What Is Marketing Simple Definition How By accomplishing

What Is Marketing? § Simple Definition: § How? By accomplishing the following: 1. Attracting __________ customers by promising superior value. 2. _______ and ________ current customers by delivering satisfaction. 1 -1

7 Functions of Marketing § The set of that the firm blends to produce the response it wants in the target market 1 -2

7 Key Marketing Functions 1 -3

7 Functions of Marketing Defined § Pricing- Balancing the consumer's perception of value § § (PRICE THEY WILL PAY) while maximizing product return (MAKE $$$). – Tickets to the Super Bowl are very expensive because demand is high. PRICE IS WHAT PEOPLE WANT TO PAY = DEMAND Distribution- Making the product available at the right time, place, and in the form the customer wants – EA Sports sells their video games to GAMESTOP or on AMAZON. COM because they know their target consumers shop there for video games and entertainment Promotion- Mass communication with customer to encourage product purchase & increase satisfaction – “When AN NBA TEAM Score 90, You Win at Papa John's!" Yes! Even if they lose, you win! "All season long the day after they score 90 or more points you get 50% OFF your regular menu price online order. " 1 -4

7 Functions of Marketing Defined § Financing- Obtaining the necessary capital to run your business/helping customers afford your product – Spend $$ to make $$ – Many professional sports franchises offer payment plans for their customers purchasing ticket packages § Selling- Direct one to one personal communication to match consumers’ needs with company offerings – Many professional sports teams utilize a call center to generate ticket sales 1 -5

7 Functions of Marketing Defined § Marketing information-management- § Obtaining, managing, and using consumer data to improve decisionmaking & marketing activities – After a stay at a luxury hotel, you fill out a form rating the service and accommodations. Product and service management. Assisting in the design and development of a product/service to meet customer needs – One of Nike’s product management efforts includes the “Nike Kids Field Tester Program” in which selected applicants will wear Nike shoes for typically 4 -8 weeks.

Needs, Wants, and Demands § Needs: Name some specific examples of each need type. 1 -7

Needs, Wants, and Demands § Types of Needs: – Physical: § Food, clothing, shelter, safety – Social: § Belonging, affection – Individual: § Self-expression, learning, knowledge 1 -8

Needs, Wants, and Demands § Wants: 1 -9

Marketing Offers Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Needs and wants are fulfilled through a marketing offer. 1 -10

Markets § What is a Market? – A market is the __________________a business wants to serve and the location of those customers.

Markets § There are 2 types of Markets – The __________ Market § markets for products and services bought by individuals for their own or family use. – The ___________Market § these markets involve the sale of goods between businesses. These are goods that are not aimed directly at consumers

What is Exchanged § __________ – physical merchandise offered for sale § ____________ - work done by one person or group that benefits another

Marketing Management § Demand Management – Finding & increasing demand – Also changing or reducing demand, such as in demarketing. § Demarketing: 1 -14