Transcript Document 7819578

Marketing Essentials
n Chapter 1 Marketing Is All Around Us
Section 1.1 What Is Marketing?
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SECTION 1.1
What Is Marketing
What You'll Learn
 The meaning of marketing
 The foundations of marketing
 The functions of marketing
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SECTION 1.1
What Is Marketing
Why It's Important
To be successful in business requires being
marketing oriented. Learning how businesses
and people operate from a marketing point of
view will help you in all your future endeavors.
You will also get a good idea of whether
marketing is a potential career for you.
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SECTION 1.1
What Is Marketing
Key Terms
 marketing
 products
 goods
 services
 exchange
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SECTION 1.1
What Is Marketing
What Is Marketing
Marketing is the process of developing,
promoting, and distributing products to
satisfy customers' wants and needs.
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SECTION 1.1
What Is Marketing
Products = Goods and Services
Goods: Hammers, automobiles, soda pop,
clothing, and computers
Services: Dry cleaners, amusement parks,
attorneys, and movie theaters
Exchange: Buying or selling a good or service
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SECTION 1.1
What Is Marketing
Foundations of Marketing
Building on these four foundations helps you to
acquire marketing skills that are relevant to your
own career development.
 Business, Management, and
Entrepreneurship
 Communication and Interpersonal Skills
 Economics
 Professional Development
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SECTION 1.1
What Is Marketing
Foundations of Marketing
Business, Management, and Entrepreneurship
Understanding the basics of business,
management, and entrepreneurial concepts
that affect business decision making.
Communication and Interpersonal Skills
Understanding concepts, strategies, and
systems needed to interact effectively
with others.
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SECTION 1.1
What Is Marketing
Foundations of Marketing
Economics
Understanding the economic principles and
concepts that are basic to marketing.
Professional Development
Understanding concepts and strategies
needed for career exploration,
development, and growth.
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SECTION 1.1
What Is Marketing
Functions of Marketing
These functions define marketing as it is
applied in business operations.
 Distribution
 Financing
 Marketing-Information Management
 Pricing
 Product/Service Management
 Promotion
 Selling
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SECTION 1.1
What Is Marketing
Functions of Marketing
Distribution involves deciding where and
to whom products need to be sold in order
to reach the final users.
Financing is getting the money needed to
pay for the operation of a business.
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SECTION 1.1
What Is Marketing
Functions of Marketing
Marketing-Information Management
involves getting the necessary information
to make sound business decisions.
Pricing dictates how much to charge for
goods and services.
Product/Service Management is
obtaining, developing, maintaining, and
improving a product.
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SECTION 1.1
What Is Marketing
Functions of Marketing
Promotion is communicating with potential
customers to inform, persuade, or remind
them about a company.
Selling is providing customers with goods
and services they want.
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1.1
ASSESSMENT
Reviewing Key Terms and Concepts
1. What is an exchange?
2. Which of the seven functions of marketing
were illustrated in the average day described
in Chapter 1, Section 1?
3. Which of the seven functions of marketing
were not illustrated in that same discussion?
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1.1
ASSESSMENT
Thinking Critically
How is a presidential political campaign an
example of marketing?
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1.1
Graphic Organizer
Marketing Functions
Producers
Financing
Pricing
Marketing-Information Management
Product/Service Management
Promotion
Distribution
Selling
Consumers
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Marketing Essentials
End of Section 1.1
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