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IBBM Unit 4.1 What is Marketing? The 7 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) Process Promotion Physical Evidence People THE 7 P’S: MARKETING is a PROCESS and involves the 7 P’s: PLANNING the Product PRICING PLACE (Distribution) Plus PROMOTION PHYSICAL EVIDENCE PROCESS PEOPLE (The Target Market) Planning Product Pricing Place Promotion Physical Evidence Process People MARKETING IS ALL AROUND US~ SALES REPRESENTATIVES TELEMARKETERS DIRECT/JUNK MAIL VIDEOS, BROCHURES PRODUCT PLACEMENT NETWORKING SOCIAL MEDIA SIGNS DISPLAYS INTERNET BANNERS THE 7 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 2)Produce the Product. 2)Pricing- 1) To Sell (value) 2) To Make a Profit. 3) To be Competitive 3)Place (Distribution)- 1) Packaging Also called Channel Mgmt. 2) Storage 3) Shipping 4) Receiving (Inventory) (Con’t) product. 7 P’S/THE MARKETING MIX (CON’T) 4)Promotion- 1) Advertising 2) Publicity 3) Public Relations 4) Displays 5) Physical Evidence- 1) Demonstrations 2) Reviews 3) Endorsements 6) Process- How services are consumed and paid for. 7)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: Services: The kinds of things that you can touch or hold in your hand; The kinds of things that you can’t physically touch; TANGIBLES INTANGIBLES EXCHANGES=VOLUNTARY PURCHASES (EXCHANGES TAKE PLACE EVERY DAY!)