Marketing Dynamics, 3rd Edition Page 31 (47 of 784)

Section 2.1 Importance of Marketing
31
Checkpoint 2.1
1. Why is marketing dynamic?
2. As a marketer, why is it important to know your customers?
3. List the four elements of promotion.
4. What are four product strategy decisions a marketer might make?
5. List the four Ps.
Build Your Vocabulary
As you progress through this course, develop a personal glossary of personal marketing terms and
add it to your portfolio. This will help you build your vocabulary and prepare you for a career. Write a
deﬁ nition for each of the following terms, and add it to your personal marketing glossary.
dynamic
customer
target market
purchase incentive
four Ps of marketing
product
good
College and Career Portfolio College and Career Portfolio
Portfolio Overview
When you apply to a college, for a job, or for a community service position, you may
need to tell others about why you are qualiﬁ ed for this position. A portfolio is a selection
of related materials that you collect and organize. These materials show your qualiﬁ -
cations, skills, and talents. For example, a certiﬁ cate that shows you have completed
lifeguard and ﬁ rst-aid training could help you get a lifeguard job at a local pool. An essay you wrote about
protecting native plants could show that you are serious about ecofriendly efforts and help you get a volun-
teer position at a park. A transcript of your school grades could help show that you are qualiﬁ ed for college.
Two types of portfolios are commonly used: print portfolios and electronic portfolios. Electronic
portfolios are also called e-portfolios or digital portfolios.
1. Use the Internet to search for print portfolio and e-portfolio. Read articles about each type of port-
folio. In your own words, briefl y describe each type.
2. You will be creating a portfolio in this class. Which portfolio type would you prefer to create? Write
a paragraph describing the type of portfolio you would prefer to create.
✓
service
idea
price
place
promotion
public relations
marketing mix

Previous Page Next Page

Resources and Downloads

Attachments

Extracted Text (may have errors)

Section 2.1 Importance of Marketing
31
Checkpoint 2.1
1. Why is marketing dynamic?
2. As a marketer, why is it important to know your customers?
3. List the four elements of promotion.
4. What are four product strategy decisions a marketer might make?
5. List the four Ps.
Build Your Vocabulary
As you progress through this course, develop a personal glossary of personal marketing terms and
add it to your portfolio. This will help you build your vocabulary and prepare you for a career. Write a
deﬁ nition for each of the following terms, and add it to your personal marketing glossary.
dynamic
customer
target market
purchase incentive
four Ps of marketing
product
good
College and Career Portfolio College and Career Portfolio
Portfolio Overview
When you apply to a college, for a job, or for a community service position, you may
need to tell others about why you are qualiﬁ ed for this position. A portfolio is a selection
of related materials that you collect and organize. These materials show your qualiﬁ -
cations, skills, and talents. For example, a certiﬁ cate that shows you have completed
lifeguard and ﬁ rst-aid training could help you get a lifeguard job at a local pool. An essay you wrote about
protecting native plants could show that you are serious about ecofriendly efforts and help you get a volun-
teer position at a park. A transcript of your school grades could help show that you are qualiﬁ ed for college.
Two types of portfolios are commonly used: print portfolios and electronic portfolios. Electronic
portfolios are also called e-portfolios or digital portfolios.
1. Use the Internet to search for print portfolio and e-portfolio. Read articles about each type of port-
folio. In your own words, briefl y describe each type.
2. You will be creating a portfolio in this class. Which portfolio type would you prefer to create? Write
a paragraph describing the type of portfolio you would prefer to create.
✓
service
idea
price
place
promotion
public relations
marketing mix

Help

30
Chapter 2 Marketing Basics
One marketing mix usually does not
meet the needs of all customers. The key to
finding a successful marketing mix is
¶ bgnnrhmfsgdqhfgsoqnctbs:
¶ rdkkhmfhs‘ssgdqhfgsoqhbd:
¶ l‘jhmfhs‘u‘hk‘akd‘ssgdqhfgsok‘bd:‘mc
¶ oqnlnshmfhshm‘v‘xsg‘svhkkqd‘bgsgd
target customers.
For example, perhaps you want a smart-
phone. You search the Internet for a sale on
smartphones and an ad pops up for a $199
smartphone on sale. You have saved $225 to
buy a phone, so this is good price for your
budget. You click on the ad, which takes you
to a website showing the phone at a store in
the nearby mall. When you go to the store, a
salesperson helps you find the right phone
and buy it. Can you identify the four Ps in
this marketing mix?
The phone is the product. The Internet ad
and store salesperson are the promotion. The price
is $199. The retail store is the place. Since, in this
example, you bought the phone, that phone’s
marketers developed the right marketing mix for
you. Notice that you, as the customer, are not part
of the marketing mix. The customer is the target
of the marketing mix. The marketing mix deci-
sions are made to satisfy the customer.
Figure 2-3 The
marketing mix consists
of all the decisions made
about each of the four Ps.
Kheng Guan Toh/Shutterstock.com
Green Marketing
Cause Marketing
Cause marketing is a type of marketing in which a profit and nonprofit organization
work together for a common mutual benefit. An example is a corporation that gives its
employees a day off to pick up trash for the city to create a cleaner environment. Cause
marketing is a great way to show the company’s social responsibility.

Previous Page Next Page

Resources and Downloads

32
Chapter 2 Marketing Basics
Marketing Concept
The marketing concept is an approach to
business that focuses on satisfying customers
as the means of achieving profit goals. The
three elements of the marketing concept as
shown in Figure 2-4 are customer satisfac-
tion, total company approach, and profit.
Customer Satisfaction
Customer satisfaction is the degree to
which customers are pleased with a compa-
ny’s goods or services. One of the ways it
can be measured is by the number of repeat
customers. The marketing concept benefits
customers because the business is focused
on meeting their needs. Think about a store
you like and shop at often. Why do you like
it? Would you consider yourself a satisfied
Critical
Thinking
Key
Terms
Objectives
Web
Connect
Section 2.2 Marketing Concept
After completing this section, you will be
able to:
¶ explain the marketing concept in business.
¶ describe the seven functions of market-
ing and related activities.
marketing concept
customer satisfaction
profit
channel
channel management
marketing-information
management (MIM)
market planning
product/service
management
selling
Do an Internet search for the best customer
service in the United States. Review the
top-ten list of companies that appear in the
search results. What do they do that makes
them the best? Is there a common theme
with the companies? Write a paragraph
about what makes these companies recog-
nized for their customer service.
Think about what is important to you when
you make a large purchase. Make a list and
prioritize your criteria. What is number one?
Elements of the Marketing Concept
Customer
satisfaction
Total
company
approach
Profit
Figure 2-4 The marketing concept focuses on every
aspect of the business to keep the customer satisfied
because that is the key to long-term profit.
Goodheart-Willcox Publisher

Previous Page Next Page

Page 2Unit 1 Marketing Dynamics click to expand contents

Page 104Unit 2 Dynamics of the Economy click to expand contents

Page 184Unit 3 Marketplace Dynamics click to expand contents

Page 278Unit 4 Product Dynamics click to expand contents

Page 342Unit 5 Price Dynamics click to expand contents

Page 388Unit 6 Place Dynamics click to expand contents

Page 440Unit 7 Promotion Dynamics click to expand contents

Page 556Unit 8 Dynamics of Marketing Management click to expand contents

Page 600Unit 9 Professional Development Dynamics click to expand contents

Page 654Unit 10 Dynamics of Entrepreneurship click to expand contents

Resources and Downloads

Attachments

Extracted Text (may have errors)

Help

loading

Resources and Downloads

Resources and Downloads