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Chapter 10
Marketing
Chapter 10-1
Marketing Basics
What is marketing?
Marketing
“Marketing is the activity, set of
institutions, and processes for
creating, communicating,
delivering, and exchanging
offerings that have value for
customers, clients, partners and
society at large.
Marketing Businesses
All businesses must
complete some marketing
activities even if that is not
their focus.
Marketing Functions
Product & Service Management
 Designing
 Developing
 Maintaining
 Improving
 Acquiring products & services that
meet consumer needs
Distribution
 Determines best ways for customers to
locate, obtain, and use the products and
services of an organization.
Selling
 Communicating directly with potential
customers to determine and satisfy
their needs
Marketing-information Management
 Obtaining, managing, and using market
information to improve business
decision-making and the performance
of marketing activities.
Financial Analysis
 Budgeting for marketing activities
 Obtaining the necessary funds needed
for operations
 Providing financial assistance to
customers so they can purchase the
business’ products and services
Pricing
 Setting and communicating the value of
products and services
Promotion
 Communicating information about
products and services to potential
customers.
Marketing Strategy
 Marketing activities often cost 50% or
more of the selling price of a product or
service.
 Marketing planning is aimed at satisfying
customer needs better than competitors
do, resulting in sales and profits.
 A company’s plan that identifies how it will
use marketing to achieve its goals is called
a marketing strategy.
Marketing Strategy
 Developing a marketing strategy is a two-
step process.
 Step
One: Identify a target market.
Target market: a specific group of
consumers who have similar wants and
needs.
 Step Two: Create a marketing mix.
Marketing mix: the blending of four
marketing elements – product, distribution,
price, and promotion.
Marketing Strategy
 Marketing orientation considers the
needs of customers when developing a
marketing mix.
 No assumptions!
 Research
will be needed to make sure that
companies know what customers want.
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