The Connecting Link Between Producer and Consumer

 “The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives” (American Marketing Association)  A process involving the planning, promoting, pricing, and distribution of goods and/or services.

 Durable Goods  Desks  Computers  Cars  Nondurable Goods  Ice Cream  Cosmetics  Gasoline  Services  Travel  Entertainment  Banking  People  Athletes  Musicians  Places  “Honeymoon in Hawaii”  “Ski Colorado”  Organizations  NCAA  PETA  MDA  Ideas  “Buckle Up for Safety”

 A philosophy about the way in which business should be conducted. To produce goods and services that satisfy consumer needs and wants  Give consumers what they want!  By contrast, the selling concept states that emphasis is placed upon selling existing products. If a product is not selling well, increase advertising, cut the price, and try harder to sell the product.

 A customer or potential customer who has an unfulfilled need or want and is financially willing and able to satisfy that need or want.  Includes individuals, groups, businesses, and organizations

 One-fourth to one-third of all workers are in marketing related jobs  A majority of businesses in the United States are marketing related  $.50 to $.60 of every sales dollar goes to cover the costs of marketing  Marketing provides for more and better products and services, at reasonable prices

 The physical movement or the transfer of ownership of a good or service from the producer to the consumer. Includes:  Transportation  Receiving  Storing  Inventory Control

 The planning and procedures necessary to obtain goods and services for use in the operation of the business or for resale.

 Developing a product or service mix in response to market opportunities

 Determines the need for and availability of financial resources to support marketing activities. Includes:  Extending credit to customers  Obtaining credit for the business  Identifying sources of capital

 Determining the price or amount to charge a customer for a good or service

 Communicating information to customers about goods, services, images, or ideas that will influence their purchase

 Responding to consumer needs and wants through planned, personalized communications intended to influence purchase decisions and ensure satisfaction.

 The planning, controlling, preventing, and procedures used to limit business losses.

 The gathering, recording, analyzing, and disseminating of information on an ongoing, systematic basis.  Obtaining the information necessary to make wise business decisions.