1. Ms. Alexander-Harrison
Marketing Overview

2. Marketing Essentials
The marketing concept is a focus on customers’ needs and wants while generating a profit
The three benefits of marketing are:
New and improved products
Lower prices
Added value (utility)

3. Goods and Services
Goods are tangible items that have a monetary value and satisfy customers’ needs and wants
Examples of goods: cars, furniture, electronics, clothing
Services are intangible items that have a monetary value and satisfy customers’ needs and wants
Examples of services: banks, movie theaters, cleaning business

4. Marketing Essentials
Marketing is an on-going process. Marketers must keep up with trends and consumer attitudes

5. Utilities The five economic utilities are: Form Place Time Possession
Information

6. Core Functions of Marketing
Channel Management
Decides how to get goods to customers
Marketing Information Management
Gathers, stores, and analyzes customer trends and competition
Market planning
Targets specific marketing strategies

7. Core Functions of Marketing
Pricing
Based on costs and on what competitors charge for the same product or service
Product/Service Management
Maintains and improves product mix in response to market opportunities

8. Core Functions of Marketing
Promotion
Informs current and potential customers about a business’s products or services
Selling
Customers receive the goods they want

9. Economic Benefits of Marketing
New & Improved Products
Lower Prices
Economic Utility
Competition, fosters ideas
Increases demand
Form, Place, Time, Possession, information, adds value
Form utility is not directly related to marketing:
when form utility involves changing / putting parts together to make a product useful, individual parts are not marketed as the final products

10. Market Identification
All people who share a similar needs and wants and have the ability to purchase a product/service are a market.
Consumer market consists consumers who purchase goods and services for personal use
Organizational market or business to business (B2B) market includes all business that buy products for their operations.

11. Market Share
Market share is its percentage of the total sales volume generated by all companies that compete in a given market
Target market is a group of consumers who are identified for a given market.
Market segmentation is breaking down the market into smaller groups with characteristics.

12. Customer Profile Age Gender Income level Marital status
Income level
Marital status
Ethnic background
Geographic residence
Attitudes
Lifestyle
Behavior