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Unit 1 What is Marketing? The 5 P’s MARKETING: The connecting link, or bridge, between the producer and the consumer. Producer Consumer MARKETING IS: The process of planning the product, executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy consumer wants and needs. Planning Pricing Place (Distribution) Promotion People THE 5 P’S: MARKETING is a PROCESS and involves the 5 P’s: PLANNING the Product PRICING PLACE (Distribution) PROMOTION PEOPLE (The Target Market) Planning Pricing Place Promotion People WHAT IS MARKETING? Definition: The process of developing, promoting, and distributing products in order to satisfy customer’s needs and wants. MARKETING IS ALL AROUND US~ SALES R EPR ES EN TAT IV ES SIGNS TELEMARKETERS DISPLAYS JUNK MAIL INTERNET BANNERS VIDEOS, BROCHURES PRODUCT PLACEMENT NETWORKING THE 5 P’S =THE MARKETING MIX >Decisions a business must make. >Depends on Target Market being clearly defined. ___________________________ 1)Product Planning- 1)Make a decision about the product. 2)Produce the Product. 2)Pricing- 1) To Sell (value) 2) To Make a Profit. 3) To be Competitive 3)Place (Distribution)- (Con’t) 1) Packaging 2) Storage 3) Shipping 4) Receiving (Inventory) 5 P’S/THE MARKETING MIX (CON’T) 4)Promotion- 1) Advertising 2) Publicity 3) Public Relations 4) Displays 5)People- 1) Consumers 2) Customers _______________________________________________ What is the difference between a Consumer and a Customer? WHAT IS MARKETED? Nondurable Goods >Yogurt >Gasoline >Cosmetics Services >Airline Travel >Banking >Wedding Planners People >Athletes >Musicians >Ourselves Durable Goods >Desks >Computers >4G phones Places “Get Out There” (RCCL) “Ski Washington.com” “Go Hawaiian” Organizations >WEA >NCAA >NFL >The Red Cross Ideas >”Litter and It Will Hurt” > “Buzzed Driving Is Drunk Driving PRODUCTS~INCLUDES IDEAS, GOODS, AND SERVICES, WHICH HAVE MONETARY VALUE AND SATISFY CUSTOMERS’ NEEDS AND WANTS. Goods: The kinds of things that you can touch or hold in your hand; TANGIBLES Services: The kinds of things that you can’t physically touch; INTANGIBLES EXCHANGES=VOLUNTARY PURCHASES (EXCHANGES TAKE PLACE EVERY DAY!) BREAKING DOWN THE 5 P’S (MARKETING MIX) Planning the Product 1) Make a decision about the product 2) Produce It Pricing 1)To Make a Profit 2)To Be Competitive 3) To Sell (Value) DISTRIBUTION(PLACE): 1)Shipping (transporting) 2)Storing (warehousing) DISTRIBUTION (CON’T) 3)Packaging 4)Receiving THE REST OF THE 5 P’S… Promotion 1) Advertising 2) Publicity 3) Public Relations 4) Displays People= The Target Market 1)Customers 2)Consumers