Have It Your Way Nature of Marketing Marketing LAP 4

Objectives Explain the nature of marketing. Explain the nature of the marketing concept. Explain how marketing affects our society.

Explain the nature of marketing. Objective Explain the nature of marketing.

Marketing is all around you. You’ve been involved in marketing.

Matches producers with customers who want their products The Role of Marketing Matches producers with customers who want their products

Marketing/ mahr-ki-ting/ n Marketing/ mahr-ki-ting/ n. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing Activities Planning How to Carry Out the Marketing Process Plans guide marketers’ activities. Planning and coordination of marketing activities is essential.

Finding Out About Customers Marketing Activities Finding Out About Customers Who are they? What do they need?

Marketing Activities Offering the Products Customers Want Marketers: Share customer info with the company “Test drive” new products People in operations: Create products People in finance: Determine financial feasibility

Determining How Much to Charge for the Products Marketing Activities What price would satisfy buyers and sellers? Determining How Much to Charge for the Products

Communicating With Customers Marketing Activities Communicating With Customers Capturing customers’ attention Generating demand for their products

Marketing Activities Putting Products Where They Need to Be Websites Retail stores Catalogs Where are customers likely to purchase products?

Where Does Marketing Occur? In everyday places Wherever customers are present In all kinds of businesses

Almost everyone, including you Who Takes Part in Marketing? Everyday people Almost everyone, including you

Goods (Durable and Nondurable) What Can Be Marketed? Services Goods (Durable and Nondurable) Organizations

What Can Be Marketed? Events Places Ideas People

Explain the nature of the marketing concept. Objective Explain the nature of the marketing concept.

marketing concept/ mahr-ki-ting kon-sept/ n marketing concept/ mahr-ki-ting kon-sept/ n. A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals

Three Elements of the Marketing Concept Customer Orientation Do it the customer’s way. Company Commitment Do it better. Company Goals Do it with success in mind.

Explain how marketing affects our society. Objective Explain how marketing affects our society.

Makes the world go round Influences your decisions every day Marketing’s Impact on Society Makes the world go round Influences your decisions every day

New and improved products at lower prices Marketing’s Benefits Makes our lives better New and improved products at lower prices

Marketing’s Benefits Provides us with a variety of goods and services Many styles, models, colors, and sizes

Encourages trade between nations Marketing’s Benefits Encourages trade between nations

What If Marketing Didn’t Exist? It would be difficult for producers to: Connect with customers Improve existing products Develop new products Your own life would be difficult and different. Producer Customer

What local event did you attend? What part did marketing play? Was the marketing effective? What should be changed?

Young women promoted a new product. The target market was young men. Was it the right choice? Why?

MBAResearch Acknowledgments Original Developers Christopher C. Burke, April J. Miller, MBAResearch Version 2.0 Copyright © 2011 MBA Research and Curriculum Center®

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