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Published byErnest Ellis Modified over 9 years ago
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The World of Marketing Standard 1 Objective 1
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Marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. -American Marketing Association
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Marketing The process of planning, pricing, promoting, selling and distributing ideas, goods, or services to create exchanges that satisfy customers.
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Functions of Marketing Market Planning Marketing Information Management Pricing Product/Service Management Promotion Channel Management Selling
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Channel Management Process of deciding how to get goods into customers hands.
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Marketing Information Management Gathering, storing, and analyzing information, customers, trends, and competing products
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Marketing Planning Understanding concepts and strategies used to develop and target specific marketing strategies to a select audience
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Pricing Determine how much to charge for goods and services in order to make a profit
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Product/Service Management Obtaining, developing, maintaining, and improve a product or a product mix in response to market opportunities
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Promotion The effort to inform, persuade, and remind current and potential customers about a business’s products or services.
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Selling Responding to consumer needs and wants through planned, personalized communication in order to influence purchase decisions and ensure satisfaction.
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