4 Marketing“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.
5 Marketing BusinessesAll businesses must complete some marketing activities even if that is not their focus.
7 Product & Service Management DesigningDevelopingMaintainingImprovingAcquiring products & services that meet consumer needs
8 DistributionDetermines best ways for customers to locate, obtain, and use the products and services of an organization.
9 SellingCommunicating directly with potential customers to determine and satisfy their needs
10 Marketing-information Management Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities.
11 Financial Analysis Budgeting for marketing activities Obtaining the necessary funds needed for operationsProviding financial assistance to customers so they can purchase the business’ products and services
12 PricingSetting and communicating the value of products and services
13 PromotionCommunicating information about products and services to potential customers.
14 Marketing StrategyMarketing activities often cost 50% or more of the selling price of a product or service.Marketing planning is aimed at satisfying customer needs better than competitors do, resulting in sales and profits.A company’s plan that identifies how it will use marketing to achieve its goals is called a marketing strategy.
15 Marketing StrategyDeveloping a marketing strategy is a two-step process.Step One: Identify a target market.Target market: a specific group of consumers who have similar wants and needs.Step Two: Create a marketing mix.Marketing mix: the blending of four marketing elements – product, distribution, price, and promotion.
16 Marketing StrategyMarketing orientation considers the needs of customers when developing a marketing mix.No assumptions!Research will be needed to make sure that companies know what customers want.