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MarketingS10 - WCOB 1023 Business Foundations Marketing...

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WCOB 1023 Business Foundations Marketing Introduction to Marketing Outline What is Marketing ? Marketing is determining the needs and wants of (potential) customers and then providing the goods and services that meet or exceed their expectations. Marketing plays a critical role in the success of a business. Marketing is responsible for the generation of sales revenues. Sales revenues, in turn, are needed to pay for salaries, supplies, buildings, equipment, etc., as well as generate a profit. A business with insufficient sales will not stay in business very long. Marketing is the process of getting the right goods to the right people at the right place, time, and price, using the right promotion techniques. This concept is referred to as the “right” principle. What is meant by the Marketing Concept ? Today, many firms have adopted the marketing concept. The marketing concept is a philosophy that guides how a firm interacts with its customers. It is a decision to focus a firm’s resources on what customers want. Specifically, the marketing concept includes: Focusing on customer wants so the organization can distinguish its products from competitors’ offerings. 1 | P a g e
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WCOB 1023 Business Foundations Marketing Integrating all of the organization’s activities to satisfy these wants. Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly. Adopting a marketing concept sounds like a no-brainer for any firm who wants to succeed in today’s market place. It certainly is the philosophy adopted by most companies in a market economy like we have in the United States. However, there are times when other philosophies are more appropriate. When Henry Ford created the Model T car, he didn’t not ask customers what color paint they’d like to have. It was black or nothing! But Henry was able to produce and sell that car for a fraction of the price charged by the competition. His philosophy was a “production concept ”: focusing on most efficient way to produce a car! When people could barely afford a car, if at all, they didn’t think about car color, and other options. Just being able to afford a car was enough! All that mattered in those days was to make cars as efficiently as possible so that customers could afford it. Another alternative is the “engineering concept ,” which is to sell whatever engineers are able to come up with. This philosophy is often used when new technologies are introduced in the market. At that point, customers don’t really know yet what they want since they lack any experience with that technology. Customers are essentially waiting to see what the engineers come up with next. Key Marketing Decisions
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MarketingS10 - WCOB 1023 Business Foundations Marketing...

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