Download Marketing

Marketing
Ch. 1: Marketing is all around us

Marketing
 Planning
and executing the conception, pricing,
promotion, and distribution of ideas, goods, and
services to create exchanges that satisfy individual and
organizational objective
 Goods
= Tangible items that satisfy needs and wants
 Services
 What
= Intangible…can’t physically touch them
does this mean in your own words?
Ch. 1: Marketing is all around us

7 Marketing Core Functions
1.
Channel Mgt. = Getting goods into customer’s hands
2.
Marketing Information Mgt. = Info on customers &
trends
3.
Market Planning = How to market to different
customers
4.
Pricing = $ needed to make a profit / $ customer’s
will pay
Ch. 1: Marketing is all around us

7 Marketing Core Functions
5.
Product/Service Mgt. = Developing,
maintaining, and improving
6.
Promotion = Inform, persuade, and remind.
Enhance public image
7.
Selling = Providing the customer with what
they want
Ch. 1: Marketing is all around us

All 7 core functions need to support the Marketing
Concept

The idea that a business should strive to satisfy the customers’
wants while generating a profit for the business

In order to meet the goals ($) of the producer, the desires and
needs of the target market must be:

Determined

Anticipated

Satisfied
Ch. 1: Marketing is all around us

Utilities
 Attributes
of goods/services that make them capable of
satisfying consumers’ wants and needs
5
1.
2.
3.
4.
5.
Utilities
Form
Place
Time
Possession
Information
Ch. 1: Marketing is all around us

Form: Making products that consumers need and want – Special
features or ingredients

Place: Having a product where customers can buy it – Online /
Mail / Retail

Time: Having products available when consumers want them –
Store hour / Holiday events

Possession: Exchange of a product for money – Cash / Credit /
Layaway

Information: Communication with consumers – Information
about the product and how to use it
Ch. 1: Marketing is all around us

Market

All people who share similar needs and wants and who have
the ability to purchase the given product

Even if you want to buy something, if you cant afford it,
you’re NOT in the market

Consumer Market = Purchases for personal use

Organizational Market = Business to Business…Purchases
for use in operations
Ch. 1: Marketing is all around us


Market Share

The % of total sales volume generated by all companies that
compete in a given market

Ex. Coke own an approximate 26% market share of soft drinks
Target Market

The group that is identified for a specific marketing program

Focus of the business

Can be more than 1 target market

Customer Profile = Info about target market (Demographics and
Psychographics)
Ch. 1: Marketing is all around us

The Marketing Mix - Four Marketing Elements (4 P’s)
1.
2.
Product:

What a business offers customers

Features, Brand name, packaging, service, & warranty

New uses & new markets extend life of the product
Price:
$
customers are willing and able to pay for the product
 Consumers
and Businesses
Ch. 1: Marketing is all around us

The Marketing Mix - Four Marketing Elements (4 P’s)
3. Place (some times referred as Distribution):
4.

Locations and methods used to make products available
to customers (Store, catalogs, or internet)

Countries, Stores, transportation method
Promotion
 Ways
to encourage customers to purchase products and
increase customer satisfaction
 Message,
media selected, special offers, & timing
Ch. 1: Marketing is all around us

The Marketing Mix - Four Marketing Elements (4 P’s)


Is one of the four p’s pf marketing more important than the
others?
What would the 5th P of Marketing be?

People

Decisions on the 4 P’s are based on the people they want to
make into customers!