 Marketing Co-op

The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for a firm. All the marketing functions make up the marketing concept.

Raises the standard of living Raises the standard of living Improves the quality of life Improves the quality of life Makes buying convenient Makes buying convenient Maintains reasonable prices Maintains reasonable prices Provides a variety of goods and services Provides a variety of goods and services Increases production Increases production

The 5 P’s of Marketing PeopleProductPricePlacePromotion

People – Product – Price – Place – Promotion – the target market what is the product – name, packaging, etc. what customers are willing and able to pay where is it sold and how it gets there how is the product marketed

Marketing Functions PricingPromotionSelling Marketing Information Management Product & Service Management FinancingDistribution

Obtaining the financial resources needed to promote a business or it’s products/services Decisions regarding offering credit (payment options) to customers

 This info. must be stored and analyzed Process of getting and analyzing the marketing information needed to make good decisions Examples of information collected: customer’s trends, habits, attitudes, where they live

Based on costs - what competitors are charging, and how much customers are willing to pay The decisions that dictate how much to charge for goods and services in order to make a profit

Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities Guides management toward what the consumer needs and wants

 Ex. Advertising – radio & TV commercials Publicity – improves a public image i.e. ad for recycling or cleaning up the environment Any form of communication used to informing, persuading or reminding potential customers about a business’s products or services

Types of selling  Retail  Business to Business  Personal Providing customers with goods and services they want to buy

How do the goods get in the customer’s hands? Main Methods: Truck, Rail, Ship & Air The process of deciding how to get goods into consumers’ hands.