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Introduction to Marketing

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Transcript of Introduction to Marketing

Introduction to Marketing
Prof. Annette R Valldejuly
APS 2015-2016
Grade Level 10-12
Textbook: M.E. Marketing Essentials, Glencoe/ Mc Graw-Hill Co., 2012 Edition

Section 1.3

The term market refers to all the people who might buy a product. The marketing mix is a combination of elements used to sell a product to a specific target market.

Fundamentals of Marketing

Describe how marketers use knowledge of the market to sell products.
Compare and contrast consumer and organizational markets.
Explain the importance of target markets.
Explain how each component of the marketing mix contributes to successful marketing.

1.3 Fundamentals of Marketing

CONNECT What markets are you a part of?

1.3 Fundamentals of Marketing

Form utility is not directly related to marketing. However, much of what goes into creating products, such as marketing research and product design, makes it an integral part of the marketing process.

Describe how form utility is not explicitly related to marketing.

The Importance of Marketing

Marketing plays an important role in an economy because it provides the means for competition to take place. In a competitive marketplace, businesses try to create new or improved products at lower prices than their competitors. Those efforts force them to be efficient and responsive to consumers. In addition, businesses look for ways to add value to a consumer’s shopping experience.

1.

Explain the role that marketing plays in an economy.

The Importance of Marketing

Section 1.2

utility

The Importance of Marketing

Describe the benefits of marketing.
Explain the concept of utility.
Cite examples of types of utilities.

The Importance of Marketing

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.

2.

Identify an example of an economic good and an economic service.

Section 1.1

Section 1.3

.

.

Section 1.3

Details About Markets

Market and Market Identification

Fundamentals of Marketing

market share
A company’s percentage of the total sales volume generated by all companies that compete
in a given market

U.S. Smartphone Market Share

You could be part of the market for video games, but not be part of the market for an expensive car.

Market and Market Identification

Fundamentals of Marketing

Section 1.3

market
consumer market
organizational market
market share
target market
customer profile
marketing mix

Fundamentals of Marketing

Section 1.2

Section 1.2

Marketing supports competition and offers benefits to consumers.

The Importance of Marketing

CONNECT What promotions did you see the last time you went shopping? How did these promotions affect your decision to buy?

1.2 The Importance of Marketing

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.

3.

Describe how Customer Relationship Management helps businesses employ the marketing concept.

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.

1.

Explain why the definition of marketing changes over time.

Marketing Communications

Customer Service

Customer Information
(Databases)

Customer Relationship Management (CRM)

Marketing and the Marketing Concept

marketing
goods
services
marketing concept

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.

Marketing and the Marketing Concept

Describe the scope of marketing.
Describe each marketing core function.
Explain the marketing concept.

1.1 Marketing and the Marketing Concept

CONNECT Suppose you had to market yourself as a student. What are your strengths?

The consumer market consists of people who buy goods and services for personal use. In the organizational market, goods and services are purchased for use in a business operation.

2.

Section 1.3

Contrast What is the main difference between consumer and organizational markets?

Section 1.4

Fundamentals of Marketing

Possible answers would be: fast food chains (i.e. McDonalds, Burger King), cell phones, jeans manufacturers, specific retail stores such as The GAP and Abercrombie & Fitch. These businesses carry items that appeal to teenagers, so teens are one of their target markets.

1.

Section 1.3

Identify a market in which a business would consider you a potential customer.

Fundamentals of Marketing

Guiding Questions

Marketing Mix

Fundamentals of Marketing

Promotion

Product

Place

Price

Four Ps of the Marketing Mix

marketing mix
The four basic marketing strategies
called the four P’s: product, place, price, and promotion.

Marketing Mix

Fundamentals of Marketing

target market
The group of people most likely to become customers, identified for a specific marketing program.

market segmentation
The process of classifying people who form a given market into even smaller groups.

The goal of market segmentation is to identify target markets.

Market and Market Identification

Fundamentals of Marketing

organizational market
Also known as business-to-business (B2B), this includes all businesses that buy products for use in their operations.

Organizational Market

Consumer Market

versus

consumer market
Consumers who purchase goods and services for personal use.

Market and Market Identification

When demand is high, manufacturers can produce products in larger quantities. This reduces the unit cost of each product. This is because the fixed costs (such as the rent on a building) remain the same whether the company produces 1,500 units or 15,000 units. When a company produces a larger quantity of a product, it spends less per unit on fixed costs. The company can charge a lower price per unit, sell more units, and make more money.

How does increased demand for a product help lower its price to consumers?

The Importance of Marketing

services
Intangible items that have monetary value and satisfy your needs and wants.

goods
Tangible items that have monetary value and satisfy one’s needs and wants.

Services

Goods

Ideas

The Scope of Marketing

Marketing professionals track trends and consumer attitudes to understand buying decisions.

The Scope of Marketing

marketing
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing Core Functions

Section 1.3
Fundamentals of Marketing

Section 1.2
The Importance of Marketing

marketing is all around us

Chapter 1

Section 1.1
Marketing and the Marketing Concept

Information in Customer Profile

customer profile
Information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes,
lifestyle, and behavior.

Section 1.3

Fundamentals of Marketing

marketing concept
The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business.

Satisfy

Anticipate

Determine

Needs

Desires

The Marketing Concept

marketing is all around us

Chapter 1

Section 1.3
Fundamentals of Marketing

Section 1.2
The Importance of Marketing

End of

Section 1.1
Marketing and the Marketing Concept

Strategic Management

Entrepreneurship

Professional Development

Emotional Intelligence

Operations

Economics

Information Management

Customer Relations

Human Resources Management

Communications

Financial Analysis

Business Law

Marketing Essentials is based on these areas of skill and knowledge:

Market segmentation helps marketers classify customers based on certain characteristics that can be used to develop customer profiles for a specific target market.

Section 1.3

Connect How are market segmentation, target markets, and customer profiles related?

Section 1.4

Fundamentals of Marketing

Forms of Promotion

Section 1.3

Marketing Mix

Communication with consumer

The exchange of a product for money

Having a product or service available at a certain time of year or a convenient time of day

Having a product where customers can buy it

Changing raw materials into usable goods or putting parts together to make them more useful

Information Utility

Possession Utility

Time Utility

Place Utility

Form Utility

utility
An added value in economic terms; an attribute of goods or services that makes them capable of satisfying consumers’ wants and needs.

Types of Utilities

Section 1.2

1.1 Review
1.1 Review
1.1 Review
Benefits of Marketing and the Five Utilities

Review
1.2 Review
Review
Market Terms and the Four Ps of the Marketing Mix

market
All people who share similar needs and wants and who have the ability to purchase a given product.

Sample Project
Bibliography
1. M.E. Marketing Essentials, 2012 Edition - The McGraw Hill Companies, Inc.
2. Youtube video - The Seven Functions of Marketing by Devon Shaw.
Full transcript