Marketing is All Around Us Chapter 1

What is Marketing? It’s a process of developing, promoting, and distributing products to satisfy customers needs and wants.It’s 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.

What constitutes a good Anything you can touch or hold in your hand.Anything you can touch or hold in your hand. –Examples: Hammers,Hammers, automobiles,automobiles, soft drinks,soft drinks, clothingclothing and computersand computers

So then what is a service? Services are the kinds of things you can’t physically touch. Services are tasks performed for a customer.Services are the kinds of things you can’t physically touch. Services are tasks performed for a customer. –Examples: Dry cleaningDry cleaning Amusement parksAmusement parks Income tax preparers,Income tax preparers, And moviesAnd movies

Can you pick which ones are goods/services? Basketball GameG or SBasketball GameG or S HaircutG or SHaircutG or S Ski CoatG or SSki CoatG or S Dinner at a restaurantG or SDinner at a restaurantG or S Bungee JumpingG or SBungee JumpingG or S StaplerG or SStaplerG or S Santa PhotoG or SSanta PhotoG or S

Functions of Marketing How does marketing affect us everyday?How does marketing affect us everyday? Marketing Functions Marketing Information Management Promotion Product/ServiceManagement. Selling PricingDistribution

Product/Service Management Function Producers must look for new ways to use existing items or produce new ones that will continue to interest the consumer.

Distribution Function The distribution of goods includes the 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.

Pricing Function Pricing includes determining how much to charge for goods and services in order to maximize profits.

Marketing-Information Management Function There are five main elements in a marketing- information system: 1.Input 2.Storage 3.Analysis 4.Output 5.Decision making

PromotionFunction Promotion Function Promotion is the communication technique a business uses, such as advertising and other promotional methods, to interest customers in buying the products.

SellingFunction Selling Function The selling function involves the direct personal contact that businesses have with their customers. Sales personnel must be able to communicate the benefits and features of the items so that customers are willing to pay higher prices.