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Transcript
Chapter 10 Marketing Chapter 10-1 Marketing Basics What is marketing? Marketing “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. Marketing Businesses All businesses must complete some marketing activities even if that is not their focus. Marketing Functions Product & Service Management Designing Developing Maintaining Improving Acquiring products & services that meet consumer needs Distribution Determines best ways for customers to locate, obtain, and use the products and services of an organization. Selling Communicating directly with potential customers to determine and satisfy their needs Marketing-information Management Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities. Financial Analysis Budgeting for marketing activities Obtaining the necessary funds needed for operations Providing financial assistance to customers so they can purchase the business’ products and services Pricing Setting and communicating the value of products and services Promotion Communicating information about products and services to potential customers. Marketing Strategy Marketing activities often cost 50% or more of the selling price of a product or service. Marketing planning is aimed at satisfying customer needs better than competitors do, resulting in sales and profits. A company’s plan that identifies how it will use marketing to achieve its goals is called a marketing strategy. Marketing Strategy Developing a marketing strategy is a two- step process. Step One: Identify a target market. Target market: a specific group of consumers who have similar wants and needs. Step Two: Create a marketing mix. Marketing mix: the blending of four marketing elements – product, distribution, price, and promotion. Marketing Strategy Marketing orientation considers the needs of customers when developing a marketing mix. No assumptions! Research will be needed to make sure that companies know what customers want. Carnival Cruise
