Why Do We Need Marketing? Why do we need Marketing? Today we are going to talk about how marketing is important and beneficial to a business.

Businesses That Use Marketing Direct Marketing Activities: Advertising agencies Market research firms Trucking companies Major Marketing Activities: Retailers Manufacturers Real estate agents Limited Marketing Activities: Law offices Physicians Universities Marketing is used in all types of businesses. Direct marketing activities include advertising agencies, market research firms, and trucking companies. Major marketing activities include retailers, manufacturers, and real estate agents. Limited marketing activities include law offices, physicians, and universities.

Marketing is all around you… Consumers are faced with many marketing decisions on a daily basis: Do I make a purchase from this advertisement? In a store? On TV? Social Media? How do I purchase this good or service? Cash? Credit? Debit card? PayPal? Check? What concepts make consumers choose between effective and ineffective advertising? Marketing is all around you. Consumers are faced with many marketing decisions on a daily basis. For example when you see an advertisement on a poster, in a store, on television or online. What makes you decide to whether or not to purchase that product or service? And if you decide purchase it, what will you use? Cash? Credit? Debit card? Pay Pal? Or a check? What concepts make consumers choose between effective and ineffective advertising?

Basic Internet Businesses Selling businesses and services on-line Globalization Communication Cost effectiveness There are many benefits to internet businesses. By selling businesses and services online, one is providing another way to provide access to the products to the audience. The internet provides a window into the global world. Communication is as easy as a mouse click. And information that is faster saves time which saves money.

Marketing The creation and maintenance of satisfying exchange relationships “the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organizational objectives” AMA Marketing is the creation and maintenance of satisfying exchange relationships. AMA states that it is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organizational objectives. Marketing is basically everything that goes into getting goods, services, and ideas from the producer to the consumer.

Marketing Mix The Marketing Mix can be summed up by the 4 P’s: product, place, price, and promotion. Product is the good, service, or idea itself. Place is where the product is being sold and how it gets there. Price is everything that goes into the amount a consumer pays and how they pay for the product. And promotion is anything that is done to communicate product information to the consumer.

Businesses Need Marketing Next we are going to talk about why businesses need marketing.

The Need for Marketing Past View: simple set of activities that would help a business sell its products Today’s view: businesses utilize the marketing concept which is using the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product and service The view of marketing has changed over time. The overall past view of marketing is that it is a simple set of activities that would help a business sell its products. Today’s view of marketing is businesses utilize the marketing concept which is using the needs of customers as the primary focus during the planning, production, distribution, and promotion of the product or service.

Development of Business Self-sufficient Bartering Specialization of Labor Money system Central Markets Other Marketing Activities The development of a business includes the following things. Self-sufficiency meaning they do not rely on anyone else to survive. Bartering, which is exchanging products or services with others by agreeing on their value. Specialization of labor which is concentrating on one or few related activities so they can be done well. The money system which established the use of currency as a recognized medium of exchange. Central markets which is the location where people bring products to be conveniently exchanged. And other market activities to support businesses to make the exchange process more efficient.

The Functions of Business Production: Raw materials Processing Services Merchandising Operations Accounts and Finance Management and Administration Marketing Now we are going to talk about the functions of business. Production creates or obtains products or services for sale. Production includes raw materials like mining and logging, processing like oil refining and paper manufacturing, services like hair and tanning, and merchandising like retailers and wholesalers. Operations are on-going activities designed to support the primary function of a business and to keep it operating efficiently. Accounts and finance are the plans that manage financial resources and maintains records and information related to the business’ finances. Management and administration means the developing, implementing and evaluating the plans and activities of a business. Marketing is all of the business activities that make a product or service available to consumers that ensure effective exchanges.

Coordination of the Functions of Business Each function of business is dependent upon the other functions of the business What would happen if a business was not successful in coordinating all aspects of the business operation? Examples? All the functions of businesses coordinate one another. What would happen if a business was not successful in coordinating all aspects of the business operation? For example if the production is not in tact then there is nothing to sell, or if the operations are not effective the product will not get sold. Can you think of any other examples?