1.1
Marketing and the
Marketing
Concept
MARKETING
MR. PAVONE
The Scope of Marketing

Marketing – The process of planning, pricing, promoting, selling, and
distributing products to satisfy customers’ needs and wants.

Marketing is all around you and by being a consumer, you make
decisions about products you like and products you do not like.

Marketing is an ongoing process and it is constantly changing;
marketers and companies need to keep up with trends and
consumer attitudes.
Ideas, Goods, and Services

Goods – Tangible items of monetary value that satisfy needs and
wants.

Services – Intangible items of monetary value that satisfy needs and
wants.

Marketing promotes ideas, goods and services; goods being
tangible items of monetary value that we want and services are
also of monetary value, satisfying our needs and wants.

Every time someone buys or sells something, an exchange takes
place in the marketplace, which could be shops, Internet stores,
financial institutions, catalogs and more.
Skills and Knowledge

The practice of marketing depends on key areas of skills and
knowledge, such as:
1. Business Law
8. Human Resource Management
2. Communications
9. Information Management
3. Customer Relations
10. Marketing
4. Economics
11. Operations
5. Emotional Intelligence
12. Professional Development
6. Entrepreneurship
13. Strategic Management
7. Financial Analysis
Seven Marketing Core Functions

The marketing core includes the following functions:

Channel Management (Distribution): the process of deciding how to
get goods into customer’s hands.

Market Planning: understanding the concepts and strategies used to
develop and target specific marketing strategies to a select audience.

Marketing Information Management: conducting research to gather
information, store it and then analyze it.

Pricing: decisions that dictate how much to charge for goods and
services in order to make a profit.

Product/Service Management: obtaining, developing, maintaining, and
improving a product or a product mix in response to market opportunity.

Promotion: effort to inform, persuade, or remind potential customers
about a business’s products or services.

Selling: providing customers with the goods and services they want.
The Marketing Concept

Marketing Concept – Businesses should satisfy customers’ needs and
wants while making a profit.

The seven marketing core functions need to support the idea
behind the marketing concept.

Customer Relationship Management (CRM): an aspect of marketing
that combines customer information (through database and
computer technology) with customer service and marketing
communications.