Marketing & The Marketing concept Chapter 1, Section 1 Marketing & The Marketing concept

MARKETING The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers. It involves the process of planning, pricing, promoting, selling, and distributing ideas, goods and services.

MARKETING Marketing is ongoing, and it changes. As a marketer you need to keep up with trends and consumer attitudes. What trends have you noticed in your experience as a teenager?

GOODS Tangible items that have monetary value and satisfy your needs and wants.

SERVICES Intangible items that have monetary value and satisfy your needs and wants.

IDEAS A thought, suggestion, concept, or movement

7 CORE FUNCTIONS of MARKETING

CHANNEL MANAGEMENT Channel Management is the process of deciding HOW to get goods into customer’s hands. Physically moving and storing goods is part of distribution planning. (truck, rail, ship, or air) GOAL: to find the best way to get the product into the customer’s hands based on his or her purchasing methods.

INFORMATION MANAGEMENT A well thought out marketing decision is based on information about customers, trends, and competing products. Gathering, Storing, and Analyzing are all part of marketing information management. Used to create a marketing plan

MARKET PLANNING Understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience. Determining information needs, designing date-collection processes, collecting data, analyzing data, presenting data, and using the data to create a marketing plan.

PRICING Pricing decisions dictate how much to charge for goods and services in order to make a profit Based on: Production & Distribution Costs Competitors How much customers are willing to pay

PRODUCT/SERVICE MANAGEMENT Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities New technology and trends influence product/service management

PROMOTION The effort to inform, persuade, or remind current and potential customers about a business’s products or services AKA Advertising Also used to improve a company’s public image (“Going Green”)

SELLING Selling in the retail market, the customer, and B2B to wholesalers, retailers, or manufacturers. Techniques and activities include determining client needs and wants Responding with planned, personalized communication.