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Marketing is All Around Us Chapter 1 What is Marketing? • It’s a process of developing, promoting, and distributing products to satisfy customers needs and wants. – Products include goods and services, both of which have monetary value and satisfy customers’ needs and wants. What constitutes a good • Anything you can touch or hold in your hand. – Examples: • Hammers, • automobiles, • soft drinks, • clothing • and computers So then what is a service? • Services are the kinds of things you can’t physically touch. Services are tasks performed for a customer. – Examples: • Dry cleaning • Amusement parks • Income tax preparers, • And movies Can you pick which ones are goods/services? • • • • • • • Basketball Game Haircut Ski Coat Dinner at a restaurant Bungee Jumping Stapler Santa Photo G G G G G G G or or or or or or or S S S S S S S Functions of Marketing • How does marketing affect us everyday? Marketing Functions Distribution Pricing Product/Service Management. Selling Marketing Information Management Promotion Product/Service Management Function Producers must look for new ways to use existing items or produce new ones that will continue to interest the consumer. Distribution Function The distribution of goods includes the methods of physically moving and storing goods. Distribution technology allows businesses to track and monitor merchandise all the way from the manufacturer to the retail outlet to the customer. Pricing Function Pricing includes determining how much to charge for goods and services in order to maximize profits. Marketing-Information Management Function There are five main elements in a marketinginformation system: 1. Input 2. Storage 3. Analysis 4. Output 5. Decision making Promotion Function Promotion is the communication technique a business uses, such as advertising and other promotional methods, to interest customers in buying the products. Selling Function The selling function involves the direct personal contact that businesses have with their customers. Sales personnel must be able to communicate the benefits and features of the items so that customers are willing to pay higher prices.