marketing is all around us. marketing concept the idea that a business should strive to satisfy...
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Marketing is Marketing is All Around UsAll Around Us
Marketing Concept
The idea that a business should strive to satisfy customer’s needs and wants while
generating a profit
What is Marketing?What is Marketing?
Marketing is a process of developing, Marketing is a process of developing, promoting, and distributing promoting, and distributing productsproducts to satisfy customers needs and to satisfy customers needs and wants.wants.
ProductsProducts include include goods and servicesgoods and services, , both of which have monetary value and both of which have monetary value and satisfy customerssatisfy customers’’ needs and wants. needs and wants.
What constitutes a goodWhat constitutes a good
Anything you can touch or hold in your Anything you can touch or hold in your hand. hand.
Examples: Examples:
• HammersHammers, ,
• AutomobilesAutomobiles, ,
• Soft drinksSoft drinks, ,
• ClothingClothing
• and Computersand Computers
So then what is a service?So then what is a service?
Services are the kinds of things you canServices are the kinds of things you can’’t t physically touch. Services are tasks physically touch. Services are tasks performed for a customer. performed for a customer.
Examples:Examples:
• DryDry cleaningcleaning
• Amusement parksAmusement parks
• Income tax preparersIncome tax preparers,,
• And MoviesAnd Movies
Can you pick which ones are Can you pick which ones are goods/services?goods/services?
Basketball GameBasketball Game G or SG or S
HaircutHaircut G or SG or S
Ski CoatSki Coat G or SG or S
SodaSoda G or SG or S
Bungee JumpingBungee Jumping G or SG or S
StaplerStapler G or SG or S
Tennis ShoesTennis Shoes G or SG or S
ManicureManicure G or SG or S
7 Functions of Marketing7 Functions of Marketing
MarketingMarketing FunctionsFunctions
MarketingMarketing
InformationInformation
ManagementManagement
PromotionPromotion
Product/ServiceProduct/ServiceManagementManagementSellingSelling
PricingPricing
DistributioDistributionn
FinancingFinancing
Product/Service Management FunctionProduct/Service Management Function
Finding, developing, maintaining and Finding, developing, maintaining and improving a product or product mix to improving a product or product mix to meet consumer needs/wantsmeet consumer needs/wants
• Market research determines new ways Market research determines new ways to use existing items or find new ones to use existing items or find new ones that will continue to interest the that will continue to interest the consumer.consumer.
Distribution FunctionDistribution Function
Methods of physically moving and storing Methods of physically moving and storing goods.goods.
• Distribution technology allows businesses to Distribution technology allows businesses to track and monitor merchandise all the way track and monitor merchandise all the way from the manufacturer to the retail outlet to from the manufacturer to the retail outlet to the customer.the customer.
Pricing FunctionPricing Function
Determining how much to charge for Determining how much to charge for goods and services in order to maximize goods and services in order to maximize profits.profits.
• How much are customers willing to pay?How much are customers willing to pay?
Marketing-Information Management Marketing-Information Management FunctionFunction
Market Research- Gathering, storing and Market Research- Gathering, storing and analyzing information about customers and analyzing information about customers and competing productscompeting products
• QuestionnairesQuestionnaires• SurveysSurveys• Feedback formsFeedback forms
To determine habits, attitudes and trends in the To determine habits, attitudes and trends in the marketplacemarketplace
PromotionPromotion FunctionFunction
Promotion is the communication technique Promotion is the communication technique a business uses, such as advertising a business uses, such as advertising and other promotional methods, to and other promotional methods, to interest customers in buying the interest customers in buying the products.products.
SellingSelling FunctionFunction
The selling function involves the direct The selling function involves the direct personal contact that businesses have personal contact that businesses have with their customers.with their customers.
• Sales personnel must be able to Sales personnel must be able to communicate the benefits and communicate the benefits and
features of the items so that customers features of the items so that customers are willing to pay are willing to pay
higher prices.higher prices.
Financing Function $$$The financing function is how a business gets the money that is necessary to set up and run that business.
•Bank loans
•Selling shares of stock
Financing also includes decisions on how the customer will pay for
your good/service
•Payment options