combines customer information (databases and
computer technology) with customer service and
marketing communications.
By using CRM, companies are better able to
understand buying behaviors and
demographics, which allows companies to
better satisfy their customers’ needs and
generate more profit.
Section 1.1
Marketing and the Marketing Concept
Section 1.1
1.
Explain why the definition of marketing changes over time.
Marketing is ongoing. Marketers must keep up with trends and
consumer attitudes when trends and the customer base change over
time. The AMA revises the definition of marketing to make sure it
conforms to current practices in the marketplace.
Section 1.1
Marketing and the Marketing Concept
Section 1.1
2.
Identify an example of an economic good and an economic service.
Goods are tangible items that have monetary value and satisfy
customers’ needs and wants. Examples of economic goods are cars,
furniture, electronics, and clothing. Services are intangible items that
have monetary value and satisfy customers’ needs and wants.
Examples of economic services are banks, movie theaters, and
accounting services.
Section 1.1
Marketing and the Marketing Concept
Section 1.1
3.
Describe how Customer Relationship Management helps businesses
employ the marketing concept.
Customer Relationship Management combines customer information
(through database and computer technology) with customer service and
marketing communications. This combination allows companies to serve
their customers as efficiently as possible and makes them better able to
satisfy customers’ needs and generate a profit.