1. The World of Marketing Standard 1 Objective 1

2. 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. -American Marketing Association

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

4. Functions of Marketing Market Planning Marketing Information Management Pricing Product/Service Management Promotion Channel Management Selling

5. Channel Management Process of deciding how to get goods into customers hands.

6. Marketing Information Management Gathering, storing, and analyzing information, customers, trends, and competing products

7. Marketing Planning Understanding concepts and strategies used to develop and target specific marketing strategies to a select audience

8. Pricing Determine how much to charge for goods and services in order to make a profit

9. Product/Service Management Obtaining, developing, maintaining, and improve a product or a product mix in response to market opportunities

10. Promotion The effort to inform, persuade, and remind current and potential customers about a business’s products or services.

11. Selling Responding to consumer needs and wants through planned, personalized communication in order to influence purchase decisions and ensure satisfaction.