Marketing in Todays World CHAPTER 13 1 INTRODUCTION

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Marketing in Today’s World CHAPTER 13. 1 INTRODUCTION TO BUSINESS AND MARKETING

Marketing in Today’s World CHAPTER 13. 1 INTRODUCTION TO BUSINESS AND MARKETING

Objectives � Define marketing. � Identify the functions of marketing. � List the elements

Objectives � Define marketing. � Identify the functions of marketing. � List the elements of the marketing mix.

The Main Idea �To sell their products or services, businesses engage in marketing activities

The Main Idea �To sell their products or services, businesses engage in marketing activities �They find analyze potential customers and then try to meet their wants and needs.

The Basics of Marketing To market a product successfully a company must understand: What

The Basics of Marketing To market a product successfully a company must understand: What Why people want to buy they want to buy it

The Basics of Marketing A company must know the market. In the global marketplace,

The Basics of Marketing A company must know the market. In the global marketplace, many countries can make up a market.

The Basics of Marketing includes studying what people want and designing a product’s packaging.

The Basics of Marketing includes studying what people want and designing a product’s packaging.

The Functions of Marketing The seven functions of marketing define all the aspects that

The Functions of Marketing The seven functions of marketing define all the aspects that are part of marketing. 1 2 Distribution 7 Selling Financing Marketing Information Management Promotion 6 Product/ Service Management 5 Pricing 4 3

The Seven Marketing Functions 1 Distribution is the process of getting goods and services

The Seven Marketing Functions 1 Distribution is the process of getting goods and services to customers. 2 Financing is getting the money that is necessary for setting up and running a business. 3 Marketing information management is gathering and analyzing information about consumers, trends, and competitors’ products 4 Pricing is deciding how much to charge for a product or service so the business can make a profit.

The Seven Marketing Functions 5 Product/service management is obtaining, developing, maintaining, and improving a

The Seven Marketing Functions 5 Product/service management is obtaining, developing, maintaining, and improving a product or product mix in response to the market. 6 Promotion is any effort to inform, persuade, or remind potential customers about a business’s products or services 7 Selling is providing customers with the goods and services they choose to buy.

The Functions of Marketing Relationship marketing is part of the selling function of marketing.

The Functions of Marketing Relationship marketing is part of the selling function of marketing. It is used to build and maintain relationships with their customers.

The Marketing Mix The marketing mix consists of four basic marketing strategies. P P

The Marketing Mix The marketing mix consists of four basic marketing strategies. P P Product Place Price Promotion In recent years, many people have begun to include a fifth P for people.

Product First, marketing is used to find out if there a demand for a

Product First, marketing is used to find out if there a demand for a product. Marketing is then concerned with how to make the product appeal to consumers.

Graphic Organizer Establish demand Make the product appealing Packaging design Design Color Size Brand

Graphic Organizer Establish demand Make the product appealing Packaging design Design Color Size Brand name

Place Marketers have to decide how and where customers will buy their goods and

Place Marketers have to decide how and where customers will buy their goods and services. Then, marketers have to consider in what kind of location to sell their product.

Place To make place decisions, marketers select the right channel of distribution. Distribution decisions

Place To make place decisions, marketers select the right channel of distribution. Distribution decisions affect the price of products. Marketers can use direct distribution or indirect distribution.

Price A marketer must consider the break-even point. Questions to Ask When Determining the

Price A marketer must consider the break-even point. Questions to Ask When Determining the Price of a Product 1 How much are customers willing to pay? 2 Is the price competitive with other products? 3 Can the company make a profit?

Promotion � Promotion involves making customers aware of a product. � Advertising and offering

Promotion � Promotion involves making customers aware of a product. � Advertising and offering discounts are two popular methods of promotion.

Promotion: Celebrity Endorsements � Many big companies hire celebrities to endorse what they sell.

Promotion: Celebrity Endorsements � Many big companies hire celebrities to endorse what they sell. A celebrity endorsement is public support from a wellknown person for a product or services. Companies put celebrities in their TV commercials and print ads.

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