What is Marketing

Definition of MarketingMarketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.

Strategies and Tactics Strategy – the direction the marketing effort takes over a period of time

Examples:Begin selling product to a new countryBegin selling product to a new target market

Buick repositioning to a younger generation That's not a Buick

Strategies and Tactics Tactics

Will involve the marketing decisions to carry out the strategies.

CommercialsAdvertisingOther ways to get information to customers

IdentifyNeed to gain knowledge of:

CustomersWhat are you a customer of?

CompetitionThink about those products and who is the competition?

Markets Where is it taking place (Online vs Brick and Mortar

CreateWith competition creative people are a must when it comes to marketing.If you do the same old thing you will have the same old thingThink of some your favorite commercials and why are they your favorite commercials.

Maintain Once marketers get you to purchase a product it is just as important that marketers get you to purchase again.What products do you find as routine purchases?Why?What do you do if you have a bad experience with a product?

Satisfying RelationshipsVery important to make customers feel very important and to provide them with the products that they want/need

Need vs. WantNeed – You can not live withoutWant – Something that you don’t need to survive

Customer becomes a partner.

Value for customer and Marketer

Value For Customer – perception that people believe they are getting form the product.

Why do you purchase the items that you purchase?

PhoneClothing

Value for Marketers – is measured by the amount of profit that the business receives.

What Marketers Do (Marketing Mix)1. Target Markets2. Products3. Promotion4. Place5. Pricing6. Supporting Services

Target MarketsWho are you selling your product to

Example:Female 15-17What products could you sell to this group?Where could you advertise to this group

Target MarketsExample:

Male25 – 30 What products could you sell to this group?Where could you advertise to this group

ProductsConsist of tangible and intangible to fulfill marketers needsTangible – physical goodsIntangible - services

PromotionMeans of communicating information about the marketers organization and products being sold.Do all commercials sell something?Other than TV commercials what are other ways that you get information?

PlaceWays marketers get the product to the customerNot all items are sold the same wayOnline vs. Physical Store

PricingSelling the product to the customer Must have the right price to sell to the customer or the product will failCan you think a product that was priced too high and did not sell?

Supporting ServicesAdditional options that enhance a products valueExamples:

WarrantiesExtended Features

Functions of MarketingDistribution FinancingMarketing Information ManagementPricing

Functions of MarketingProduct/Service ManagementPromotionSelling