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Marketing Is All Around Us Chapter 1.1 The Reality… You have been marketed to since you were very young. You probably know a lot about marketing from the viewpoint of the potential customer. Think/Discuss… Think of something you have bought Think of something that was bought for you Discuss why you wanted these particular things Change Your Thinking… This class will encourage you to look at the world through a different lens… Stop thinking like a consumer, and start thinking like a marketer! Key terms: marketing goods services marketing concept Marketing Definition: Process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers. Must keep up with trends and consumer attitudes All functions of marketing support this effort Goods Definition: Tangible items that have monetary value and satisfy your needs and wants Examples: Cars Toys Furniture Clothing Services Definition: Intangible items that have monetary value and satisfy your needs and wants (i.e., you cannot physically touch them) Examples: Cooking a meal Cutting and styling hair Exchange Definition: Any time someone sells or buys something in the marketplace Foundations of Marketing Business, management, entrepreneurship Communication and interpersonal skills Economics Professional development Seven Functions of Marketing Distribution Financing Marketing Information Management Pricing Product/Service Management Promotion Selling Distribution Process of deciding how to physically get the goods to the customer Main methods are truck, rail, ship, air Large retail chains store products in warehouses and distribute later Tracking products (inventory) is also a component of the process Financing Getting the money that is necessary to pay for setting up and running a business Often in the form of a bank loan and/or forming a corporation and selling shares (or stock) of the business Also includes decisions about whether or not to offer customers credit Marketing Information Management Process of gathering information, storing it, and analyzing it Companies continually collect said info through market research studies The better your information, the better decisions you can make! Pricing How much to charge for goods and services in order to make a profit Based on costs and what competition charge for the same product or service Determine how much are customers willing to pay Escort versus Lexus Product/Service Management Obtaining, developing, maintaining, and improving a product in response to market opportunities Market research guides this http://www.gatorade.com/#/products/g2 Promotion Effort to inform, persuade, or remind potential customers about a business’s products or services Examples: Radio and TV commercials (advertising = type of promotion) Used to improve company’s public image Selling Provides customers with the goods and services they want Two markets Selling to you the customer = Retail market Selling to a business = Business to Business (B2B) (i.e, wholesalers, retailers, manufacturers) Selling, continued Needs and wants of the client determine HOW you sell (techniques & activities) Selling requires personalized, planned communication Strong selling can influence purchase decisions and enhance future business opportunities Marketing Concept Idea that a business should strive to satisfy customers’ needs and wants while generating a profit Focus is on the customer! Relationship building is key, as repeat customers keep a company in business Customer Relationship Management (CRM) Combines customer information (through database and computer technology) with customer service and marketing communications Try to create more meaningful oneon-one communication Homework: 15 points Please type Identify a business that believes in the marketing concept What products do they market? Who is their competition? What makes them stand out? Who is the intended target market? How do they promote? Use specific examples. 15 points Taco Bell