1 Marketing Essentials n Chapter 1 Marketing Is

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 Marketing is the process of developing, promoting, and distributing products to satisfy customers' wants and needs. What Is Marketing

6 SECTION 1.1 What Is Marketing 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 Products = Goods and Services

7 SECTION 1.1 What Is Marketing Building on these four foundations helps you to acquire marketing skills that are relevant to your own career development. Foundations of Marketing Business, Management, and Entrepreneurship Communication and Interpersonal Skills Economics Professional Development Slide 1 of 3

8 SECTION 1.1 What Is 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. Foundations of Marketing Slide 2 of 3

9 SECTION 1.1 What Is 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. Foundations of Marketing Slide 3 of 3

10 SECTION 1.1 What Is Marketing These functions define marketing as it is applied in business operations. Functions of Marketing Distribution Financing Marketing-Information Management Pricing Product/Service Management Promotion Selling Slide 1 of 4

11 SECTION 1.1 What Is 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. Functions of Marketing Slide 2 of 4

12 SECTION 1.1 What Is 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. Functions of Marketing Slide 3 of 4

13 SECTION 1.1 What Is 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. Functions of Marketing Slide 4 of 4

14 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?

15 1.1 ASSESSMENT Thinking Critically How is a presidential political campaign an example of marketing?

16 1.1 Graphic Organizer Marketing Functions Producers Consumers Financing Pricing Marketing-Information Management Product/Service Management Promotion Distribution Selling

17 End of Section 1.1 Marketing Essentials