What is the marketing concept???

1. What is the marketing concept??? Goals: Define the marketing concept Determine how business implement the marketing concept

2. Before you begin… • Marketing-- creation and maintenance of satisfying an exchange relationship • Concept– • 1:something conceived in the mind : thought , notion • 2 : an abstract or generic idea generalized from particular instances • What do you think the marketing concept is???

3. 3 elements of the marketing concept IDENTIFY NEEDS OF CUSTOMERS DEVELOP AND MARKET PRODUCTS OR SERVICES OPERATE A BUSINESS PROFITABLY

4. Identifying Needs What do customers want/need (how do we find out???) Satisfying needs= happy customers Happy customers = return business Return business = increased business

5. Develop and market products or services Don’t make products that no one will purchase How do people find out about new or improved products How do we make our products BETTER than others?

6. Profit: a valuable return; the excess of selling the price of goods over their cost Remember…happy customers will talk to other people!!! Operate a business profitably

7. What is the marketing concept? Using needs of customers as the primary focus during the planning, production, distribution and promotion of a product or service.

8. Id market Develop marketing mix Product Price Place Promotion Implementing the marketing concept

9. Identify Market • What is a market? • The description of the prospective customers a business wants to serve • The location of those customers • Basically…WHO DO WE WANT TO MARKET OUR PRODUCT TO??

10. Marketing Mix • Blending of four marketing elements by the business • The “4 Ps” • Product • anything offered to market • Price • amount that customer pays • Place • locations and methods to make product available to customer • Promotion • Methods and information to encourage purchase