MARKETING AND THE MARKETING CONCEPT

Chapter 1 Marketing Is All Around Us

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

• Section 1.2 The Importance of Marketing

• Section 1.3 Fundamentals of Marketing

LESSON 1.1

Marketing and the Marketing Concept

MARKETING AND THE MARKETING CONCEPTObjectives Define marketing Think Like a marketer not a consumer List the seven functions of marketing Understand the marketing concept

Marketing Essentials Chapter 1, Section 1.1

MARKET

List as many words as you can think of with the word “market” in it. Answers:

What are some words that describe what goes on at a market? Answers:

MARKETING?

A market is a place where we buy, sell or exchange something (for money or no money)

CONSUMER INTERVIEW

From the interview, what are some things your consumer wants?

Where will they look for these items?One place or not?

What are five things that your consumer will consider before they buy the item.

MARKETING?Role: Now you are a Marketer (you own and sell the

product)? Based on what was important to consumers, what should you consider in order to sell a product? Flip your interview sheet over:

1. Write 5 things that would be important as a marketer?

Will these things always be the same for every person?Will what is important be the same for that same

person forever?

MARKETING?

MARKETING?

So what is Marketing?

Marketing: The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants. Note: marketing is a process = ongoing and

changes

As a Marketer you need to keep up with:

Trends

Consumer attitudes

Customer relationships

Don’t think like a consumer, think like the person selling the products: The Marketer

Marketing Essentials Chapter 1, Section 1.1

MARKETING Marketers sell products Three types of products can be marketed

GoodsServices Ideas

Goods : tangible items of monetary value that satisfy customer needs and wants:

List 3 types of goods in your notes:

Examples of marketed goods include: Home furnishings Cars Electronics Food

Services: Intangible (can’t touch) items of monetary value that satisfy customer needs & wants

List 3 types of services in your notes:

Examples of services that may be marketed are:

Automotive repair Hair styling Legal aid Financial consulting

What does this ad make you think?

What is being sold?

- No brand, no specific product

- Not selling an economic good/service

This ad promotes the idea of a healthy diet that includes dairy products

Ideas: an opinion, view, or belief

List three types of ideas in your notes:

Examples of ideas that might be marketed are:A candidate’s political platformA public service initiative, such as don’t text and drive, don’t smoke or stay in school

The marketplace is the commercial environment in which buying and selling (or exchanges) take place.

What are examples of marketplaces:

Shops (brick & mortar)

Internet stores

Financial institutions

Marketing Essentials Chapter 1, Section 1.1

SEVEN FUNCTIONS OF MARKETING

1. Channel Management/Distribution - deciding how to get goods into customer’s hands

How can you get your goods to customers?

• Moving - air, trains, trucks, ship• Storage – Some companies store in local

warehouses

Marketing Essentials Chapter 1, Section 1.1

SEVEN FUNCTIONS OF MARKETING

2. Marketing information management gather, and analyze information on customers, trends, and competitor products

• research and survey on customer habits, attitudes, where live, and marketplace trends

• This information is then used in market planning to target a specific market

continued

SEVEN FUNCTIONS OF MARKETING

3. Market Planningdevelop and target specific marketing strategies to a select audience

• Create a plan that targets a specific market or select audience

SEVEN FUNCTIONS OF MARKETING

Can you just create a product, slap any old price on it, and expect everyone to buy it?

4.Pricing what you charge for goods and services to make a profit

• initial and sales price decisions

What should drive your decision on what to charge?

• What competitors are charging• What are customers willing to pay

SEVEN FUNCTIONS OF MARKETING

5. Product/service management create, maintain, or improving a product or service that customers want and need

• Create new products or remove old products from the market

• Upgrade, and improve your existing products

• Upgrade & improve your processes

Name a product you own that has been updated with new features that you want/bought the new version?i.e. cell phones, i-pods, software, etc…

• Do things better, faster, and more efficiently than the competition!

SEVEN FUNCTIONS OF MARKETING

6. Promotion informing, persuading, and reminding customers about a product or service through indirect (not face to face) channels.

Examples:

TV, RadioSocial MediaPop-up menus ads on appsPhone calls Mail and e-mail

SEVEN FUNCTIONS OF MARKETING

7. Selling face to face personalized communication on product features and benefits to provide customers with goods and services they want

- sales aids, sales presentations,demonstrations etc.

Selling can be to consumers and business:

Customer Direct – selling to you the customers in retail markets (stores, door to door & internet) – sales person

Business to Business – markets of customers that include Wholesalers, retailers, or manufactures

FOCUS OF 7 FUNCTIONS:

What has been the main focus of each of our 7 functions of Marketing?

Customers

What are their wants and needs!!!!

THE MARKETING CONCEPT Video (play through 1.40) Click video below. If this does not work, click this link to play video

Marketing Essentials Chapter 1, Section 1.1

What is the hidden word in the marketing concept definition?

THE MARKETING CONCEPT

The marketing concept is the idea that a business should provide value different than competitors to satisfying the needs and wants of customers at a profit

Marketing Essentials Chapter 1, Section 1.1

MARKETING AND THE MARKETING CONCEPT

Study Organizer

What are 3 types of products?

What are 3 things you should keep up with as a marketer? 

What is an Example of Selling

What is an Example of Promotion?

Lesson 1-1 Review

Complete Discovery Project Worksheet

Marketing Madness:

In a short paragraph, define in your own words what the three functions, pricing, promotion, and selling are and how they differ. What key component do they all have in common?