Download Marketing What`s It All About

Marketing!
What’s it all
about?
Marketing and Business LAP 1
Marketing
 “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.”
Marketing and Business LAP 1
It is a process. It involves. . .
Planning
 Begins with what goods, services, and
ideas to produce or sell in order to
satisfy consumers’ needs and wants.
 Analyzing potential consumers to
determine who they are and what items
to produce or sell in order to satisfy
them.
Marketing and Business LAP 1
It is a process. It involves. . .
Pricing
 Items must be priced so that consumers
want to buy them.
 Price indicates quality and/or value to
consumers.
 Price must be set to enable businesses
to make a profit, but still be able to
compete with others.
Marketing and Business LAP 1
It is a process. It involves. . .
Promoting
 Marketing helps to create and stimulate
demand for products by informing
people about them.
 Advertising, Sales promotion, Publicity,
and Personal Selling are forms of
promotion.
Marketing and Business LAP 1
It is a process. It involves. . .
Distributing
 Involves shipping, handling, and storing
of items on the way from the producers
to the consumer.
 Ensures that items are available when
and where they are needed.
Marketing and Business LAP 1
What is Marketed?
 Durable
Goods - desks, computers, houses
 Nondurable Goods - food, cosmetics, gasoline
 Services - banking, health care, job placement
 People - Athletes, Musicians, Political Candidates
 Places - Honeymoon locations, vacations
 Organizations - NCAA, Labor unions, Art museums
 Ideas - “Pitch in”, “Buckle up for Safety”
Marketing and Business LAP 1
Benefits of Marketing
Raises
the standard of living.
Adds utility to goods and
services.
Makes buying convenient.
Maintains reasonable prices.
Marketing and Business LAP 1
Benefits of Marketing
Improves
the quality of life.
Provides a variety of goods and
services.
Increases production.
Marketing and Business LAP 1
Where does Marketing occur?
Marketing is all around us!
 All types of businesses use marketing:
Producers
Wholesalers
Retailers
Marketing and Business LAP 1
Where does Marketing occur?
 It
occurs in service-selling businesses.
Examples:
Banks, Real estate agencies, Hospitals,
Dentists, Hotels/Motels, etc...
 It occurs in nonprofit organizations.
Examples:
Churches, Universities, Labor unions
Marketing and Business LAP 1
Marketing Concept
 To
succeed in business, managers must
base their decisions on the needs and
desires of consumers.
 Businesses must give consumers what
they want.
Marketing and Business LAP 1
Elements of the Marketing
Concept
Customer Orientation
 Businesses must determine how they
can produce items people want and
how can they do that more effectively.
 Base decision-making about products
on customer’s needs and wants.
Marketing and Business LAP 1
Elements of the Marketing
Concept
Company Commitment
 An organization that applies the
marketing concept must focus all of its
efforts on satisfying customer needs.
 The marketing concept must become a
part of the entire organization.
Marketing and Business LAP 1
Elements of the Marketing
Concept
Company Goals
 A company should achieve its goals by
giving customers what they want.
 Companies exist by achieving their long
term goals- not by making quick sales
and not achieving customer needs and
wants.
Marketing and Business LAP 1
Why is Marketing Important?
Increased
production capacity.
Increased buying power of
consumers.
Need for coordinating production
and consumption.
Marketing and Business LAP 1
Why is Marketing Important?
One-third
of all workers are in
marketing jobs.
Majority of businesses in the US
are marketing-type businesses.
Fifty cents of every sales dollar
goes to cover the costs of
marketing.
Marketing and Business LAP 1
Without Marketing. . .
 Increased
personal contact with
businesses.
 Less variety in products.
 Fewer product improvements.
 Fewer products developed.
 Increased stock shortages or overages.
Marketing and Business LAP 1