Chapter 01 – An Introduction to Marketing

What is Marketing?

Definition of Marketing
• Focusing on customer wants and needs so that the organization can
distinguish its offerings from those of its competitors
The activities that develop an The Marketing • Integrating all the organization’s activities, including product, to satisfy
offering in order to satisfy a Concept customers’ wants
customer need • Achieving long-term goals for the organization by satisfying customers’
wants and needs legally and responsibly.

The Evolution of Marketing

The Production Era The Sales Era The Marketing Company Societal Marketing Era Relationship Marketing
Era Era

• Focus on • Hard selling to the • A strong emphasis on

manufacturing and • Looking not only at the • Focuses on keeping
customer, who has the marketing concept
production quantity customer but expanding and improving
greater choice and development of a
in which customers marketing efforts to
thanks to more more comprehensive relationships with
are meant to choose include aspects from the
competition in the approach to current customers.
based on what is external environment
market place understating the
most abundantly that go beyond a firm’s • Assumes many
• Sales techniques are customer customers, suppliers and
available. established and consumers prefer to
• Customers are competitors
• Focus on products evolved to convince keep an ongoing
grouped into segments • Examines longer-term
because of a lack of customers to buy, and their needs drive relationship with one
product options in impacts on the customer
marketing strategy and the environment organization
the market place
 EXCHANGE Marketing Is Part of Marketing Is a
Every Company Rewarding Career
People giving up one thing to receive another thing
they would rather have No matter what discipline Marketing can provide
in business you choose to both financial and personal
An exchange involves, two parties, each has
something of value to the other, should be able to pursue, you will have rewards
communicate and deliver, free to accept or reject customers
the offer, each party believes it is appropriate to Careers in marketing are
deal with the other. Marketing provides varied and offer may
customer focus and opportunities
understanding marketing
means understanding Marketing jobs are present
CUSTOMER VALUE
your customer in a variety of industries
The relationship between benefits and the sacrifice
necessary to obtain those benefits
Key Marketing Terms

MARKET SEGMENTS

Groups of individuals, families or companies that

Why
are placed together because its is believed they Marketing
share similar needs Matters

THE MARKETING MIX

Also known as the 4Ps refers to product, price, Marketing Is Part of

place and promotion. Each of the 4Ps must be Marketing Provides an Everyday Life
developed to create a strategy to meet the needs Important Skill Set
of the market segment Being informed about
Skills developed when marketing means being an
• Product – Relates to tangible and intangible learning marketing – informed consumer.
aspects of a company’s offering how to understand
• Price – The quantifying of a value in needs, research trends, Will help discern a good
exchange for a company’s offering message from a bad one
create an offering and
• Place – Activities of making an offering
communicating benefits and hold companies that
available to the customer
• Promotion – Informing and persuading the – all relate back a you as a consumer is
customer to purchase the company offering person’s job search targeting to a higher
standard