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What Is Marketing ? Chapter 1 1.1 Marketing Basics Objectives You will be able to describe the basic concepts of marketing. You will be able to describe the seven key marketing functions. What Is Marketing? Marketing is planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. The American Marketing Association Marketing is the creation and management of satisfying exchange relationships. Marketing Mix The Marketing Mix describes how a business blends the four marketing elements of Product, Distribution, Price, and Promotion. The Marketing Mix Product – What a business offers a customer to satisfy needs. Price – The amount that customers pay for products. Distribution – Involves the location and methods used to make products available to customers. Promotion – This describes ways to encourage customers to purchase products and increase customer satisfaction. Satisfying Customer Needs The most important aspect of marketing is satisfying the customer. Customer needs should be the primary focus during the planning, production, distribution, and promotion of a product or service. 1. Identify customer needs 2. Develop products that customers consider better than other choices 3. You must be able to operate a business profitably Marketing Functions: The Basis of All Marketing Activities Please Don’t Forget My Pizza Party Saturday Please-Promotion Don’t-Distribution Forget-Finance My-Marketing Information Management Pizza-Product/Service Management Party-Pricing Saturday-Selling Product / Service Management The designing, developing, maintaining, improving, and acquiring products or services so they meet customer needs. **Fisher Price tests new toy ideas with both children and parents to make sure children will play with them and parents will buy them. Distribution Determining the best way to get a a company’s products or services to the customer. **Television manufacturers like Sony sell their products through electronic retailers like Circuit City. Financing This requires a company to not only a.) budget for their own marketing activities b.) but to provide the customer with assistance in paying for the product. *General Motors offers loans to customers through its GMAC Division. Marketing Information Management Gathering and using information about customers to improve business decision making. **Domino’s used marketing research to adapt to a new market in Japan. Smaller pizza’s to be eaten as snacks Non traditional toppings corn / tuna Pricing The process of establishing and communicating the value or cost of goods and services to customers. **Prices to professional sports events and concerts are often very expensive because the demand for them is very high. Promotion The use of advertising to communicate a products, services, or images to the customer to achieve a desired outcome. **Coupons on the back of tickets promote products or services and entice fans into trying the products or services shown. Selling Direct and personal communication with customers to asses and satisfy their needs. Selling also includes anticipating the customer’s future needs. **Today selling also includes items purchased over the internet with no personal communication. **Loretta Lynn and her husband traveling to sell radio stations on her single “Honky Tonk Girl” Think Critically Think of 3 recent purchases you have made. Identify how each purchase involved the seven marketing functions.