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Marketing is All Around Us

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1 Marketing is All Around Us

2 Marketing Concept The idea that a business should strive to satisfy customer’s needs and wants while generating a profit

3 What is Marketing? Marketing is a process of developing, promoting, and distributing products to satisfy customers needs and wants. Products include goods and services, both of which have monetary value and satisfy customers’ needs and wants.

4 What constitutes a good
Anything you can touch or hold in your hand. Examples: Hammers, Automobiles, Soft drinks, Clothing and Computers

5 So then what is a service?
Services are the kinds of things you can’t physically touch. Services are tasks performed for a customer. Examples: Dry cleaning Amusement parks Income tax preparers, And Movies

6 Can you pick which ones are goods/services?
Basketball Game G or S Haircut G or S Ski Coat G or S Soda G or S Bungee Jumping G or S Stapler G or S Tennis Shoes G or S Manicure G or S

7 7 Functions of Marketing
Marketing Functions Pricing Distribution Financing Product/Service Management Selling Marketing Information Management Promotion

8 Product/Service Management Function
Finding, developing, maintaining and improving a product or product mix to meet consumer needs/wants Market research determines new ways to use existing items or find new ones that will continue to interest the consumer.

9 Distribution Function
Methods of physically moving and storing goods. Distribution technology allows businesses to track and monitor merchandise all the way from the manufacturer to the retail outlet to the customer.

10 Pricing Function Determining how much to charge for goods and services in order to maximize profits. How much are customers willing to pay?

11 Marketing-Information Management Function
Market Research- Gathering, storing and analyzing information about customers and competing products Questionnaires Surveys Feedback forms To determine habits, attitudes and trends in the marketplace

12 Promotion Function Promotion is the communication technique a business uses, such as advertising and other promotional methods, to interest customers in buying the products.

13 Selling Function The selling function involves the direct personal contact that businesses have with their customers. Sales personnel must be able to communicate the benefits and features of the items so that customers are willing to pay higher prices.

14 Financing Function $$$
The financing function is how a business gets the money that is necessary to set up and run that business. Bank loans Selling shares of stock Financing also includes decisions on how the customer will pay for your good/service Payment options

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