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Why do we need Marketing? All Types of Businesses Use Marketing Direct Marketing Activities: – Advertising agencies – Market research firms – Trucking companies Major Marketing Activities: – Retailers – Manufacturers – Real estate agents Limited Marketing Activities: – Law offices – Physicians – Universities Marketing is all around you… You make marketing decisions everyday – Cash – Credit cards – Home delivery – Store pickup – Internet purchases – Effective advertising Basic Internet Business Models Selling businesses and services on-line Providing access to an audience Selling admissions What is Marketing? Product/Service Management Distribution Selling Marketing-Information System Financing Pricing Promotion Marketing an Automobile Marketing The creation and maintenance of satisfying exchange relationships “the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organizational objectives” AMA Everything that goes into getting goods, services, and ideas from the producer to the consumer Marketing Mix Product-good, service, idea Place-where sold and how it gets there Price-everything that goes into the amount a consumer pays and how they pay for it Promotion-anything that is done to communicate product information to a consumer Businesses Need Marketing The Need for Marketing Past View: simple set of activities that would help a business sell its products Today’s view: businesses utilize the marketing concept which is using the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product and service Development of Business Self-sufficient: do not rely on anyone else to survive Bartering: exchanging products or services with others by agreeing on their value Specialization of Labor: concentrating on one or a few related activities so they can be done well Money system: established the use of currency as a recognized medium of exchange Central Markets: location where people bring products to be conveniently exchanged Other Marketing Activities: support businesses to make the exchange process more efficient The Functions of Business Production: creates or obtains products or services for sale – – – – Raw materials (mining, logging) Processing (oil refining, paper manufacturing) Services (hair, nail, tanning) Merchandising (retailers, wholesalers) Operations: on-going activities designed to support the primary function of a business and to keep it operating efficiently Accounts and Finance: plans and manages financial resources and maintains records and information related to the business’ finances The Functions of Business Management and Administration: developing, implementing, and evaluating the plans and activities of a business Marketing: all business activities to make a product or service available to consumers and to ensure effective exchanges occur Coordination of the Functions of Business Each function of business is dependent upon the other functions of the business – What would happen if a business was not successful in coordinating all aspects of the business operation? – Examples?