Marketing Foundations What is Marketing? What is the goal of Marketing?

Goal of Marketing: dynamic activities that focus on the customer to generate a profitable exchange Definition of Marketing: Meet customers’ needs and wants with products that customers can and will buy

Functions of Marketing Marketing consists of hundreds of activities Activities are organized around the customer Activities are organized around the 4 Ps: Product, price, place, and promotion Another way to organize activities is by function

Distribution activities involved in getting products from producers to consumers examples transporting storing finding sources timely transporting transferring ownership

Product/Service Management developing products new products improving an old product deciding what products to carry in a store

Financing act of providing funds for business activities, making purchases or investing. Financial institutions and banks are in the business of financing as they provide capital to businesses, consumers and investors to help them achieve their goals. Getting investors $$$$$ Making revenue

Pricing Setting prices for products/services that you sell Deciding what to sell a product/service for Changing the price up or down

Marketing-Information Management MIM marketing research gathers, analyzes, and distributes information about markets, competition, and customers one of the main ways a business learns what customers want surveys, meeting with customers Market Planning identifying target market segmenting the market determine strategies based on target market conduct market analysis develop marketing plan

Promotion nonpersonal communication with customers to influence them to purchase products Advertising Public relations Sales promotion Publicity

Selling personal communications with customers helping customers in a store making sales presentations answering questions on phone demonstrating how product works question customers

Pricing all activities involved in setting prices for products using financial information to determine price setting prices to cover costs and include reasonable profit adjusting prices when conditions change researching and analyzing prices competitors are charging

Who does this??? Think about the place where you work, your school store, or another business you know. Who performs each of these 7 marketing functions? Work with your neighbor to: List the name of the business List the 7 functions and who at that business would perform that function (position of person, not personal name)