Marketing Essentials nChapter 1Marketing Is All Around Us Section 1.1 What Is Marketing?
SECTION 1.1 What Is Marketing What You'll Learn • The meaning of marketing • The foundations of marketing • The functions of marketing
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.
SECTION 1.1 What Is Marketing Key Terms • marketing • products • goods • services • exchange
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.
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
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 Slide 1 of 3
SECTION 1.1 What Is Marketing Foundations of Marketing Business, Management, and EntrepreneurshipUnderstanding the basics of business, management, and entrepreneurial concepts that affect business decision making. Communication and Interpersonal SkillsUnderstanding concepts, strategies, and systems needed to interact effectively with others. Slide 2 of 3
SECTION 1.1 What Is Marketing Foundations of Marketing EconomicsUnderstanding the economic principles and concepts that are basic to marketing. Professional DevelopmentUnderstanding concepts and strategies needed for career exploration, development, and growth. Slide 3 of 3
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 Slide 1 of 4
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. Slide 2 of 4
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. Slide 3 of 4
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. Slide 4 of 4
ASSESSMENT 1.1 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?
ASSESSMENT 1.1 Thinking Critically How is a presidential political campaign an example of marketing?
Graphic Organizer 1.1 Marketing Functions Financing Pricing Marketing-Information Management Product/Service Management Promotion Distribution Selling Producers Consumers
Marketing Essentials End of Section 1.1