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Marketing Basics What is Marketing? Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. The primary responsibility of Marketing it the ensure the “exchange” takes place. Marketing Mix is a primary component of Marketing. What is target market? A target market is the market segments on which the organization focuses it marketing plan and toward which it directs its marketing efforts. The target market is the people trying to be reached and satisfied. Price Price one part of marketing mix, or 4 P’s. There are many decisions that must be made when dealing with price… ○ Such as; Pricing strategy Suggested retail value Seasonal Pricing Promotion Promotion represents the various aspects of marketing communication. ○ Examples include; Advertising Sales promotion Marketing budget Product Refers to the tangible, physical products, or services. ○ Examples of decisions that must be made; Brand name Safety Warranty Quality Place (Distribution) About getting the product to the customer. ○ Examples of distribution decisions; Marketing Coverage Warehouse Transportation Distribution Centers Review Question What are the 4 P’s? And give examples. Place 2. Price 3. Promotion 4. Product 1. Works Cited http://www.netmba.com/marketing/mix/