What is Marketing. Definition of Marketing Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships.

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Presentation transcript:

What is Marketing

Definition of Marketing Marketing 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 country Begin selling product to a new target market Buick repositioning to a younger generation That's not a Buick That's not a Buick

Strategies and Tactics Tactics Will involve the marketing decisions to carry out the strategies. CommercialsAdvertising Other ways to get information to customers

Identify Need to gain knowledge of: Customers What are you a customer of? Competition Think about those products and who is the competition? Markets Where is it taking place (Online vs Brick and Mortar

Create With competition creative people are a must when it comes to marketing. If you do the same old thing you will have the same old thing Think 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 Relationships Very important to make customers feel very important and to provide them with the products that they want/need Need vs. Want Need – You can not live without Want – Something that you don’t need to survive Customer becomes a partner. 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 Markets 2.Products 3.Promotion 4.Place 5.Pricing 6.Supporting Services

Target Markets Who are you selling your product to Example:Female15-17 What products could you sell to this group? Where could you advertise to this group

Target Markets Example:Male 25 – 30 What products could you sell to this group? Where could you advertise to this group

Products Consist of tangible and intangible to fulfill marketers needs Tangible – physical goods Intangible - services

Promotion Means 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?

Place Ways marketers get the product to the customer Not all items are sold the same way Online vs. Physical Store

Pricing Selling the product to the customer Must have the right price to sell to the customer or the product will fail Can you think a product that was priced too high and did not sell?

Supporting Services Additional options that enhance a products value Examples:Warranties Extended Features

Functions of Marketing DistributionFinancing Marketing Information Management Pricing

Functions of Marketing Product/Service Management PromotionSelling