Marketing is All Around Us Introduction to Marketing

Marketing is All Around Us Introduction to Marketing

What is Marketing? The process of developing, promoting, and distributing products to satisfy customers’ needs and wants. Helps connect businesses to their customers.

Products Goods and services Has a monetary value Satisfies a customers’ needs and wants.

Goods Can tough or hold in your hand. What are some examples?

Services �Can’t physically touch them. �Tasks performed for a customer. �Examples: �Oil change �Manicure �Any ideas?

What’s included with Marketing? �Product planning and packaging �Advertising �Personal selling �Distribution �Marketing research �Surveys �Questionaires

Seven Functions of Marketing �Distribution �Financing �Marketing information Management �Pricing �Product/Service Management �Promotion �Selling

Distribution Deciding where and to whom products need to be sold in order to reach the final user.

Financing �Getting the money needed to pay for the operation of a business. �Bank loans �Extending credit to customers

Marketing Information Management �Getting needed information to make sound business decisions �Results of your marketing research. �Obtained through marketing research. �Examples: �Questionnaire �Surveys

Pricing �How much to charge for goods and services in order to maximize profits. �Decisions based on competitive pricing �How much customers are willing to pay.

Product/Service Management �Is obtaining, developing, maintaining, and improving a product

Promotion �Form of advertising �Using radio, TV, print to inform, persuade, or remind them about a business’s products.

Selling �Provides customers with goods and services they want.

Functions of Marketing �Distribution �Selling �Marketing information management �Financing �Pricing �Promotion �Product/service management