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Copyright Goodheart-Willcox Co., Inc.
E
Q
ssential
uestion
How can marketing
contribute to the
success of a
business?
Objectives
After completing this section, you will be able to:
• Describe marketing and its focus on the customer.
• Explain marketing strategies.
Key Terms
marketing
marketing concept
four Ps of marketing
product
price
place
promotion
target market
marketing strategy
marketing plan
market segmentation
geographic
segmentation
demographic
segmentation
psychographic
segmentation
behavioral
segmentation
customer profile
mass marketing
marketing mix
Importance of Marketing
The American Marketing Association
defines marketing as “the activity, set of
institutions, and processes for creating,
communicating, delivering, and exchanging
offerings that have value for customers,
clients, partners, and society at large.” Without
marketing efforts, it would be a challenge for
businesses to reach customers and meet their
needs and wants.
Marketing consists of dynamic activities
that identify, anticipate, and satisfy customer
demand while making a profit. It is one of
the four functions of business, as shown
in Figure 10-1. In order for a business to
be successful, all the functions must work
together. Marketing efforts can identify the
best potential customers, research how to
improve a product, and find new ways to
sell it.
Section
10.1
Introduction to Marketing
Goodheart-Willcox Publisher
Figure 10-1 Each of the four functions of business
work together to create customer satisfaction and
business success.
Functions of Business
Production Any activity related to making a
product
Finance All business activities that involve
money
Management Process of controlling and making
decisions about a business
Marketing Activities that identify, anticipate,
and satisfy customer demand while
making a profit
Marketing Concept
Marketing activities are aimed at the
customer. The marketing concept is an approach
to business that focuses on satisfying customers