Marketing Chapter 1-1 Marketing Today and Tomorrow

Marketing Matters Many companies budget 50% of their expenses for marketing activities Companies worldwide spend over $250 billion on marketing a year – $250,000,000,000

Where Does Marketing Take Place? You (customer) – NOT involved in business operations – DO make marketing decisions every day

How Do Businesses Use Marketing? Over 4 million companies in the US have marketing as their primary business activity

Directly Involved in Marketing Major Marketing Activities Limited Marketing Roles Advertising agenciesRetailers (Dollar Store) Law offices Marketing research firmsManufacturersMedical centers (Trover) Import/Export officesBanks (US Bank) Accounting firms Freight companies (FedEx) Real estate agencies (Century 21) Government agencies Finance and credit firmsInsurance companies (Harned Insurance) Universities (Madisonville CC) TelemarketersAutomobile dealers (Hudson Automotive) Construction businesses Travel agenciesFarmers and ranchersPublic utilities (Kentucky Utilities)

Marketing Job Opportunities Advertising Sales promotion Customer service Credit Insurance Transportation Research

Marketing Job Opportunities Manufacturers Law offices Hospitals Museums Professional sports teams Symphonies

What is Marketing? Marketing activities need to be completed before a product or service is ready to be advertised and sold Marketing Functions—Related activities designed to accomplish an important marketing goal

Marketing Functions Market planning Product and service management Distribution Pricing Promotion Selling Marketing-Information Management Financing Risk Management

Marketing Functions Each of the marketing functions occurs every time a product or service is developed and sold

Marketing Core Standards Market planning Marketing-information management Product and service management Channel management Pricing Promotion Selling

Marketing Core Standards To prepare for a career in marketing you need a broad understanding of marketing functions and activities. You also need to develop skills in one or more of the functions.

Marketing Marketing—the creation and maintenance of satisfying exchange relationships – Creation—Marketing is involved from the beginning – Maintenance—Marketing is continued through life of the business – Satisfaction—Both customer and business are happy with the product – Exchange relationship—Any exchange where people are giving and receiving something of value