Presentation on theme: "Ms. Smith Marketing. Marketing is the process of planning, pricing, promoting, selling, and distributing ideas to create exchanges that satisfy customers."— Presentation transcript:
Marketing is the process of planning, pricing, promoting, selling, and distributing ideas to create exchanges that satisfy customers. Broken into 2 categories: Goods: tangible items that satisfy your needs and wants. Services: intangible items that satisfy your needs and wants. So…what is Marketing anyway?
Take a look around this room. What is being marketed to you? Every product brand just wants to be recognized by consumers, whether it be through design, colors, or price…
1. Distribution: the process of deciding how to get goods in customers’ hands. What stores will sell your merchandise? 2. Financing: getting the money that is necessary to pay for set-up. Where will you get this money from? 3. Marketing Information Management: to gather, store, and analyze information about customers, trends and competing products. How will they get this information? 4. Pricing: based on costs and what competitors charge for the same product. How much customers are willing to pay? The 7 Functions of Marketing
5.Product/Service Management: maintaining and improving a product or a product mix in response to market opportunities. Are we keeping up-to-date with trends? 6.Promotion: the effort to inform, persuade, or remind potential customers about a business’s products. How will we advertise? 7.Selling: determining client needs and wants and responding through planned, personalized communication. Who and how will we sell our products?
With a partner, you are to identify the 7 functions of marketing for the product or service that has been given to you: Distribution Financing Marketing Information Management Pricing Product/ service management Promotion Selling Include the information you gather into a poster, depicting each function!
All people who share similar needs and wants and who have the ability to purchase a given product are called a market.
Consumer Market: consists of consumers who purchase goods and services for personal use. For the most part, consumers are interested in products that will: Save them money Make their life easier Improve their appearance Create status in the community Industrial Market: business-to-business (B-to- B) market includes all businesses that buy products for use in their operations. Goals & objectives of business firms relate to: Improve productivity Increase sales Decrease expenses
Market Share: a company’s percentage of the total sales volume generated by all companies that compete in a given market. Target Market: the group of people most likely to become customers of a product or service. Customer Profile: lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence.
Marketing Mix: includes the four basic marketing strategies called the 4 P’s : Product: a product’s feature, brand name, packaging, service, and warranty are all part of the development. Place: the means of getting the product into the customer’s hands. Knowing where one’s customers shop helps to make place decision. Price: what is exchanged for a product. Promotion: deal with how potential customers will be told about a company’s products, including the message, the media selected, special offers, and the timing of the promotional campaigns.