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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!