Introduction: Concepts in Marketing and Management

• Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
• Maslow's Hierarchy of needs was made by Abraham Maslow in 1943
• Maslow's Hierarchy of needs has 5 levels of needs that are necessary for human survival; Physiological needs, Safety needs, Love and Belonging, Esteem, and Self-actualization
• Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
• Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
• Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
• Physiological Needs: These are the most basic needs for human survival, such as food, water, air, and shelter.
• Safety Needs: Once physiological needs are met, individuals seek safety and security, including protection from physical harm, financial security, and a stable environment.
• Love/Belonging: After safety needs are satisfied, the need for love and a sense of belonging becomes important. This includes both intimate relationships and connections with a social group.
• Esteem: Once the lower- level needs are met, individuals seek to fulfill the need for self-esteem, respect from others, and a sense of accomplishment.
• Self Actualization: At the top of the hierarchy are the needs for self-actualization, which involve realizing one's full potential, achieving personal growth, and pursuing one's passions and interests.
• Management and Marketing both deal with people
• Marketing understands the consumers.

  Management understands the staff.
• The 5 Functional Areas of a Business: Operations, Accounting and Finance, Human Resource, and Marketing
• Functional Areas of a Business: Where inputs (factors of production) are converted to outputs (goods and services).

  Operations
• Functional Areas of a Business: Provides managers with information needed to make decisions about the allocation of company resources.

  Accounting and Finance
• Functional Areas of a Business: The heart of a business, pumping out goods and services in a quantity and of a quality that meets the needs of the customers.

  Operations
• Functional Areas of a Business: Responsible for accurately representing the financial transactions of a business to internal and external parties, government agencies, and owners/investors.

  Accounting and Finance
• The finance function involves planning for, obtaining, and managing a company’s funds.
• Functional Areas of a Business: The area in charge of searching, selecting and recruiting the people that the company needs to employ. Deals with managing everything related to human capital (administrative, legal, training, internal communication, etc.)

  Human Resource
• Functional Areas of a Business: Consists of all that a company does to identify customers’ needs and design products and services that meet those needs.

  Marketing
• The marketing function also includes promoting goods and services, determining how the goods and services will be delivered, and developing a pricing strategy to capture market share while remaining competitive
• Misconceptions about Marketing: Advertising and Promotion & Manipulating People
• Functions of Management: Planning, Organizing, Controlling, and Leading
• Functions of Management: Managers are responsible for organizing the operations of a business in the most efficient way, enabling the business to use its resources effectively.

  ORGANIZING
• Functions of Management: Managers plan by setting long term goals for the business, as well short term strategies needed to execute against those goals.

  PLANNING
• Functions of Management: A large percentage of a manager’s time is spent controlling the activities within the business to ensure that it’s achieving its goals. When people stray from the path, managers are often the first ones to notice and take corrective action.

  CONTROLLING
• Functions of Management: Managers serve as leaders for the organization, in practical as well as symbolic ways. The manager may lead work teams through a new process or the development of a new product.

  Leading
• Functional Areas of a Business: Where inputs (factors of production) are converted to outputs (goods and services).
• What is marketing? - Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
• What is marketing? - Process by which companies create value for customers and build strong customer relationships in order to capture value from

  customers in return.
• Strategic 3 c’s of marketing: Company, Customer, and Competition
• Strategic 3 c’s of Marketing: Company - This includes your brand identity, values, culture, and capabilities. It's about ensuring your marketing efforts are aligned with your overall company strategy and values.
• Strategic 3 c’s of Marketing: Customer - This refers to understanding your target audience, their needs, wants, and buying behaviors. You need to tailor your marketing to resonate with them and address their specific pain points.
• Strategic 3 c’s of Marketing: Competition - This is about understanding your competitive landscape, the strengths and weaknesses of your competitors, and how you can differentiate yourself.
• Marketing is the interfacing of both the company and the market. Strengths and weaknesses of companies must be aligned in serving the needs and wants of the market.
• The overriding objective of the company is to satisfy its customers better than its competition.
• Marketing Management: The process of planning, organizing, directing, and controlling the marketing function within an organization.
• Marketing Management: PRODUCTION CONCEPT - One of the oldest concepts in business. It holds that consumers prefer products that are widely available and inexpensive. Businesses concentrate on achieving high production efficiency, low costs, and mass distribution. Also used when they want to expand the market.
• Marketing Management: PRODUCT CONCEPT - Proposes that consumers favor products offering the most quality, performance, or innovative features. A new or improved product will not necessarily be successful unless it’s priced, distributed, advertised, and sold properly.