MARKETING Indicator 1.01 - Understand marketing’s role and functions in business to facilitate economic exchanges with customers.

What in the world is marketing? 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. Basically EVERYTHING that happens to get a product to you!

What does marketing do for you? Marketing's role in a private enterprise system allows for you to be aware of, have access to, and the ability to purchase the goods and services you may want/need.

More benefits of marketing…… If marketing did not exist, society would be reduced to self sufficiency again  Makes our lives better Promotes using the earth’s resources more wisely Encourages trade between nations

MARKETING CONCEPT  Based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals. The right product, in the right place, at the right time, at the right price!

Elements of the marketing concept Customer Orientation Company Commitment Company Goals.

How do we market? Marketing activities include planning, pricing, promotion, and distributing. Categories of marketing include Goods--durable or nondurable, Services, Organizations, Places, Ideas, People, almost anything!

where & when do you market your products? Everyday Through people, places, and communication.

THE BIG SIX – FUNCTIONS OF MARKETING FUNCTION: CHANNEL MANAGMENT Also referred to as DISTRIBUTION The process by which a producer or supplier directs marketing activity by involving and motivating parties comprising its channel of distribution.

THE BIG SIX – FUNCTIONS OF MARKETING FUNCTION: MARKETING INFORMATION MANAGEMENT (MIM) A marketing function that involves gathering, accessing, synthesizing , evaluating, and disseminating information to aid in business decisions

THE BIG SIX – FUNCTIONS OF MARKETING FUNCTION: PRICING A marketing function that involves the determining and adjusting of prices to maximize return and meet customers ’perceptions of value

THE BIG SIX – FUNCTIONS OF MARKETING FUNCTION: PRODUCT/SERVICE MANAGMENT A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

THE BIG SIX – FUNCTIONS OF MARKETING FUNCTION: PROMOTION  A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome

THE BIG SIX – FUNCTIONS OF MARKETING FUNCTION: SELLING   A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities