marketing. ch. 1: marketing is all around us marketing planning and executing the conception,...
TRANSCRIPT
Marketing
Ch. 1: Marketing is all around us
Marketing Planning and executing the conception, pricing,
promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objective
Goods = Tangible items that satisfy needs and wants
Services = Intangible…can’t physically touch them
What does this mean in your own words?
Ch. 1: Marketing is all around us
7 Marketing Core Functions
1. Channel Mgt. = Getting goods into customer’s hands
2. Marketing Information Mgt. = Info on customers & trends
3. Market Planning = How to market to different customers
4. Pricing = $ needed to make a profit / $ customer’s will pay
Ch. 1: Marketing is all around us
7 Marketing Core Functions
5. Product/Service Mgt. = Developing, maintaining,& improving
6. Promotion = Inform, persuade, & remind. Enhance public image
7. Selling = Providing the customer with what they want
Ch. 1: Marketing is all around us
All 7 core functions need to support the Marketing Concept The idea that a business should strive to satisfy the
customers’ wants while generating a profit for the business
The Customer and all of his or her needs are the focal point of all business activities Stay in touch with the customer
Monitor purchasing behavior
Research!!
Ch. 1: Marketing is all around us
Utilities Attributes of goods/services that make them capable of
satisfying consumers’ wants and needs
5 Utilities1. Form
2. Place
3. Time
4. Possession
5. Information
Ch. 1: Marketing is all around us
Form: Making products that consumers need and want – Special features or ingredients
Place: Having a product where customers can buy it – Online / Mail / Retail
Time: Having products available when consumers want them – Store hour / Holiday events
Possession: Exchange of a product for money – Cash / Credit / Layaway
Information: Communication with consumers – Information about the product and how to use it
Ch. 1: Marketing is all around us
Market All people who share similar needs and wants and who
have the ability to purchase the given product Even if you want to buy something, if you cant afford
it, you’re NOT in the market
Consumer Market = Purchases for personal use Organizational Market = Business to Business…
Purchases for use in opperations
Ch. 1: Marketing is all around us
Market Share The % of total sales volume generated by all companies
that compete in a given market Ex. Coke own an approximate 26% market share of soft
drinks
Target Market The group that is identified for a specific marketing program Focus of the business Can be more than 1 target market Customer Profile = Info about target market (Demographics
and Psychographics)
Ch. 1: Marketing is all around us
The Marketing Mix - Four Marketing Elements (4 P’s)
1. Product: What a business offers customers Features, Brand name, packaging, service, & warranty New uses & new markets extend life of the product
2. Price:
$ customers are willing and able to pay for the productConsumers and Businesses
Ch. 1: Marketing is all around us
The Marketing Mix - Four Marketing Elements (4 P’s)
3. Place (some times referred as Distribution): Locations and methods used to make products
available to customers (Store, catalogs, or internet) Countries, Stores, transportation method
4. PromotionWays to encourage customers to purchase products
and increase customer satisfaction Message, media selected, special offers, & timing
Ch. 1: Marketing is all around us
The Marketing Mix - Four Marketing Elements (4 P’s) Is one of the four p’s pf marketing more important
than the others?
What would the 5th P of Marketing be? People Decisions on the 4 P’s are based on the people they
want to make into customers!