1. The World of Marketing
Standard 1

2. What you will learn What is marketing? Marketing Concept
7 Functions of Marketing
Marketing Mix (4 P’s of Marketing)

3. What is Marketing? The process of Planning Pricing Promoting/ Selling
Distributing
Products to satisfy customers’ needs
and wants.
Development Promotion Distribution = Happy Customer

4. So what’s a product?
Products – goods and services that have monetary value
Goods – things you can touch or hold
Services – you can’t physically touch – tasks performed for a customer

5. The Marketing Concept
Businesses must satisfy customers’ needs and wants in order to make a profit.

6. When Henry Ford first created the Model T, he was the only one mass producing cars. He didn’t have to think about “The Marketing Concept.” But, as more and more producers started making cars, they had to think about what customers need and want in order to stay in business.
Henry Ford’s thoughts about car color in the early 1900’s.

7. Imagine if, in today’s world, you could only buy black
Imagine if, in today’s world, you could only buy black. Many customers would not be very happy!

8. Today’s buyer wants a choice!

9. The Marketing Concept Continued
If automobile manufactures do not give their consumers a choice (what they want), they will not stay in business.
That concept is true for all businesses.
Companies sell what Customers want.

10. Functions of Marketing
Market Planning
Marketing Information Management
Pricing
Product/Service Management
Promotion
Channel Management
Selling

11. Functions Defined
Channel Management – Process of deciding how to get goods into customers hands.
Marketing Information Management – Gathering, storing, and analyzing information, customers, trends, and competing products
Marketing Planning – Understanding concepts and strategies used to develop and target specific marketing strategies to a select audience
Pricing – Determine how much to charge for goods and services in order to make a profit
Continued on next slide

12. Functions Defined
Product/Service Management – Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities
Promotion – The effort to inform, persuade, and remind current and potential customers about a business’s products or services.
Selling – Responding to consumer needs and wants through planned, personalized communication in order to influence purchase decisions and ensure satisfaction.

13. Marketing Mix
The marketing mix is often referred to as the 4P’s of marketing. Basic marketing strategies.
Product
Price
Place
Promotion

14. Product Strategies What product to make How to package it
What brand name to use
What image to project

15. Place Strategies
How and where a product will be distributed.

16. Price Strategies
Reflect what customers are willing and able to pay.

17. Promotion Strategies
How potential customers will be told about the new product
What the message will be
When and where it will be delivered
What inducements are there to purchase it

18. The Marketing Mix The elements are interconnected Product Place Price
Promotion

19. The Marketing Mix – The 4 P’s
Contains countless alternatives.
Management must select a combination of marketing mix decisions that will satisfy target markets and achieve organizational goals.
Product & Place & Price & Promotion = Goals =