2 Marketing ConceptThe 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,Clothingand 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 cleaningAmusement parksIncome tax preparers,And Movies
6 Can you pick which ones are goods/services? Basketball Game G or SHaircut G or SSki Coat G or SSoda G or SBungee Jumping G or SStapler G or STennis Shoes G or SManicure G or S
7 7 Functions of Marketing Marketing FunctionsPricingDistributionFinancingProduct/ServiceManagementSellingMarketing Information ManagementPromotion
8 Product/Service Management Function Finding, developing, maintaining and improving a product or product mix to meet consumer needs/wantsMarket 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 FunctionDetermining 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 productsQuestionnairesSurveysFeedback formsTo determine habits, attitudes and trends in the marketplace
12 Promotion FunctionPromotion is the communication technique a business uses, such as advertising and other promotional methods, to interest customers in buying the products.
13 Selling FunctionThe selling function involves the direct personal contact that businesses have with their customers.Sales personnel must be able to communicate the benefits andfeatures of the items so that customers are willing to payhigher 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 loansSelling shares of stockFinancing also includes decisions on how the customer will pay foryour good/servicePayment options