how long do you think marketing has existed for it might surprise you to hear that marketing has been around before the internet retail stores cars and computers contrary to popular belief it's not a thing of the 21st century Market comes from the Latin word mercares which means to trade in 12th century Europe a market was the meeting of buyers and sellers of goods like Livestock today a market is anywhere a buyer and seller convened to buy and sell Goods which is pretty much the same thing as it was during the Middle Ages so really we owe the art of marketing to the Italians from hundreds of years ago this is the first video in Unit 17 marketing take a look at this breakdown which shows you how often this unit comes up on District State and international exams for each of the different clusters [Music] hello and welcome this is lesson 17.1 intro to marketing now let's get to work team in this video we'll start by defining marketing and talking about the four functions of business then we will go into the three benefits of marketing finally we will cover careers in marketing so before we go in depth on any marketing concept we need to actually Define marketing but if there was just one way to Define marketing there wouldn't be entire textbooks on it different experts see marketing differently marketing consultant Tim cones is that marketing is to find out what your customers want and then give it to them marketing consultant Alexander hayam says the purpose of marketing is to reach customers and compel them to purchase use and repurchase your product former CMO of Coca-Cola Sergio Simon says the purpose of marketing is to sell lots of stuff and make lots of money and finally author John jansh says marketing is getting someone who has a need to know like and trust you maybe one of these resonated with you but in general marketing refers to activities that identify anticipate and satisfy customer needs and wants while making a profit and need is something that is necessary for survival or for functioning in a society such as food water and transportation a want is something you desire but not require like a vacation in order to understand the needs and wants of your customers it is necessary to understand the functions of business there are four production Finance Management and marketing production turns raw materials into finished goods the finished product satisfies a customer's wants or needs Finance refers to All Things money related within a business if you remember accounting and credit are two important aspects of corporate finance we made videos on these if you want to give them a listen management refers to organizing and managing a company's resources it's typically something done by a company leadership it includes activities like overseeing employees setting policy and ensuring the business is on track to meet its operational and financial objectives finally marketing as we discussed refers to activities that fulfill customer demand marketing is a function of business that is the most customer oriented because without customers there would be no business so marketing prioritizes the customer and tries to satisfy their needs and wants examples of activities that fall under the marketing function of business include promotion selling and customer service okay so marketing is clearly very expensive so why do companies invest so much into Marketing in the first place why does it get to be a function of business specifically it increases profits creates job jobs and builds relationships first businesses understand that it's really difficult to get customers attention in today's world marketing efforts allow companies to Target the right people get their attention and send a message additionally marketing research gives them insight into things like how to improve a product or service and the best way to sell it by getting the attention of customers and allowing companies to improve their products marketing boosts sales and ultimately results in more profit marketing also creates lots of jobs marketing positions account for 25 to 30 percent of jobs in the United States that means that marketing isn't just important for companies but for the economic success of the United States finally marketing builds relationships a company's most valuable asset is loyal customers but you can't build that kind of relationship without marketing marketing activities like personal selling are key to helping customers learn to trust and depend on a business for a particular need or want so why do people study Marketing in the first place honestly most of you who begin to do this without realizing it learning about marketing is key to becoming a better consumer if you don't remember a consumer is someone who buys products or services and also uses them you've always been a consumer and you will always be E1 it's important to make informed decisions about what you buy and knowing about marketing helps you understand how businesses can influence your decision another reason most Ordinary People study marketing is to do better jobs of marketing themselves marketing isn't only about selling products you can use marketing to sell your talents and abilities this is what you do when you job hunt apply to colleges or participate in an interview it's all about making the company college or interviewer want you over everyone else how does this relate to a career in marketing well the working environment in the United States is very competitive and employers want people who are creative and have strong persuasive skills even if your job isn't explicitly marketing knowing how to do it well will definitely give you an edge over those that don't you can incorporate marketing into pretty much any corporate job most people in a company do know how to perform their job duties but what they don't know is how to interpret the company's Vision into their work you'll be a much more valuable employee if you understand marketing as a function of business and work with a marketing team to incorporate the company's goals into your individual work we'll talk about careers in Greater detail in future lessons but as you can see marketing skills are valuable even if you don't explicitly work in the marketing department now we've gone over all the content it's time to test your knowledge with a real Deca question pause the video and try to answer the answer is C setting policy as we discussed the leadership of a company takes care of the management function of business which includes activities like setting policy and here are the sources we use for this video feel free to check them out if you still have any questions all right that pretty much sums up less than 17.1 intro to marketing great work team and we'll see you in the next video