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Marketing Essentials

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Title: Marketing Essentials


1
Marketing Essentials
n Chapter 1 Marketing Is All Around Us
Section 1.1 What Is Marketing?
2
SECTION 1.1
What Is Marketing
What You'll Learn
  • The meaning of marketing
  • The foundations of marketing
  • The functions of marketing

3
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.
4
SECTION 1.1
What Is Marketing
Key Terms
  • marketing
  • products
  • goods
  • services
  • exchange

5
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.
6
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
7
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
8
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.
Slide 2 of 3
9
SECTION 1.1
What Is Marketing
Foundations of Marketing
Economics Understanding the economic principles
and concepts that are basic to marketing. Professi
onal DevelopmentUnderstanding concepts and
strategies needed for career exploration,
development, and growth.
Slide 3 of 3
10
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
11
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
12
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
13
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
14
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?
15
ASSESSMENT
1.1
Thinking Critically
How is a presidential political campaign an
example of marketing?
16
Graphic Organizer
1.1
Marketing Functions
Financing Pricing Marketing-Information
Management Product/Service Management Promotion Di
stribution Selling
Producers
Consumers
17
Marketing Essentials
End of Section 1.1
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