1. Marketing Is All Around Us

2. Quick Think How would you define Marketing? Activities that fall under its umbrella

3. The Marketing Umbrella

4. Marketing Marketing is the process of planning, pricing, promoting, selling and distributing ideas, goods, or services to create exchanges that satisfy customers

5. Marketing As a marketer, you need to keep up with trends and consumer attitudes The products, ideas or services you develop and the way you price, promote and distribute them should reflect those trends and attitudes

6. Ideas, Goods & Services Goods are tangible items that have monetary value and satisfy needs Cars, toys, furniture, tv’s, etc. Intangible items that have monetary value and satisfy your needs are services You cannot physically touch them Cooking, cutting hair, movie theaters, etc.

7. 7 Marketing Core Functions 1. Channel Management a.k.a. Distribution The process of deciding how to get goods into customer’s hands Methods of transportation Tracking & storing

8. 7 Marketing Core Functions 2. Market Planning Involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience Collection of data, data analysis, using that data for a marketing plan

9. 7 Marketing Core Functions 3. Marketing Information Management Gathering information & storing it about customers, trends and competing products Research done on a continual basis Companies conduct research so they can be successful at marketing their products

10. 7 Marketing Core Functions 4. Pricing Dictates how much to charge for goods and services in order to make a profit Based on costs and what competitors are charging Must determine how much customers are willing to pay

11. 7 Marketing Core Functions 5. Product/Service Management Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities Research guides this toward what the consumer needs and wants

12. 7 Marketing Core Functions 6. Promotion The effort to inform, persuade or remind potential customers about a business’s product or services Television, radio, etc.

13. 7 Marketing Core Functions 7. Selling Provides customers with the goods and services they want Retail and business-to-business Techniques include determining clients needs & wants and responding through communication

14. The Marketing Concept The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm The focus is on the customer

15. Economic Benefits of Marketing Marketing plays an important role in an economy because it provides the means for competition to take place New & improved products Lower prices

16. Market All people who share similar needs and wants and who have the ability to purchase a given product are called a market

17. Consumer v. Industrial Market Consumer market consists of consumers who purchases goods and services for personal use (business-to- consumer / B2C) Industrial market (business-to-business / B2B) market includes all businesses that buy products for use in their operations

18. Market Share A market is further described by the total sales in a product category Camera market, video game market, etc. A company’s percentage of total sales in a given market is its market share

19. Target Market & Market Segmentation Market segmentation is the process of classifying customers by needs and wants The goal of this is to identify the group of people most likely to become customers

20. Target Market & Market Segmentation The group that is identified for a specific marketing program is the target market Target markets are very important because all marketing strategies are directed to them

21. Consumers v. Customers A product may have more than one target market Children’s cereal Children (consumers) Parents (customers) Ad’s will try to reach both children & parents

22. Customer Profile To develop a clear picture of their target market, businesses create a customer profile Lists information about the target market, such as: age, income level, ethnic background, occupation, attitudes, lifestyle and geographic residence

24. The Marketing Mix The marketing mix includes four basic market strategies called the four P’s Product Place Price Promotion

25. The Marketing Mix Product Choosing what products to make and sell Product design, features, brand name, packaging, service and warranty

26. The Marketing Mix Place The means of getting the product into the consumer’s hands is the place factor of the marketing mix Knowing where one’s customers shop Determines how and where a product will be distributed

27. The Marketing Mix Price What is exchanged for the product Price strategies should reflect what customers are willing and able to pay Takes into account competition

28. The Marketing Mix Promotion Refers to activities related to advertising, personal selling, sales promotion and publicity How potential customers are told about the product