MARKETING The Marketing Concept Marketing and the Marketing

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MARKETING & The Marketing Concept

MARKETING & The Marketing Concept

Marketing and the Marketing Concept • What You’ll Learn: • Types of Businesses •

Marketing and the Marketing Concept • What You’ll Learn: • Types of Businesses • Definition of Marketing • Foundations of Marketing • Functions of Marketing • Marketing Concept

Profit vs. Non-profit Businesses • For-Profit Organizations: • Businesses that are intended for owners/

Profit vs. Non-profit Businesses • For-Profit Organizations: • Businesses that are intended for owners/ shareholders to make a profit • Examples? • Non-Profit Organizations: • Operate like a business but are not intended to earn a profit • Income after expenses goes to a charitable cause or back into the organization • Examples?

What is Marketing? • Marketing: • Process of planning, pricing, promoting, selling and distributing

What is Marketing? • Marketing: • Process of planning, pricing, promoting, selling and distributing products to create exchanges to satisfy customers’ needs and wants • Process means it is ongoing and changes • Marketers need to keep up with trends and consumer attitudes • Marketing functions support the process • Focus on customer relationship management

Ideas, Goods and Services • Products include goods, services and ideas that satisfy customers’

Ideas, Goods and Services • Products include goods, services and ideas that satisfy customers’ needs and wants • Goods are tangible – you can touch • Services are intangible - tasks that have monetary value performed for a customer • Ideas promote causes, political platforms • Exchange is when something is bought or sold in the marketplace

Foundations of Marketing • Key areas of knowledge for marketing: 1. Business, Management &

Foundations of Marketing • Key areas of knowledge for marketing: 1. Business, Management & Entrepreneurship • Understand business decision-making 2. Communication and interpersonal skills • Understand how to interact effectively with others 3. Economics • Understand basics and how it relates to marketing 4. Professional Development • Career exploration, development and growth

7 Key Functions of Marketing 1. Distribution 2. Financing 3. Marketing Information Management 4.

7 Key Functions of Marketing 1. Distribution 2. Financing 3. Marketing Information Management 4. Pricing 5. Product/Service Management 6. Promotion 7. Selling

Distribution q. Deciding how to get goods to consumers q. Logistics of physically moving

Distribution q. Deciding how to get goods to consumers q. Logistics of physically moving products (truck, rail, ship, air) q. Storing and tracking products (warehouses, store shelves? )

Financing q How to get the money that is necessary to pay for setting

Financing q How to get the money that is necessary to pay for setting up and running a business Bank loans? Sell shares of stock (investors)? q Payment options (cash, credit, check, layaway) q

Marketing Information Management q Getting information to make sound business decisions q Rely on

Marketing Information Management q Getting information to make sound business decisions q Rely on information about: Customers q Trends q Competing products q Continually collect information though market research q Learn about customers and ways to better market the products q

Pricing Decisions regarding how much to charge for products to obtain maximum profits q

Pricing Decisions regarding how much to charge for products to obtain maximum profits q Based on the following: q Costs q How much competitors are charging q Determine how much customers are willing to pay q

Product/Service Management Obtaining, developing, maintaining and improving products or product mixes q Respond to

Product/Service Management Obtaining, developing, maintaining and improving products or product mixes q Respond to changes in: q Trends q Attitudes q Technology q Opportunities q

Promotion Effort to inform, persuade, or remind potential customers about a businesses' products or

Promotion Effort to inform, persuade, or remind potential customers about a businesses' products or services (advertising) q Communicates information q Used to: q Improve a company’s image q Achieve success in the marketplace q

Selling Provides customers with the goods and services they want q Determine clients needs/wants

Selling Provides customers with the goods and services they want q Determine clients needs/wants and respond through planned, personalized communication q The selling process: q Influences purchasing decisions q Enhances future business opportunities q

The Marketing Concept The marketing concept is the idea that a business should strive

The Marketing Concept The marketing concept is the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm q THE FOCUS ON THE CUSTOMER Customer Relationship Management (CRM): q Aspect of marketing that combines customer information (buying habits, demographics, etc. ) with customer service and marketing communications q. Goal: Create more meaningful communications!

Marketing Functions Activity Create a mobile - any design. You need to start the

Marketing Functions Activity Create a mobile - any design. You need to start the mobile with MARKETING FUNCTIONS. Then from there you are to include the 7 functions of marketing hanging off of the Marketing Functions. On each function include the name of the function and a picture with an example of that function. You may use search the internet and print elements/pictures to use on the mobile. • Example: Promotion : Television Media and a picture of a TV • This is worth 50 points. • Due Wednesday at the end of the bell and will include a presentation of the mobile.