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Marketing Ryan Beran Marketing Marketing: Exchange of goods or services for a sum of money Is the process of interesting potential customers and clients in your products and/or services. Google Add.com Is the act of buying or selling in a market Dictionary.com Four P’s Product Place Price Promotion When they overlap, your product/service will be successful Product Quality How good of a product is it? Reliability Dependable? Is it a product there is demand for? Place Location Right place to sell product/service? Market Example Selling surfboards in Wisconsin Promotion Get people to know your product/service exists If no one knows about your product, you will not sell any Good promotions effect buyer’s decisions Price Price is a determining factor If quality is the same, price will decide Has to be affordable for the consumer In consumer’s price range Marketing Concept Marketing concept: Businesses must satisfy customers’ needs and wants in order to make a profit Marketing Essentials book (pg. 21) Businesses should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition Netmba.com Modified Products Cheetos Many flavors Regular Puffs Flamin’ Hot And more Different styles This product is successful because of the variety, promotion, price, and quality Modified Products LeapFrog battery recharging station Recharges the two battery packs for playing the LeapFrog games This product has failed because of bad quality Batteries overheat and can burn 35,000 recalled Modified Products Coca-Cola BlaK Soda Failed because it didn’t taste