Marketing Basics Marketing-the creation and maintenance of satisfying exchange relationships Creation-product development Maintenance-continues even after the consumer buys the product Satisfaction-meets the needs of both parties Exchange Relationships-both parties get something of value

Marketing Mix Four P’s Product Placement (Distribution) Price Promotion

Product Is what the business offers customers to satisfy needs. Athletic shoes, games, video rentals

Placement (Distribution) Involves how we make the product available to the consumer

Price The amount the customer is willing to pay for a product

Promotion Involves the ways to encourage customers to purchase products and increase customer satisfaction Advertising, publicity, personal selling, and public relations

Key Marketing Functions Product/Service Management Distribution Selling Marketing-Information Management Financing Pricing Promotion

Product/Service Management Designing, developing, maintaining, improving, and acquiring products or services so they meet customer needs.

Distribution Determining the best way to get the product to the consumer Personal selling In store On line Mail order

Selling Direct and personal communication with customer Satisfy current needs and anticipate future needs

Marketing-Information Management Gathering info about customers Surveys On-line forms Warranty registrations Those annoying people in the mall

Financing The budget to sell the item The ways to assist customers in purchasing your product 0% financing

Pricing Communicating the value or cost of goods High price and quality Low price and high volume High price with low volume

Promotion Using advertising and other forms of communication to inform about products Commercials “Cubs Floppy Hat Day” “McDonald’s Beanies”