Intro to Marketing - Lesson 17.1

Historical Background of Marketing

Marketing has been around long before modern technologies like the internet and cars.
Originates from the Latin word "mercares" meaning to trade.
12th century Europe: a market was a meeting place for buyers and sellers.
The concept of marketing as facilitating trade has ancient roots.

No single definition: Marketing involves a variety of activities and perspectives.
- Tim Cones: Finding out what customers want and giving it to them.
- Alexander Hayam: Reaching customers to compel purchase and repurchase.
- Sergio Simon: Selling lots of stuff and making money.
- John Jansch: Getting someone with a need to know, like, and trust you.
General definition: Activities that identify, anticipate, and satisfy customer needs and wants profitably.

Needs: Essential for survival or functioning in society (e.g., food, water, transportation).
Wants: Desires that are not necessary for survival (e.g., vacations).

Production: Converts raw materials into finished goods to satisfy needs/wants.
Finance: Manages all money-related aspects (e.g., accounting, credit).
Management: Organizes and manages resources, setting policies, ensures business is on track.
Marketing: Most customer-oriented, involves promotion, selling, and customer service.

Increases Profits: By targeting and attracting customers, marketing boosts sales.
Creates Jobs: Accounts for 25-30% of jobs in the U.S., crucial for economic success.
Builds Relationships: Creates loyal customers through personal selling and trust-building.

For Consumers: Understanding marketing helps make informed buying decisions.
For Personal Branding: Marketing can be used to sell personal talents and abilities (e.g., job hunting, college applications).
In Careers: Adds value in any job by translating company's vision into work.

Marketing skills are valuable in any corporate role.
Being able to incorporate marketing into your job makes you a more valuable employee.

Marketing skills are essential not just for businesses but for personal development and career growth.
Understanding marketing's role as a business function is key to leveraging its benefits.

This completes Lesson 17.1 on Intro to Marketing. More insights to follow in the upcoming lessons. Keep learning and growing!