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TLC Marketing What is Marketing? Dale M. Stephens, Specialist Utah State Office of Education Definition of Marketing Marketing is the process of developing, promoting, and distributing products in order to satisfy customers’ needs and wants. Dale M. Stephens, Specialist Develop Promote Distribute Products Dale M. Stephens, Specialist What are Products? Dale M. Stephens, Specialist Products Are Goods Car Food Home Clothes Dale M. Stephens, Specialist Products Are Services Hospital TV Repair Auto Mechanics Carpet Cleaning Dale M. Stephens, Specialist Products are Ideas Internet Computers Training Printed Material Dale M. Stephens, Specialist 4- P’s of Marketing Product Price Promotion Place Dale M. Stephens, Specialist Product A tangible object or service provided to customers. Any goods, services, or ideas that we wish to sell. Dale M. Stephens, Specialist Marketing the Product Research Defining Target Markets Product Design or Content Quantities Quality: Standard/Deluxe Guarantees or Warranties Dale M. Stephens, Specialist Place The distribution of the product or service in the most advantageous way possible. Distribution is getting the right product to the right place at the right time in the right amount and in the right condition. Dale M. Stephens, Specialist For Example: You don’t want parkas delivered to a service station in Las Vegas! Dale M. Stephens, Specialist Placing the Product Distribution Storage and Warehousing Transporting Dale M. Stephens, Specialist Price Determining what to charge for the product or service. Determining a dollar amount at which we can sell the product. Dale M. Stephens, Specialist Pricing the Product Costs Production Wholesale The price you charge the store Retail The price you charge the customer Dale M. Stephens, Specialist Pricing the Product Compare to Competition Store brands vs. Name brands Profit Margin How much you make after all of your costs Value Does you product offer something other similar products don’t. For example: Larger size for less money! Dale M. Stephens, Specialist Promotion The actual “marketing” of the product or service, the image portrayed. Making potential customers aware of a product in a positive way so they will want to buy it. Dale M. Stephens, Specialist Promoting the Product Packaging Advertising Personal Selling Sales Promotion: Coupons, Discounts Dale M. Stephens, Specialist Careers in Marketing Advertising Customer Service E-Commerce Entrepreneur Fashion Merchandising Financial Services Food Marketing Dale M. Stephens, Specialist Careers in Marketing Real Estate Restaurant Management Retail Management Sales Management Service Marketing Sports Marketing Travel/Tourism Marketing Dale M. Stephens, Specialist Careers in Marketing Hospitality Marketing Importing/Exporting International Marketing Marketing Research Product Management Professional Sales Public Relations Dale M. Stephens, Specialist