Presentation on theme: "Marketing in Today’s World"— Presentation transcript:
1 Marketing in Today’s World Chapter 13.1Introduction to business and marketing
2 Objectives Define marketing. Identify the functions of marketing. List the elements of the marketing mix.
3 The Main IdeaTo sell their products or services, businesses engage in marketing activities.They find and analyze potential customers and then try to meet their wants and needs.
4 The Basics of Marketing To market a product successfully a company must understand:What people want to buyWhy they want to buy it
5 The Basics of Marketing A company must know the market. In the global marketplace, many countries can make up a market.
6 The Basics of Marketing Marketing includes studying what people want and designing a product’s packaging.
7 The Functions of Marketing The seven functions of marketing define all the aspects that are part of marketing.DistributionPricingFinancingMarketing Information ManagementProduct/ ServiceManagementPromotionSelling1234567
8 The Seven Marketing Functions 1Distribution is the process of getting goods andservices to customers.2Financing is getting the money that is necessary forsetting up and running a business.3Marketing information management is gathering and analyzing information about consumers, trends, and competitors’ products4Pricing is deciding how much to charge for a product or service so the business can make a profit.
9 The Seven Marketing Functions 5Product/service management is obtaining, developing, maintaining, and improving a product or product mix in response to the market.6Promotion is any effort to inform, persuade, or remind potential customers about a business’s products or services7Selling is providing customers with the goods and services they choose to buy.
10 The Functions of Marketing Relationship marketing is part of the selling function of marketing. It is used to build and maintain relationships with their customers.
11 The marketing mix consists of four basic marketing strategies. PProductPlacePricePromotionIn recent years, many people have begun to include a fifth P for people.
12 ProductFirst, marketing is used to find out if there a demand for a product. Marketing is then concerned with how to make the product appeal to consumers.
13 Make the product appealing Graphic OrganizerEstablish demandMake the product appealingPackaging designDesignColorSizeBrand name
14 PlaceMarketers have to decide how and where customers will buy their goods and services. Then, marketers have to consider in what kind of location to sell their product.
15 PlaceTo make place decisions, marketers select the right channel of distribution. Distribution decisions affect the price of products. Marketers can use direct distribution or indirect distribution.
16 Questions to Ask When Determining the Price of a Product A marketer must consider the break-even point.Questions to Ask When Determining the Price of a ProductHow much are customers willing to pay?Is the price competitive with other products?Can the company make a profit?123
17 Promotion Promotion involves making customers aware of a product. Advertising and offering discounts are two popular methods of promotion.
18 Promotion: Celebrity Endorsements Many big companies hire celebrities to endorse what they sell. A celebrity endorsement is public support from a well-known person for a product or services. Companies put celebrities in their TV commercials and print ads.